By Daniel Lanyon on Thursday 7 July 2022
Sonovate says it is on track to achieve £1.3bn of funding to contract workers in 2022 and £2bn in 2023.
The lender, which helps finance invoices for contract workers, is based in London and Cardiff and has been rapidly increasing its headcount to meet a growing demand for its services.
“Deals such as this one provide us an exceptional level of flexibility,” said Prime.
“This securitisation is designed to support the new world of flexible working. It is scalable, adaptive, and provides stability in the long term,” said Renaud Chalmet, deputy head of corporate receivables securitisation at BNP Paribas.
In April, the company made the move to embedded lending in an effort to attract more enterprise customers.
Sonovate says it has funded more than £2.75bn in invoices to date, following a 58 per cent year-on-year increase in total funding in 2021.
Enterprise customers now account for about one-third of its total lending volume and tt forecasts to lend over £1.3bn in invoices this year alone and another £2bn in 2023.
Demica acted as adviser and reporting agent on the transaction.