Sonovate increases securitisation to £240m with Lloyds now onboard

Recruitment lender Sonovate has increased its securitisation from the £165m it announced in 2022 with BNP Paribas and M&G Investments, to now £240m.

The increase comes from the addition of Lloyds Bank into the mix, which is providing £100m as part of the senior tranche, while M&G is increasing its position to £40m.

With the jump to £240m Sonovate can increase its lending capacity and will be able to expand into both the enterprise sector and outside of the UK, particularly in the Netherlands where Sonovate opened its first international office earlier this year.

“This is an enormously exciting time for Sonovate,” Richard Prime, Sonovate’s co-CEO and co-founder said.

“Our newly expanded financial capabilities allow us to take the next step on our mission to be the funding platform for the future of work, ensuring all workers get paid on time, every time, for the work they do.”

Earlier this year the lender launched a new platform for customers to request funding ad hoc, and in multiple currencies and countries.

For the first time this year it also started funding permanent placements, in particular for smaller recruiters.

Sonovate says it has now funded more than £4.2bn in invoices to date, following a 58 per cent year-on-year increase in total funding last year to £1.1bn.