Sonovate Reports Record Lending Volumes as Pandemic Drives New Working Models

Alternative loans

People all over the world are changing the way they work due to the pandemic. This is prompting companies to rethink how they recruit, retain and compensate their workers.

Image source: Richard Prime/Sonnovate

Sonovate, a UK fintech lender, saw its lending skyrocket by 58% to £700m in 2021, according to the company.

Based in London and Cardiff, the lender says it also had its best month with £90m funding to customers in December. At the start of 2021, it was lending around half that amount.

Accelerating business demand for its loan products, which help companies pay entrepreneurs and freelancers, due to the pandemic, acted as a tailwind for the company.

“The future of work is quickly becoming the current reality of work. Increasingly, we see large-scale companies adapting the way they staff their teams, appreciating the benefits for companies and individuals of contract and freelance work,” said Richard Prime (illustrated), co-founder and co-CEO of Sonovate.

“The frictionless provision of on-demand financing alleviates a huge problem facing these large companies as they adapt to new working practices,”

Sonnovate says 30,000 people in over 40 countries are now being paid by borrowers using Sonovate funding and says further strong growth is expected in the coming years and expects over £1.25bn sterling in total funding in 2022.

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