Sonovate, an invoice finance solutions provider based in London, UK, has increased its securitisation to £240m following a significant financial commitment from Lloyds Bank.
In brief:
-The increase builds upon a £165 million deal the company made with BNP Paribas and its long-term funding partner M&G Investments in July.
-As part of the new arrangement, Lloyds has agreed to commit £100 million to the company’s funding capacity, as has BNP Paribas, while M&G has increased its overall contribution to £40 million.
-As a cashflow provider to the UK’s contingent workforce, including temporary, part-time or contracted workers, Sonovate’s elevated securitisation is set to increase its capital efficiency and ability to facilitate export financing demands.
What does this mean?
Sonovate co-founder and co-CEO, Richard Prime, says its newly-increased securitisation will “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”.
