Europe Fintech

Sonovate Applies for Banking Competition Remedies (BCR) £100m Fund

Sonovate files bid for BCR Pool E funding to fuel UK SME growth

Sonovate, the UK’s leading alternative invoice finance and back-office technology provider, is among several fintechs to have submitted bids for the BCR’s Pool E fund.

The BCR Pool E fund is open to UK companies providing innovative financial services to UK SMEs. Submitted last month, Sonovate’s bid formed part of the application for pots worth £2.5-£5 million.

The grant application follows the company’s proven ability to deploy market leading technology, alongside 100% invoice funding, to the UK’s £33 billion contingent labour, recruitment and consultancy sectors.

Created to challenge traditional invoice finance products on offer from the banks, Sonovate is revolutionising the market through its technology and AI capabilities. As a result, it has already helped thousands of SMEs access the cashflow required to grow, lending over £1.4 billion to date.

Richard Prime, co-CEO of Sonovate, said: “The invoice finance market is a notoriously traditional one – the invoice finance products on offer from the banks are typically inflexible, outdated and fail to take into account how the world of work is changing to a more flexible and contingent one.

“But for SME businesses to really take advantage of this new way of working, they need cashflow to take on the contingent work they need, when they need it. That’s where Sonovate comes in – we are committed to supporting SMEs with the flexible finance and market leading invoice finance technology to help them succeed.

“Securing this grant would enable us to deploy even better funding solutions to tens of thousands more UK SMEs, providing them with that much needed cashflow and the associated technology to drive growth, as well as helping them deal with funding challenges, late payments and lost business, all of which are even more vital than ever in the current economic climate.”

As well as building additional technology and deploying more funding, the grant will also accelerate the growth of Sonovate’s partner network, enabling other companies to integrate the Sonovate technology into their own financial products, delivering Cashflow-as-a-Service and reaching even more SMEs in the process.

The grant application follows the recent news that Sonovate has become an accredited lender

by the British Business Bank under the Coronavirus Business Interruption Loan Scheme (CBILS).

Sonovate works with 3,000 companies and has paid over 20,000 contractors since launch. While headquartered in the UK, it has funded contingent workers across 40 countries including the USA, Brazil, India, South Africa, Norway and Belgium.

Author

  • Editorial Director of the The Fintech Times

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