Cardiff-based fintech venture Sonovate has surpassed £3.5bn in total funding to businesses since the firm started lending in 2014, after deploying over £1bn in 2022 alone, as it builds on record activity. The business lender, which also has an office in London, provided £1.1bn to firms for the first time last year as rising costs forced businesses to seek finance to manage cash flow and drive growth.
This was a 58% increase on the £700m lent in 2021 and more than double 2020’s figure of £444m. Lending hit £312 million in Q4 2022 alone – up 30% from the same period in 2021. Last autumn, Sonovate surpassed £100m of funding in one month in October and then hit £110m the following month in November.
This was a 22% increase on the previous highest performing month, when £90m was provided to businesses in December 2021. The volume of funding provided to enterprise customers over the course of 2022 increased by 50% year-on-year.
