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% 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 still a very traditional one, but we are changing that.

“Winning this grant would enable us to deploy better funding solutions to tens of thousands more UK SMEs, providing them with much needed cashflow and the associated technology to drive growth, as well as helping them deal with funding challenges, late payments and lost business.”

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).