Sonovate was revealed as ‘Fintech Company of the Year’ at the Fintech Award Wales at the Tramshed Cardiff, attended by Wales’ leading innovators and digital experts.

Six companies were shortlisted for the award, sponsored by Cardiff Capital Region, with Sonovate recognised as the winner. The award recognises Sonovate’s achievements as one of the UK’s most established and scalable fintechs.

Sonovate, which provides finance and tech solutions to recruitment agencies, consultancies and labour marketplaces that engage contractors and freelancers, was also recently crowned winner of the ‘Talent Tech Scale Up Award’, supported by Deloitte, at the 2021 TIARA Talent Tech Star Awards. A panel of 20 judges attributed the win to Sonovate’s impressive growth, strong client feedback and smart purpose-led solution for the growing gig economy.

This comes as the fintech was tipped to become the first fintech ‘unicorn’ in Wales, according to a report by the UK government’s Digital Economy Council and data firm Dealroom.

Richard Prime, co-founder and co-CEO at Sonovate, added:

“Winning ‘Fintech Company of the Year’ is such an honour for us at Sonovate, especially from an organisation such as Fintech Award Wales devoted to celebrating the growing and talented Welsh fintech community. This recognition highlights the key role Sonovate played in keeping the contract labour market moving despite the economic shock of the crisis, providing significant benefits to an ever-growing pool of contractors and freelancers around the world.”

Sarah Williams-Gardener, CEO at membership body Fintech Wales, said:

“It’s great to be able to recognise Welsh excellence in the fintech industry – we extend a huge congratulations to Sonovate on this achievement and wish them every success as they continue to hit and surpass key milestones.

“As it stands, Wales is among the top ten clusters producing the UK’s high growth fintechs, according to the much-anticipated Kalifa Review. It’s therefore really exciting to see a Wales-headquartered fintech such as Sonovate scaling and broadening its reach across the world, helping an increasing number of businesses to pay their people on time.”

As the UK seeks to reinforce its position as a global fintech hub, Sonovate is among the Welsh fintechs supporting further growth in the sector. For Sonovate, 2020 has been a record-breaking year in terms of funding and revenue, witnessing strong growth in the 20 months since the start of the pandemic. As a result, the company has accelerated its recruitment drive in Cardiff and plans to increase its headcount from 108 to 150 by the end of the year.