Rising UK fintech start up star Sonovate raises £110m
UK fintech is hot right now and this finance and back-office tech provider to recruitment and consultancy firms has raised and completed a £110million debt and equity finance round led by M&G, MXB Holdings, Dawn Capital and Rocket Internet.
Having launched to challenge traditional invoice finance products on offer by helping any startup or business working with contingent workers to realise their growth potential.
Sonovate does this by reducing the complex processes involved and can therefore provide immediate funding against unpaid invoices and has already funded almost £1 billion of invoices for recruitment agencies and consultant firms since launching in 2012.
Sonovate’s co-CEO Richard Prime, pictured, commented: “The world of work is changing rapidly with more and more highly skilled individuals deciding to work on a more contingent basis. But businesses working with contract workers, including recruitment agencies and consultancy businesses, must pay their contractors multiple times before receiving payment from their clients, typically 45 to 90 days later. This severely impacts cashflow and poses a huge risk to businesses – Sonovate removes this burden and risk altogether.
“We’re on an incredible journey, consistently doing what the banks say isn’t possible.”