Sonovate, a UK-based fintech provider, announced on Monday it raised £110 million through its latest debt and equity financing round, which was led by M&G Investments, MXB Holdings Inc, Dawn Capital, and Rocket Internet SE. Founded in 2012, Sonovate reported it has created an end-to-end work pay solution to power the new working world.
“We believe a new kind of world is emerging where people have more choice over how they work. Balancing work and home, working flexibly, doing what they do best and keeping themselves fresh. We believe this is the future of business. We’re creating a support structure that gives businesses and individuals the security and flexibility they need to thrive. Since 2012, we’ve helped thousands of recruitment businesses, consultancies and on-demand vendors access finance to support their speed of growth.”
Speaking about the company’s growth and development, Richard Prime, Co-founder and Co-CEO at Sonovate, stated:
“The world of work is changing rapidly with more and more highly skilled individuals deciding to work on a 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 – Sonovate removes this burden and risk altogether. Over 2,500 businesses use Sonovate to fund, run and manage contract placements. Since inception, we’ve funded nearly £1bn invoices in over 39 countries.”
In regards to what the latest investment round’s funds will go towards, Prime added:
“This injection of capital into Sonovate will enable us to advance our core product offering, reach into new markets including Germany, the Netherlands and America and optimise finance for SME and mid-market businesses.”