The organisation has lent over £3.5 billion to 3,300 businesses since 2014
Sonovate, the provider of embedded finance and payment solutions for the contingent workforce has announced an enhanced funding technology platform to enable it to better serve large, multinational recruitment businesses and launch new lines of products in the future as it continues to grow and expand its customer base.
The new platform gives customers the ability to optimise cash flow, allowing them to access funding in multiple-currencies and across multiple-sectors, with tailored pricing based on the risk profile of the industry being served to allow customers to secure the best possible rates. It also provides enhanced operational efficiencies with far faster onboarding, meaning funds can be accessed in a matter of days and firms can offer access to the liquidity that their clients need, while still offering attractive terms.
Customers are able to view multiple ledgers across the new platform, whether they’re obtaining funding for invoices related to permanent or contract workers, or different subsidiaries of their business. Multi-ledger access also ensures that reporting requirements are quickly, easily, and consistently fulfilled both internally and in line with local market regulation.
The enhanced capabilities of the new platform – particularly the accuracy of reporting, speed of reconciliation, and highly-scalable funding – will empower Sonovate to increase the number of large, enterprise-size customers that it serves.
It follows a recent announcement that Sonovate is partnering with HR platform, Deel, to become the only funder to serve its global customer base. The partnership highlights the trend for recruitment businesses to operate in multiple markets as flexible and remote working becomes the norm for organisations across the world.
Following a securitisation deal with BNP Paribas and M&G Investments, which added £165 million to Sonovate’s funding structure, it has already made strides in expanding the number of enterprise size customers it serves. The introduction of the new platform marks a step change for the organisation and will accelerate its growth trajectory over the course of 2023, particularly as it enters new markets including the Netherlands.
Richard Prime, Co-CEO and Co-Founder, Sonovate, commented: “In uncertain economic times, ensuring a stable cash flow for a rapidly growing organisation can be challenging, even more so when operating in multiple markets. At Sonovate, we take ownership of that challenge on a customer’s behalf, providing them with the fast, flexible funding they need to grow and succeed.
“Over the past few years there has been a mass global movement towards flexible working – be that remote or hybrid, contract, freelance, or part-time. Societal change has taken place, and now technology must keep pace. Traditional bank funding is often limited by cumbersome legacy systems that simply aren’t agile enough to quickly respond to the changing world of work and needs of rapidly growing, multinational recruitment businesses.
“Fintech is different. Our entire offering is built around the changing needs of our customers, and this new platform is designed to grow and evolve with our customers as they enable the flexible future world of work across the world.”
Since it started funding in 2014, Sonovate has lent over £3.5 billion to 3,300 businesses and 40,000 workers in 44 countries, and increased its revenue by over 51% from 2021 to 2022.