Sky’s the limit: New collaboration aims high with global expansion
Sonovate will become the sole funder on Deel’s Marketplace. Its embedded finance solutions will be integral to helping Deel’s customers fund and place candidates globally.
Deel is a global payroll solution helping businesses hire anyone, anywhere as independent contractors or full time employees – with a customer base of over 15,000 businesses; helping household names including; Nike and Shopify to start-ups.
Sonovate’s funding solutions on the Deel Marketplace will give Deel’s customer base access to scalable invoice financing solutions needed to fund payroll; enabling them to expand faster and better manage cash flow. Through Deel’s platform, Sonovate’s customers can place talent faster around the world.
The combination of Deel’s Employer of Record service and Sonovate’s multi-currency, embedded finance solution will drive efficiencies for recruiters, providing a fast, holistic HR and funding solution that allows for frictionless expansion into new territories, including those who want to grow operations domestically.
Richard Prime, Co-Founder and Co-CEO, Sonovate, said: “This partnership marks yet another step change for us, as Sonovate evolves our service to better support larger recruiters and consultancies who want to expand overseas. Deel’s global platform empowers us to offer our services to more organisations who place workers across the globe, propelling us forward on our mission to fund the future of work. Sonovate customers can now place contractors in more jurisdictions than ever before, with Deel providing access to more than 150 countries.”
Dan Westgarth, Chief Operating Officer at Deel, said: “This partnership allows us to provide our customers with even more of the tools they need to scale globally and at pace. With any growing business, managing a changing cash flow – particularly in multiple currencies – can be challenging and is commonly cited as a key barrier to growth. Bringing Sonovate on board changes this for our customers, and gives them access to the scalable, flexible funding they need to regulate cash flow and accelerate growth, be that domestically or overseas.”