Wednesday, June 19, 2024

Fintech Sonovate reaches £1 billion in funding, fuelling growth of freelance economy

The UK’s leading finance and back-office tech provider to companies using contingent workers reaches funding milestone

Fintech disruptor, Sonovate, has provided over £1 billion in funding to businesses, funding contract workers across 39 countries since launch.

Created to challenge traditional invoice finance products on offer from the banks, Sonovate has become a backbone of the UK freelance economy, helping companies using contingent workers access the cashflow they need to grow.

In 2014, Sonovate provided £1 million in funding to UK businesses. By June 2018 this figure had reached £500 million and the company is now funding over £1 million per day. Starting with a team of 12, Sonovate has grown to a staff of over 100 across its London and Cardiff offices.

Speaking of the latest milestone, Sonovate co-CEO, Richard Prime, said: “The world of work is changing rapidly and the freelance economy is absolutely booming as a result. This is great news for individuals looking to have more control over their work life and even better news for companies who now have access to a much wider and highly skilled talent pool.

“But for businesses to really take advantage of this new freelance economy, they need cashflow to take on the contingent work they need, when they need it. That’s why we created Sonovate – to help companies take advantage of this new way of work and ultimately, grow much faster as a result.”

Sonovate works with 2,700 companies and has paid over 18,000 contractors since launch. While headquartered in the UK, it has funded contingent workers across 39 countries including the USA, Brazil, India, South Africa, Norway and Belgium.

Prime concluded: “We’re transforming the entire contingent worker market and to reach the £1 billion milestone so quickly is testament to this. We want to make funding even faster and easier for more people across the world and fulfil our vision of helping people to get paid when they need it.”

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