Sonovate

Origins

When it was founded by Richard Prime and Damon Chapple, the key motivation for Sonovate was to make it easier for businesses and individuals to get paid by increasing cash flow, simplifying the process, providing more flexibility, lowering the barriers to entry and democratising finance, and giving users one state of the art platform to run and manage their business account with Sonovate.

Success Factor

Since 2012, it has marketed its service to UK recruitment agencies engaged in contract activity through the simple message that it releases 100% profit from unpaid invoices, minus its one fee, and manages all the back-office administration. The responsibility for the business is to simply add a placement into their account. The combination of innovative finance and cloud-based tech has resulted in the business becoming the market leading provider of invoice finance to UK recruitment agency start-ups with 52% of agencies who used a financier for the first time in 2019 choosing Sonovate. To date, it has funded over £1.5bn invoices to UK SMEs ranging from start-ups to £50m+ turnover businesses, paying over 20,000 contractors in 40 countries.

The Future

Over the next five years, Sonovate has ambitious plans to expand the reach and impact of its services including establishing a new category – Cashflow as a Service – and enabling developers to build and innovate on its services and innovating with new products such as ‘Instant Pay’ for immediate payment upon completion of work and Statement of Work Funding to enable independent and boutique consultancies to access better cashflow. It will also look to create more partnerships in Fintech, accounting, tech platforms and the wider ‘future of work’ supply chain