Sonovate has now funded more than £9 billion in invoices for recruitment businesses, marking another significant milestone in our journey.
But it’s not just the number that tells the story. It’s how quickly we’ve reached it.
Our first £1 billion took four years. Our most recent billion took just six months.
It’s a reflection of how far we’ve come, the scale of the businesses we support and the growing demand for flexible funding solutions.
From four years to six months
Since reaching our first £1 billion milestone in August 2019, the pace of funding through Sonovate has accelerated significantly.
|
Milestone |
Reached |
Time taken |
|---|---|---|
|
£1bn |
August 2019 |
4 years |
|
£2bn |
July 2021 |
23 months |
|
£3bn |
July 2022 |
12 months |
|
£4bn |
April 2023 |
9 months |
|
£5bn |
January 2024 |
9 months |
|
£6bn |
October 2024 |
9 months |
|
£7bn |
July 2025 |
9 months |
|
£8bn |
April 2026 |
8 months |
|
£9bn |
October 2026 |
6 months |
What once took years now takes months.
And behind those numbers are close to two million invoices funded, helping recruitment businesses pay contractors, manage cash flow and take on new opportunities without waiting for their clients to settle invoices.
More than a funding milestone
For recruitment businesses, access to working capital plays an important role in their ability to grow.
Winning new clients, placing more contractors and expanding into new markets all create opportunities. But they can also put pressure on cash flow, particularly when workers need paying long before client invoices are settled.
That’s where Sonovate comes in.
By giving recruitment businesses access to funding when they need it, we help remove some of the financial barriers that can hold back growth.
Our latest milestone reflects the increasing volume of funding flowing through our platform and the relationships we’ve built with recruitment businesses of different sizes and specialisms.
“It took us four years to fund our first billion and just six months to fund our latest. What’s exciting isn’t simply the number, but the scale of recruitment businesses we’re now supporting and the opportunities that creates for our customers.”
Damon Chapple, Co-CEO, Sonovate
Looking beyond £9 billion
While £9 billion is a milestone worth celebrating, our ambitions extend well beyond funding.
We’re continuing to invest in technology, automation and new solutions that help recruitment businesses operate more efficiently, improve profitability and unlock opportunities for growth.
Our focus remains on making it easier for recruitment businesses to scale, with the financial infrastructure and technology to support them.
Looking for a funding partner that can support your ambitions?