New Milestone for Sonovate - £1 billion of invoices funded! New Milestone for Sonovate - £1 billion of invoices funded! Skip to content

£1,000,000,000 of invoices funded!

We started out with one mission - to make it easy for recruitment agencies to fund and manage their temporary/contract placements.

Paying businesses an industry leading 100% of their profit upfront means they no longer have to worry about their day-to-day running costs whilst often waiting up to 90 days for payment.

And, because we do all the admin work, business owners can focus on how to use the cash we inject into their business to grow faster.

This simple combination of unrivalled funding and no admin has helped thousands of our customers scale quickly.

Today, we help business consultancies, recruitment agencies and gig economy workforce platforms, fund and manage their contingent workforce with ease.

Some of our key milestones

  1. 2013

    Damon Chapple and Richard Prime invest £150,000 to start Sonovate.

  2. 2014

    Secure £4m investment from tech entrepreneur Paul Birch.

    £1m funded

    2014

  3. 2015

    Secure £10m in debt funding from PNC Business Credit, a subsidiary of American bank PNC.

  4. 2016

    Raise £20m in Series A and Series B funding rounds to grow our product capabilities.

    £100m funded

    2016

  5. 2018

    Sonovate rebranded to fund the new working world. Read about our story.

  6. 2019

    Secure £110m debt and equity finance, led by investment house M&G and tech entrepreneurs Michael and Xochi Birch.

    £1bn funded

    2019

Funding contractors in 39 countries around the world.

Map of the world

Sonovate provide 100% upfront on contract invoices in America. No other financiers could offer that — they were offering 60–70% upfront max.
2,687
businesses on Sonovate
466,347
invoices raised
18,441
contractors paid
28,233
contracts issued

Since October 2014, we've funded over £2.5m per day and the growth is accelerating!

Growth chart

Of the companies who’ve taken finance since 2014, 30% of the UK’s recruitment agencies use Sonovate.

Recognised as the fastest growing fintech in Britain*

*100 Fastest Growing Companies in Britain annual report 2018. Beauhurst and crowdfunding platform SyndicateRoom


Sonovate has been pivotal in our growth, evolving and adapting to the changing demands of the industry to provide real value. By expanding their service offering to support our international expansion shows how they continually listen to their customers.

Sonovate has always been the perfect partner taking us from £0.5m to £28m turnover, look forward to many years ahead.

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