London, UK, August 2022: Sonovate, the leading provider of embedded finance and payment solutions for the contingent workforce, today announced a new partnership with Demica, the market-leading trade finance fintech, to enhance its reporting processes so it can continue to support thousands of business customers globally.

Under the terms of the partnership, Sonovate will use Demica’s Platform to enable it to lend more efficiently to more customers, ultimately growing Sonovate’s customer base and business.

The partnership between Demica and Sonovate was key to the recently announced securitisation deal worth £165 million with BNP Paribas and M&G Investments. Additionally, Sonovate will integrate Demica’s powerful reporting tools into its own systems, further enhancing its operations, finance, and credit control processes.

Developed over the last 20 years, Demica provides a flexible cloud-based reporting platform to supply chain and trade finance providers, a category of lending businesses traditionally underserved by fintech innovation. The Demica platform is also highly scalable, making it the ideal partner for Sonovate’s ever-evolving requirements.

As technology continues to revolutionise the finance industry, collaborations such as this one give businesses more options when it comes to operational structure management, empowering them to operate in the most efficient and effective way.

Sonovate co-founder and co-CEO Richard Prime said, “At Sonovate we’re committed to building an ecosystem of integrated fintech services that will revolutionise funding and payments for our business customers and serve their exacting, unique needs. We’re excited about this partnership with Demica, whose solutions boost many of our financial and operational processes, as well as allowing us to deliver more flexible funding and increase capacity for export financing.”

Demica Managing Director, Working Capital Solutions Markus Musielak commented on the deal, “We are delighted to be working with Sonovate to complement its skillset and further enhance existing reporting processes. By combining our financial expertise and advanced technology, we are directly supporting Sonovate’s impressive growth trajectory.”  

Buoyed by this demand for technology-driven transformation in financial services as well as the shift toward flexible working, Sonovate has funded more than £2.75 billion in invoices to date. Last year, the company recorded a 58% year-on-year increase in total annual funding. During the same period, its enterprise lending volume increased by 144%, and enterprise customers now account for about one-third of its total lending volume. More than 3,300 businesses funded by Sonovate have paid over 30,000 freelancers, contractors, and gig workers in over 40 countries.

Sonovate is on track to deliver £1.3bn in funding this year – an increase of 85% on total funding in 2021, a year in which the company almost doubled its previous annual funding record.

Prime concludes: “As Sonovate continues to grow and serve more customers in more industries and geographies than ever, it is hugely important to us to develop and retain as much flexibility in the way we fund and provide technology solutions as possible. Our first securitisation and this partnership with Demica are key examples of that long-term strategy in play. Never has access to flexible, on-demand funding and financial services technology been so hotly demanded by businesses, and we’re excited to be working with Demica to optimise our operations in such a way that enables us to satisfy that demand in the fast-evolving recruitment space.”


Media contacts  

Kitty Guillaume, Karen Lester or Carmen Dixon, Seven Consultancy –

About Sonovate

Sonovate provides embedded finance and payment solutions for the contingent workforce, serving recruitment businesses, consultancies and labour marketplaces that engage contractors and freelancers across the world. Its global API-driven technology platform takes the hassle out of managing contract and freelance worker placement and pay. It enables companies to get back to growing their businesses, confident that funds are in place to help meet payment deadlines.

Since it began funding organisations in 2014, Sonovate has lent over £2.75 billion to more than 3,300 businesses in 40 countries to ensure over 30,000 people are paid in full and on time for the services they provide.


About Demica  


We are a market-leading fintech, powering the trade finance programmes of the world’s largest trade banks and corporations. Demica’s proposition is simple: our intuitive, cloud-based platform enables financial institutions and corporates to automate and scale their working capital solutions. Today, we have over US$20bn of outstanding programmes running through our platform, across the full spectrum of working capital products. Funded by a diverse range of banks and institutional investors, these programmes enable companies to strengthen their supply chains and redeploy capital to drive growth.


To learn more, visit