Sonovate expands internationally with new funding hub in the Netherlands to support the country’s buoyant recruitment industry
- The Amsterdam office marks Sonovate’s first international opening as the fintech expands beyond its UK base
- This expansion will focus on supporting the flexible workforce in the Netherlands and is part of Sonovate’s international growth strategy
- Sonovate recently enhanced its funding technology platform to better serve large, multinational recruitment businesses and bring new products to market in the future
London, Cardiff and Amsterdam, 22 June 2023: Sonovate, the leading provider of embedded finance and payment solutions for the contingent workforce, has today announced the opening of a new European hub in Amsterdam as part of its international expansion strategy.
Amsterdam was chosen as the location for the company’s first overseas office due to the Netherlands’ flexible working environment. The country ranks second in Europe after the UK in terms of contingent workers per capita, according to the Staffing Industry Analysts.
Sonovate’s funding activity will focus on supporting mid-size and large recruitment businesses, consultancies and online labour marketplaces. The new operation in Amsterdam will be headed by Tjalle Kujit who has been appointed as Sonovate’s first Country Manager. He has 20 years of banking experience in B2B lending and financial services. Prior to joining Sonovate, he was a trusted advisor to more than 500 companies, helping them to develop working capital strategies.
This is the latest announcement as Sonovate continues its ambitious growth strategy throughout 2023. The company recently significantly enhanced its funding technology platform to enable it to better serve large, multinational recruitment businesses and launch new lines of products in the future as it continues to grow and expand its customer base.
The new platform gives customers the ability to optimise cash flow, provides enhanced operational efficiencies with far faster onboarding, and offers highly scalable funding options. These enhanced capabilities will empower Sonovate to increase the number of large, enterprise-size customers that it serves.
Sonovate also recently partnered with HR platform, Deel, to become the only funder to serve its global customer base. The partnership highlights the trend for recruitment businesses to operate in multiple markets as flexible and remote working becomes the norm for organisations across the world.
Following a securitisation deal with BNP Paribas and M&G Investments, which added £165 million to Sonovate’s funding structure, Sonovate has already made strides in expanding the number of enterprise size customers it serves.
Richard Prime, Co-Founder and Co-CEO, Sonovate comments: “With flexibility now a business norm, unlocking access to embedded payments is vital to allow businesses to thrive in an increasingly competitive landscape. As the demand for flexible workers continues to soar, this international expansion cements Sonovate’s position as a global leader in the embedded payments market and a driving force in supporting the global flexible workforce.
“Our Amsterdam hub is a major step in our ambitious growth plans to expand internationally and scale up our funding capabilities to ever-larger companies. The recruitment industry in the Netherlands is growing at pace so having an in-country presence is vital to ensure that Sonovate remains at the forefront of the Fintech and lending industries.”
Tjalle Kujit, Country Manager, Sonovate, says: “With fast, flexible, technology-driven capabilities, Sonovate is set to disrupt the Dutch market, empowering firms who place contractors and freelancers to fully focus on expanding their business without financial pressure to hinder their activities. Sonovate started working with Dutch businesses before it had a team on the ground, which is proof that it brings powerful solutions to the fast-growing contingent labour market in the Netherlands and beyond. I look forward to introducing even more companies to Sonovate, and to playing a role in empowering the workforce.”
Since it started funding in 2014, Sonovate has lent over £3.5 billion to 3,300 businesses and 40,000 workers in 44 countries, and increased its revenue by over 51% from 2021 to 2022.
Sonovate delivers swift credit decisions, same-day funding, credit insurance, and collections services, empowering companies to concentrate on expanding their business with confidence, knowing that funds are in place to help meet payment deadlines.
Notes to editors:
Media contact – [email protected]
Sonovate is the leading provider of embedded finance and payment solutions for the contingent workforce. Its finance and technology services cater to recruitment businesses, consultancies, and labour marketplaces who place contractors and freelancers around the world. Sonovate’s platform and expert service deliver swift credit decisions, same-day funding, credit insurance, and collections services, empowering companies to concentrate on expanding their business, confident that funds are in place to help meet payment deadlines.
Since it started funding in 2014, Sonovate has lent over £3.5 billion to 3,300 businesses and 40,000 workers in 44 countries.