Sonovate partners with Deel to fund international expansion of organisations across the globe
- Partnership will see Sonovate become the sole funder on Deel’s Marketplace, helping customers to fund and place candidates globally.
- Deel’s customer base – more than 15,000 businesses from startups to household names – will have access to Sonovate’s scalable funding solutions, enabling them to expand faster and better manage cash flow.
London, UK, 26 April 2023: Embedded finance provider, Sonovate, has partnered with global HR platform, Deel, to support its customers with on-demand, scalable funding solutions as they expand overseas.
The partnership will see Sonovate become the sole funder on Deel’s Marketplace, and its embedded finance solutions will be integral to helping Deel’s customers to fund and place candidates globally efficiently and seamlessly.
Deel is a global payroll solution which helps businesses – including Nike, Revolut, and Shopify, hire anyone, anywhere as independent contractors or full time employees, compliantly and in minutes. The availability of Sonovate’s funding solutions on the Deel Marketplace will give Deel’s customer base access to scalable invoice financing solutions needed to fund payroll whenever needed, enabling them to expand faster and better manage cash flow. On the other hand, it will offer Sonovate customers the ability to place talent faster around the world through Deel’s platform.
The combination of Deel’s Employer of Record service and Sonovate’s multi-currency, embedded finance solution will drive efficiencies for recruiters, providing a fast, holistic HR and funding solution that allows for frictionless expansion into new territories. The solution is also available to customers looking to grow operations domestically.
Richard Prime, Co-Founder and Co-CEO, Sonovate: “This partnership marks yet another step change for us, as Sonovate evolves our service to better support larger recruiters and consultancies who want to expand overseas. Deel’s global platform empowers us to offer our services to more organisations who place workers across the globe, propelling us forward on our mission to fund the future of work. Sonovate customers can now place contractors in more jurisdictions than ever before, with Deel providing access to more than 150 countries, including all of the major markets.
“The values of our two organisations are aligned – both companies are fully committed to providing industry leading products and world-class service to our respective customers, giving them the tools they need to thrive and grow in a global economy. The partnership is the natural next step on this mission, and we are looking forward to seeing businesses around the world benefit as a result”
Dan Westgarth, COO at Deel, comments: “This partnership allows us to provide our customers with even more of the tools that they need to scale globally and at pace. With any growing business, managing a changing cash flow – particularly in multiple currencies – can be challenging and is commonly cited as a key barrier to growth. Bringing Sonovate on board changes this for our customers, and gives them access to the scalable, flexible funding they need to regulate cash flow and accelerate growth, be that domestically or overseas.”
Notes to editors:
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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.
Deel is the all-in-one HR platform for global teams. It helps companies simplify every aspect of managing an international workforce, from culture and onboarding, to local payroll and compliance. Deel works for independent contractors and full-time employees in more than 150 countries, compliantly. And getting set up takes just a few minutes. For more information, visit Deel.com