Paul Saunders, former board director of Lloyds TSB Commercial Finance, has joined the Sonovate board, hailing its innovative solution for contract recruitment a ‘game changer’ within the industry.
Founded by former recruiters Richard Prime and Damon Chapple, Sonovate provides finance for recruitment agencies placing contractors, alongside the technology that takes care of all the admin associated with running contractors including invoicing, timesheets and chasing late payments.
Saunders brings with him over 20 years of experience from Lloyds’s Commercial Finance division, which has historically been the largest provider of contract finance to the recruitment industry. At Lloyds, he was instrumental in establishing its specialism in the recruitment sector which ultimately provided funding solutions to over 1,000 companies with a turnover of £2 billion.
In his new role as Senior Board Adviser, Saunders will draw on his extensive background in recruitment finance to assist Sonovate’s expansion of its revolutionary contract finance technology.
Speaking of his move, Saunders says: “I am enormously excited to join the board of such a trailblazing company as Sonovate. It is uniquely placed in the centre of the dynamic London fintech scene with a brilliant product that recruitment companies have been crying out for.
“Sonovate directly addresses the cashflow and administrative challenges faced by agencies that have previously restricted their ability to grow. Because Sonovate was built by recruiters for recruiters, the solution is tailored to the specific requirements of the recruitment sector – something banks and other traditional finance houses cannot claim, or even understand.”
Richard Prime, CEO of Sonovate, comments: “We are absolutely delighted to welcome such an experienced financial expert to our board. Paul’s decades of knowledge from the commercial recruitment finance sector will enable us to take our contract finance solutions to the next level, providing recruitment companies with the funding they need to grow.
“Banks simply can’t provide the flexibility that recruitment companies placing contractors need, and Paul’s understanding from the inside of one of the world’s largest commercial banks will help us develop a product they can’t compete with.”
Saunders concludes: “With its market leading technology, combined with its flexible finance offering, I truly believe Sonovate will play a pivotal role in the future of contract recruitment.”