UK fintech Sonovate raises £110m

Sonovate, the UK-based finance and back-office tech provider to recruitment agencies and consultancies, has secured £110million debt and equity finance, led by M&G Investments, MXB Holdings Inc, Dawn Capital and Rocket Internet SE.

This latest round of investment follows a Series B funding secured in October 2016, led by Global Founders Capital, the investment vehicle of Rocket Internet, and supported by Dawn Capital. Dawn also led Sonovate’s Series A funding round earlier that year.

Launched to challenge traditional invoice finance products on offer from the banks, Sonovate helps any business working with contingent workers to unlock their true growth potential.

As traditional lending has become increasingly lengthy and uncertain for SMEs since the 2008 financial crisis, Sonovate reduces this complexity and provides upfront funding against unpaid invoices. The company has funded almost £1 billion of invoices for recruitment agencies, consultancies and on-demand vendors since launching in 2012.

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