PayTech Awards 2023 Finalist: Sonovate
Sonovate has been selected as a finalist in the Best Industry Focused Payments System category for their project Sonovate - Funding the Flexible Future of Work in the PayTech Awards 2023.
Sonovate
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.
Funding the Flexible Future of Work
Sonovate funds the future world of work by providing invoice funding solutions for the global contingent workforce sector. With a market worth $5.4 trillion, businesses can improve access to finance and cash flow to pay and retain freelancers and contractors. Sonovate offers embedded invoice solutions and technology, connecting accountancy systems, providing instant funding decisions, and seamless integration with tech tools. Their disruptive approach includes 100% invoice funding without personal guarantees, attracting thousands of businesses in 44 countries. Sonovate's record-breaking performance in 2022, including a £1.1 billion funding milestone, was supported by partnerships and a securitisation deal. As Sonovate continues to scale, it aims to deploy £1.8 billion in funding during 2023 and expand its lending capabilities within the wider financing ecosystem.