6 years ago

Sonovate Secures £110 Million Funding to Expand Global Operations

  • Sonovate, a UK-based provider of finance and back-office solutions, has raised £110 million in debt and equity funding led by M&G Investments, MXB Holdings Inc, Dawn Capital, and Rocket Internet SE

  • The company plans to use the funds to expand its product offerings and enter new markets, including Germany, the Netherlands, and the United States

  • Sonovate specializes in invoice financing for businesses and has already funded over £950 million to 2,500 organizations.

      • ProblemFinancial Services

      "Many businesses, especially those in the gig economy, struggle to get access to working capital because they don't have the credit history or collateral required for traditional loans."

      Solution

      "Sonovate provides a finance solution that allows businesses to get paid faster by providing them with working capital based on their invoices. They also take care of all the back-office admin related to credit control, invoicing, payments, contracts, compliance, and timesheets."

      Covered on