Sonovate to treble its tech team with new hires as recruitment lending soars

Just weeks after reaching £55m in monthly originations, recruitment lender Sonovate has decided to treble the size of its tech and product team to deal with demand.

Its hiring, according to Sonovate, will see the tech team grow from 20 to 60 people by early next year, based between its London and Cardiff offices.

Sonovate offers invoice financing for contract workers, providing around £2bn in funding to date, and sits as a platform between workers and agencies to ensure they get paid on time.

“We’re proud that we kept the funding taps firmly on during the pandemic, when many others didn’t, and I think the growth we’re seeing now is a reward for the faith we showed in our clients during a uniquely challenging time,” said CEO and co-founder Richard Prime.

“This is a key time for any business focused on supporting freelancers and contingent workers.”

As well as UK hires, Prime also said the company is preparing to start hiring internationally—given it supports contractors and agencies in over 40 countries—with the first continental Europe hires planned for 2023, followed by the US.

“Here in the UK we’re only starting to see the potential of Lending as a Service. We’re pleased to be at the forefront of this emerging scene, which will be key to Sonovate’s continued growth over the coming years.”

In 2019 Sonovate raised £110m in debt and equity from investors including M&G, Dawn Capital and Bebo founders Michael and Xochi Birch.

This came after it raised £34m between 2015 and 2016 from Series A and B rounds led by Dawn Capital and including debt funding from US bank PNC.