When it was founded by Richard Prime and Damon Chapple, the key motivation for starting Sonovate was to make it easier for businesses and individuals to get paid by increasing cash flow, simplifying the process, providing more flexibility, lowering the barriers to entry and democratising finance, and giving users one state of the art platform to run and manage their business account with Sonovate. Since 2012, it has marketed its service to UK recruitment agencies engaged in contract activity through the simple message it releases 100% profit from unpaid invoices, minus its one fee, and manages all the back-office administration. The responsibility for the business is to simply add a placement into their account. Growing Sonovate at breakneck speed placed huge strain across the whole business from people to process to infrastructure. The founders’ start-up mindset led to them overextending themselves. Asa. result, they examined every aspect of the business and put in place new processes; reached-out to customers with a new service definition and transitioned it over a period of time; divided it technology offering into three distinct teams, all working together to one unified objective; worked with its biggest customers to help bring new products to market and defined Sonovate’s roadmap and what defines ultimate success.

Success Factor

Sonovate is able to release more profit from unpaid invoices than the major banks by advancing 100% of invoice profit (minus its one fee) ensuring that cash flow is optimised. It has also removed all the restrictions associated with traditional invoice finance products which include personal guarantees, setup fees, hidden fees, exit fees, long contracts and additional costs for bad debt protection. Finally, with two offices in Cardiff and London, Sonovate’s continued success is owing to its brilliant team who continually strive to create better finance and process for people to get paid when they need it.

The Future

Sonovate recently completed a £110m debt and equity funding round. The finance will enable the firm to increase its UK and international funding lines to more start-ups and established recruitment businesses, consultancies and on-demand (gig economy) platforms.