Sonovate takes on £14m for contract recruitment financing

Sonovate has raised a new round of funding totaling £14m for its recruiter-financing business.

The Series B round was led by Global Founders Capital and comes in the form of £9m in equity and £5m in debt funding.

The London-based company aims to provide finance and back-office technology to recruitment agencies running contractors.

By providing agencies with 100% of profits the week after contractor’s timesheets are approved it means they do not have to depend on turnover agreements or invoice discounting.

Sonovate says it will use the capital to grow its team and drive expansion into Europe and North America over the next year.

The company previously raised £10m in debt from PNC Business Credit, as well as a $5.5m Series A round from Dawn Capital and DN Capital in February.

Copyright © 2016 FINTECH GLOBAL

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