Sonovate
- Company typePrivate
- Founded2011
- HeadquartersLondon, United Kingdom
- Headcount101–250
- GTM typeB2B
- OfferingSoftware
Sonovate firmographics
Firmographics- Name
- Sonovate
- Legal name
- Sonovate Limited
- Website
- https://sonovate.com
- Company type
- Private
- Founded year
- 2011
- Operating status
- Operating
- Headcount range
- 101–250 employees
- Ownership category
- akta.pro rank
Sonovate industry classification
Industry- Product category
- Recruitment Finance Platform
- NAICS
- Credit Intermediation and Related Activities (522), Activities Related to Credit Intermediation (5223), Financial Transactions Processing, Reserve, and Clearinghouse Activities (522320)
- SIC
- Short-Term Business Credit Institutions (6153), Services-Computer Programming, Data Processing, Etc. (7370)
- akta.pro primary industry
- Invoice Financing, Factoring & Receivables Management (FSAGAJAB)
- akta.pro secondary industries
- Invoice Financing & Factoring (FSAKAGAC), Receivables Finance (Factoring, Invoice Discounting, Forfaiting) (FSABAHAD)
Keywords
Where Sonovate is headquartered
LocationHeadquarters
- HQ city
- London
- HQ country
- United Kingdom
- HQ region
- Europe
Offices3 records
Markets served
Sonovate business model
Business model- GTM type
- B2B
- Offering type
- Software
- Cost components
- Personnel, Technology or R&D, Operations, Marketing or Sales, Infrastructure
Revenue model
- Invoice Factoring Fees: Sonovate charges financing fees based on a percentage of the company's gross turnover for factoring services. Fees typically cover collection, administration, and management expenses. Example given: 1% factoring fee on a £10,000 invoice yields £9,900 advance.
- Invoice Discounting Fees: Revenue generated from discounting fees charged on outstanding invoices. Fees vary based on payment terms and debtor risk profile. Bad debt protection included in service offering.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Transaction based/ take rate | Pay-as-you-go | Invoice Factoring - Transaction-based pricing |
| Transaction based/ take rate | Pay-as-you-go | Invoice Discounting - Transaction-based pricing |
Go-to-market motion2 records
Distribution channels3 records
Marketing channels6 records
Sonovate product offering
Product offeringCore offering
Sonovate provides funding and back-office services primarily for recruitment agencies and consultancies. The company offers invoice factoring and invoice discounting solutions, advancing up to 100% of invoice value with bad debt protection. It also delivers an integrated technology platform covering PAYE, timesheets, payments, and back-office operations for managing contingent workforce financing.
Product overview
Sonovate is a recruitment funding platform offering a unified platform-plus-modules architecture. The core offering centers on Invoice Funding, which provides flexible SaaS-based invoice finance for permanent, contract, PAYE, and Statement of Work placements. This core platform is supplemented by add-on modules including PAYE (fully embedded compliance and worker payments), Timesheets (industry-leading timesheet management), Instant Credit (rapid credit assessment), Risk Management (automated credit checks and bad debt protection), Sonovate Wallets (embedded payments and collections), and Financial Reporting & Reconciliation. The platform also includes Invoice Factoring and Invoice Discounting as distinct service offerings. A developer-facing API enables embedding of services into third-party systems. The company recently launched Skills Marketplace as a new AI-powered product. The platform supports operations across 44+ countries with multi-currency capabilities and is designed for businesses from startups to enterprises.
Differentiator
Problem solved
Functional benefit
Products and services
- Invoice Factoring A financial product where recruitment agencies sell their invoices to Sonovate at a discount, with Sonovate collecting payment from end clients. Provides immediate working capital for agencies managing contractor payment cycles.
- Invoice Discounting A financial product where Sonovate advances funds against invoices but the recruitment agency retains responsibility for collecting payment from end clients. Suits agencies that want to maintain client relationships.
- Total Funding A combined funding solution that finances both permanent and contract placements, providing comprehensive working capital for full-service recruitment agencies.
- Funding & Back Office An integrated offering that combines invoice funding with full back-office services including PAYE, timesheets, payments, and reconciliation for recruitment agencies.
- PAYE Pay-as-you-earn tax calculation and processing service for recruitment agencies paying contractors, integrated with Sonovate's funding platform.
- Timesheets Timesheet management software designed for recruitment agencies to track contractor hours, approve timesheets, and feed them into the funding and payment workflow.
- Instant Credit An on-demand credit feature providing recruitment agencies with immediate access to additional working capital beyond standard invoice advances.
- Sonovate API A developer API that enables platforms, consultancies, and freelance marketplaces to embed Sonovate's funding and payment capabilities directly into their own products and workflows.
- Sonovate Wallets An embedded wallet product enabling recruitment agencies to manage funds, hold balances, and disburse payments to contractors through Sonovate's platform.
- Accelerate By Sonovate A program offered by Sonovate to support recruitment agencies with funding, growth tools, and operational resources.
- Risk Management A service offering credit checks, debtor risk assessment, and bad debt protection support for recruitment agencies using Sonovate's funding.
- Financial Reporting & Reconciliation A back-office service providing automated financial reporting, reconciliation, and accounting support for recruitment agencies using Sonovate's platform.
- Payments A payment processing service enabling recruitment agencies to pay contractors and manage outgoing payments as part of Sonovate's integrated platform.
Quantifiable outcome
- Up to 100% of invoice value funded within 24 hours
- +2 more outcomes
Companies that use Sonovate
Customer profileNamed customers5 records
Segments4 records
Ideal customer profiles2 records
Sonovate technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- Yes
- API docs
- API detail
Core technology
AI maturity
App detail
Integration1 record
AI capability4 records
Feature6 records
Sonovate partnerships and signals
Strategic signalPartnerships
15 partnerships are on record, tiered core, strategic and minor.
- DeelcoreSonovate partnered with Deel to fund international expansion of organisations across the globe. This marketplace partnership enables Sonovate to reach Deel's customer base for recruitment finance solutions.
- DemicastrategicSonovate partnered with Demica for trade reporting to enhance embedded finance capabilities for the contingent workforce. Partnership announced to redefine embedded finance for the contingent workforce.
- XerostrategicXero certification achieved for Sonovate's reporting and reconciliation capabilities, providing seamless accounting software integration for customers.
- AlloystrategicAlloy partnership for strengthening fraud prevention and risk management capabilities through enhanced identity verification and fraud detection tools.
- ADVANCEminorPartnership for providing additional growth opportunities through the ADVANCE partner programme.
- ANNA MoneyminorPartner offering business account and tax services integrated with Sonovate's platform.
- BionicminorBusiness insurance partner providing coverage solutions for recruitment agencies.
- Qdos ContractorminorInsurance and tax service partner for recruitment agencies using Sonovate.
- Employment HerominorHR and employment services partner integrated with Sonovate's platform.
- TEAM - Network of Independent RecruitersminorNetwork partnership providing additional recruitment agency growth opportunities.
- JarvisminorPension planning partner for contractors using Sonovate's platform.
- Umbrella.co.ukminorUmbrella services partner for recruitment agencies.
- FireFish SoftwareminorRecruitment CRM and marketing platform partner.
- RAMP GlobalminorRecruitment Agency Management Simplified platform partner.
- SwoopminorFunding tools partner for ambitious UK businesses.
Scale indicators8 records
Recent moves6 records
Expansion highlights7 records
Sonovate competitors and assessment
Company assessmentDirect peers
- Funding Circle: UK-listed SMB lending platform offering business loans and invoice finance. Operates at greater scale than Sonovate with broader SMB focus, but overlaps materially in invoice financing products and UK SMB customer base.
- Iwoca: UK-based SMB lender providing flexible working capital and invoice financing through a digital platform. Targets similar SMB segments and uses a tech-led underwriting approach comparable to Sonovate's automated credit decisioning.
- Kriya Finance: UK-based B2B payments and embedded finance platform offering invoice financing and credit to SMBs. Directly comparable fintech business model with overlapping product suite and target customer profile.
- MarketFinance (formerly MarketInvoice): UK-based invoice financing platform offering factoring, discounting and business loans to SMBs. Most direct competitor to Sonovate in the UK invoice finance market, with overlapping customer base of SMEs needing working capital against receivables.
Broad incumbents
- Bibby Financial Services: Large UK-based invoice finance and factoring provider serving SMBs across many verticals. Represents the traditional incumbent competitor that Sonovate's tech-led, recruitment-specialised model is disrupting.
- HSBC Invoice Finance: Global bank's invoice financing division offering factoring and discounting to UK and international businesses. Represents the legacy bank competitor Sonovate displaces with its faster, tech-led approach.
Emerging players
- Liberis: Embedded finance platform providing revenue-based financing to SMBs through partner integrations. Comparable in its API/embedded distribution model and SMB focus, though focused on a different use case (revenue-based rather than invoice factoring).
- Clearco: Revenue-based financing platform providing growth capital to businesses against future revenues. Comparable fintech lending model targeting growth-stage SMBs, though using revenue-share rather than invoice-collateralised structure.
Others
- Deel: Global HR and payroll platform for international teams. Strategic GTM partner to Sonovate for embedded contingent workforce finance, representing the marketplace distribution channel that Sonovate is leveraging for international scale.
- Currencycloud (acquired by Visa): Cross-border payments infrastructure provider for B2B platforms. Listed as Sonovate's technology integration partner for multi-currency funding, and operates in an adjacent enabling layer of cross-border B2B finance.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat5 records
Key risks6 records
Key highlights7 records
Customer concentration
Sonovate social profiles
Digital presenceSonovate financial estimates
Financial estimateRevenue estimate
Valuation estimate
Sonovate leadership team
Management profileNumber of profiles
Profiles6 records
Sonovate subsidiaries and ownership
Company hierarchySubsidiaries2 records
Sonovate funding detail
Funding detailFunding overview
Funding rounds4 records
Investors7 records
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Sonovate M&A and investment
M&A and investmentM&A
Investments1 record
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Sonovate
What does Sonovate do?
Sonovate provides funding and back-office services primarily for recruitment agencies and consultancies. The company offers invoice factoring and invoice discounting solutions, advancing up to 100% of invoice value with bad debt protection. It also delivers an integrated technology platform covering PAYE, timesheets, payments, and back-office operations for managing contingent workforce financing.
Is Sonovate a public or private company?
Sonovate is a private company. It is classified as unknown and is currently operating.
When was Sonovate founded?
Sonovate was founded in 2011. It employs 101 to 250 people.
Where is Sonovate based?
Sonovate is headquartered in London, United Kingdom, in the Europe region.
How does Sonovate make money?
Two revenue lines are on record. Invoice Factoring Fees are the primary driver. The others are invoice Discounting Fees.
Who are Sonovate's main competitors?
Direct peers on record are Funding Circle, Iwoca, Kriya Finance and MarketFinance (formerly MarketInvoice). Broad incumbents are Bibby Financial Services and HSBC Invoice Finance. Emerging players are Liberis and Clearco. Others are Deel and Currencycloud (acquired by Visa).
Does Sonovate have an API?
Yes. Sonovate offers an API product that allows developers to embed the platform's services invisibly into their own websites, apps, and systems. The API enables embedding of funding, payments, timesheets, and invoicing services. No specific technical details provided in available source data.
What industry is Sonovate in?
Sonovate's product category is Recruitment Finance Platform. Its primary akta.pro industry code is FSAGAJAB, Invoice Financing, Factoring & Receivables Management, with a secondary code of FSAKAGAC, Invoice Financing & Factoring. Its NAICS code is 522 and its SIC code is 6153.