Sonovate provides a cloud‑native SaaS platform that offers instant invoice financing for recruitment and consultancy firms, unlocking up to 100 % of invoice value and automating timesheet‑to‑invoice workflows. The solution includes embedded multi‑currency wallets, integrated credit control with 95 % bad‑debt protection, and real‑time syncing with accounting systems, enabling firms to improve cash flow, reduce admin overhead, and expand into 40+ countries.
Funding
$196.7M raised to dateRaised to date based on public sources. This may differ from the amount the company actually raised and is based only on what is publicly available on the internet.
Founders
Product
Problem
Recruitment and consultancy firms often face cash‑flow gaps because payments for placed workers are tied up in client invoices, leading to delayed contractor payouts, administrative overhead, and exposure to bad debt.
Solution
Sonovate offers a cloud‑native, SaaS‑based invoice financing platform that provides fast, flexible funding for any placement type—permanent, contract, PAYE, or SOW. The platform automates timesheet capture, invoice submission, and payment processing, allowing firms to unlock up to 100 % of invoice value instantly. Integrated credit control and 95 % bad‑debt protection reduce financial risk, while multi‑currency support and embedded wallets enable expansion into 40+ countries. Real‑time syncing with accounting systems (Xero, QuickBooks, Sage) and a unified dashboard give firms full visibility and control over cash flow, collections, and performance metrics.
Target Audience
Primary customers are recruitment agencies, staffing consultancies, and freelance marketplace operators that need to finance contractor placements and streamline back‑office operations.
Features
- Instant funding of up to 100 % of outstanding invoices with no concentration limits or long contracts
- Embedded wallets and multi‑currency payments supporting placements in 40+ countries
- Automated timesheet‑to‑invoice workflow that reduces admin effort and errors
- Built‑in credit control and 95 % bad‑debt protection to safeguard cash flow
- Real‑time integration with major accounting packages for seamless reconciliation
- Multi‑user, cloud‑native dashboard offering visibility, reporting, and performance analytics
- Mobile iOS/Android app for on‑the‑go access to funding, payments, and collections