Sonovate, a London, and Cardiff, UK-based provider of finance and back-office solutions, raised £110m in debt and equity funding.
The round was led by M&G Investments, MXB Holdings Inc, Dawn Capital and Rocket Internet SE.
The company intends to use the funds to advance its core product offering, expand into international markets including Germany, the Netherlands and America.
Led by Richard Prime and Damon Chapple, Sonovate provides an invoice finance solution for businesses, which has already funded in excess of £950m to 2,500 organizations including:
– Recruitment agencies
– Business consultancies
– Gig economy job platforms
– Individuals (freelancers and contractors)
The company’s solution also take care of all the back office admin including:
– Credit control