It has also increased its staff headcount from 20 to 35 across its London and Cardiff offices and is growing at a rate of 20 percent a month. In November Sonovate signed a record 34 new customers.
In the last year alone Sonovate has funded £45 million of invoices. Its customer count has also doubled from 150 to 310 at the end of 2015.
Richard Prime, CEO and co-founder of Sonovate, comments: “We’ve dramatically increased profits, signed more new clients than ever before and hired great new people to build our teams in Cardiff and London in order to take Sonovate to the next level. With so much already on the cards for next year, it’s a very exciting time not just for Sonovate, but for everyone operating in the contract recruitment industry.”
Designed to make paying and managing contractors easy and profitable, Sonovate provides finance for recruitment agencies to enable them to place contractors. Agencies working with Sonovate receive 100 per cent of their profit the week after the invoice has been submitted, ensuring secure cashflow and accurate forecasting.
Sonovate’s contract finance solution takes care of all the admin associated with paying contractors, including invoicing clients, credit control, and managing timesheets so that recruiters can focus on billable activity.
Since launching in January 2014, Sonovate has already overtaken the banks in terms of new deals recorded on a monthly basis to become the UK’s number one provider of contract finance. Forecast to grow by 25% over the next two years, predictions for 2016 indicate that the use of temporary workers will become even more integral to all types of businesses. In fact, there are 1.2million workers on active placements on any one given day making Sonovate’s offering crucial to the sustained success of the industry.
Richard Prime concludes: “At Sonovate we’ve seen huge success helping hundreds of recruitment agencies to become more profitable. Moving into 2016 we’re looking forward to working with an increasing number of larger agencies – watch this space.”
