Sonovate Raises a Record £55 Million—The Fintech Giant of the Gig Economy
The Cardiff‑and‑London based fintech has just shattered its own fundraising record, pulling in £55 million in March 2023. With this lift, Sonovate solidifies its position as one of the UK’s most respected and scalable players in the growing on‑demand finance arena.
How a $1.9‑Billion Dollar Empire Came to Life
- Founded in 2013 by Richard Prime & Damon Chapple, two veterans with over 30 years of recruiting expertise.
- Mission: “Smarter pay for the new working world” – erasing uncertainty for contractors, freelancers, and the businesses that hire them.
- By March 2020, the firm welcomed more than 500 new clients and secured an astonishing £10 million in turnover from high‑growth businesses.
- Since launch, Sonovate has provided a staggering £1.9 billion in on‑demand funding, supporting 3,000+ businesses across 40 countries.
- Result: 25,000 independent workers now get paid in full and on time—no more sprinting to the bank to track invoices.
Why the Pandemic Made This Acceleration Necessary
The COVID‑19 shock reshaped the workforce landscape, pushing companies toward a borderless, independent talent pool. Sonovate stepped up with reliable payment mechanisms and a robust back‑office stack, giving firms the confidence that reviews, payouts and compliance can stay on schedule.
“We’re the Anchor in a Stormy Sea” – Richard Prime
“During difficult times, we made no compromises on our belief in the contingent labour market. Funding stability is what matters for contractors and the businesses that rely on them,” Prime emphasises.
“No More Barriers to Growth” – Damon Chapple
“Our mission is to smooth out any obstacles for companies that use contingent workers. The future is brighter with the right tools and financial certainty.”
Behind the Numbers: The Tech & Team
Sonovate powers its success with a full‑stack team of over 100 developers, architects and data‑gurus who build a leading‑edge API ecosystem. The company’s foundation was strengthened by £110 million in financing back in 2019 (led by M&G and tech entrepreneurs Xochi & Michael Birch). Earlier milestones include a £10 million debt charge from PNC (2015) and twin Series A & B rounds totaling £20 million in 2016.
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