Sonovate has partnered with working capital fintech Demica, to assist Sonovate and BNP Paribas on the transaction. Sonovate’s financial partner, M&G Investments, has also invested £15m as part of the deal.

Sonovate is set to hit its target funding goal of £1.3bn this year, with a target of £2bn set for 2023. The company specializes in integrated finance and payments-focused technology to meet the needs of the online workplace. The fintech plans to channel the new capital to expand its customer base to more companies and improve export finance services.

Announcing the funding, Richard Prime, CEO and Co-Founder of Sonovate, said, “Sonovate’s vision is to be the funding platform for the future of work. constantly adding value to our market. Transactions like this give us an exceptional level of flexibility, which we can extend to our clients, allowing them to access innovative financing solutions through a state-of-the-art platform. technology.

Renaud Chalmet, Deputy Head of Corporate Securitization, BNP Paribas, said: “This securitization is designed to support the new world of flexible working. It is scalable, adaptive and provides long-term stability. We are delighted to work with Sonovate, to support them as they continue to generate rapid growth and provide the casual labor market with innovative solutions.

Significant changes in the work environment in recent years have led to a growth in the job market, with a study by Staffing Industries Associates recording that annual turnover has increased by 80% for contract placements. Sonovate has funded over £2.75 billion in invoices and 3,300 businesses, which have paid over 30,000 freelancers and contractors in over 40 countries.