Sonovate, which provides invoice finance to the recruitment industry, has scored £110m in funding.
Investors to the round included M&G Investments, Dawn Capital and Rocket Internet. With the new funding, the company has raised more than £150m in equity.
Sonovate is used by recruiters to get access to money quicker once they have placed a contractor on a job. The platform improves cashflow on invoices and protects them from client insolvency.
Clients can also access a dashboard to manage all their contract businesses in real-time for all information including timesheets and financial forecasting. The platform also fully automates the timesheet process to remove further process burdens.
The company has funding over £925m of invoices across 39 countries and last year, it made a pre-tax loss of £6.1m on sales.
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