Cardiff-based fintech Sonovate has invested in the cutting-edge platform from RegTech firm TruNarrative, to enhance its customer onboarding processes.
Sonovate helps businesses working with temporary workers, including recruitment agencies, consultancies and on-demand marketplaces, to grow through smart, fast and flexible finance. Businesses using Sonovate can access finance when they need it and can rest assured knowing all their back office is handled and that their flexible staff get paid easily and on time. Since launch, it has provided £1 billion to growing businesses, funding invoices across 39 countries.
Using TruNarrative’s single Application Programming Interface (API) and portal, Sonovate can adapt its onboarding processes without the need for time consuming processes or resources. This allows the firm to easily tweak its strategy inhouse – simultaneously improving efficiency and risk assessment, as well as invoicing procedures and optimising case performance checks.
Following a rapid growth period – which saw a 300% business increase over the previous three years – and further plans to expand into Europe and the USA, Sonovate identified the need to invest in a smart technology solution which enables the firm to move away from its current manual processes and adopt a real-time customer onboarding experience.
Sonovate has recently secured an additional £110m debt and equity finance to help businesses grow faster. The finance will enable Sonovate to increase their UK and international funding lines to more startups and established recruitment businesses, consultancies and on-demand (gig economy) platforms. Sonovate has already partnered with over 2,500 business, from the startup community to £50m+ customers trading internationally.
Source: Trunarrative Press Release