Sonovate heads to Amsterdam with expansion plans

Sonovate has announced the opening of a new European hub in Amsterdam as part of its international expansion strategy.

Amsterdam was chosen for the company’s first overseas office, thanks to the Netherlands’ flexible working environment. The country ranks second in Europe after the UK in terms of contingent workers per capita, according to the Staffing Industry Analysts.

Sonovate’s funding activity will focus on supporting mid-size and large recruitment businesses, consultancies and online labour marketplaces. 

“With flexibility now a business norm, unlocking access to embedded payments is vital to allow businesses to thrive in an increasingly competitive landscape,” said Richard Prime, co-founder and co-CEO.

“The recruitment industry in the Netherlands is growing at pace so having an in-country presence is vital to ensure that Sonovate remains at the forefront of the Fintech and lending industries.”

With more than 20 years’ banking and B2B lending and financial services, Tjalle Kujit, Sonovate’s first country manager, will oversee the new operation.

The invoice financing operator recently significantly enhanced its funding technology platform to enable it to better serve large, multinational recruitment businesses and launch new lines of products in the future as it continues to grow and expand its customer base.

Sonovate also recently partnered with HR platform Deel to better serve its global customer base. 

Since it started funding in 2014, Sonovate has lent more than £3.5bn to 3,300 businesses and 40,000 workers in 44 countries, and increased its revenue by over 51% from 2021 to 2022, according to the company.

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