Sonovate, a Welsh FinTech, has secured £110mn in debt and equity finance.
Sonovate provides finance and backoffice technology to companies in the recruitment and consultancy space.
Its latest financing has ben led by M&G Investments, MXB Holdings Inc, Dawn Capital and Rocket Internet SE.
The company aims to challenge traditional invoice finance products on offer.
What does this mean?
Unpaid invoices can significantly impact the cashflow of SMEs. Companies like Sonovate can improve this by providing funding so businesses can pay contractors even if they are still chasing payment themselves.