Sonovate expands globally with new funding hub in Netherlands
By Gloria Methri
Sonovate, the embedded finance and payment solutions provider for the contingent workforce, has opened a new European hub in Amsterdam as part of its international expansion strategy.
Sonovate said Amsterdam was the ideal location for its first overseas office due 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. The new operation in Amsterdam will be headed by Tjalle Kujit, Sonovate’s first Country Manager. He has 20 years of banking experience in B2B lending and financial services. Prior to joining Sonovate, Kujit was an advisor to more than 500 companies, helping them to develop working capital strategies.
Richard Prime, Co-Founder, and Co-CEO, Sonovate said, “As the demand for flexible workers continues to soar, this international expansion cements Sonovate’s position as a global leader in the embedded payments market and a driving force in supporting the global flexible workforce.”
“Our Amsterdam hub is a major step in our ambitious growth plans to expand internationally and scale up our funding capabilities to ever-larger companies. 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.”
Tjalle Kujit, Country Manager, Sonovate, said, “With fast, flexible, technology-driven capabilities, Sonovate is set to disrupt the Dutch market, empowering firms who place contractors and freelancers to fully focus on expanding their business without financial pressure to hinder their activities. Our company started working with Dutch businesses before it had a team on the ground, which is proof that it brings powerful solutions to the fast-growing contingent labour market in the Netherlands and beyond. I look forward to introducing even more companies to Sonovate, and to playing a role in empowering the workforce.”
Since it started funding in 2014, Sonovate has lent over £3.5 billion to 3,300 businesses and 40,000 workers in 44 countries and increased its revenue by over 51% from 2021 to 2022.
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