Welsh Fintech Sonovate Secures £210m Facility Backed by DZ BANK and M&G

Cardiff-founded fintech and Fintech Wales member Sonovate has secured a new £210 million, three-year funding facility supported by DZ BANK, Germany’s second largest bank, alongside the continued backing of M&G.

The long-term facility strengthens Sonovate’s capital base and provides additional capacity to support staffing businesses as they scale across markets, sectors and currencies.

Having funded more than £7 billion to date, the new facility is designed to provide long-term capital stability for customers operating in the global contingent workforce market.

Long-Term Stability and Confidence

The three-year committed facility is intended to provide long-term capital stability, enabling customers to plan, expand and invest with greater confidence.

In a market where funding consistency is critical, the facility reinforces Sonovate’s ability to support ambitious growth strategies without disruption. Long-term committed facilities of this scale are designed to provide customers with confidence that the infrastructure supporting them is stable and built for the long term.

Increased Capacity to Support Expansion

The £210 million facility provides substantial initial capacity, with flexibility to grow further as required.

For Sonovate’s customers, this provides additional headroom as invoice volumes increase, continued support for larger client contracts, confidence when entering new sectors, and the ability to scale without needing to change funding partners.

As staffing businesses expand, the facility ensures that access to funding does not become a constraint.

Supporting International Growth

The contingent workforce continues to become increasingly global, with staffing businesses operating across borders, managing multi-currency payrolls and servicing international clients.

With funding now available in nine currencies and an expanding securitisation platform, the new facility strengthens Sonovate’s ability to support customers as they grow internationally.

Strengthening Platform Infrastructure

Sonovate stated that it has continued to evolve its platform to support the global contingent workforce.

This has included bringing customers onto a unified technology stack, enhancing security and risk management, expanding funding pools through securitisation, and introducing new features designed to improve operational efficiency.

The new funding facility provides long-term capital certainty to support continued investment in automation, platform development and financial infrastructure.

Supporting the Future of Work

Sonovate expressed gratitude to DZ BANK for its partnership and to M&G for their continued support.

As the future of work continues to evolve, the company said the new facility ensures it remains well positioned to support staffing businesses with international expansion and access to dependable capital at scale.

More information can be found at sonovate.com.

Original announcement: LinkedIn post.