Wolseley plc group chief financial officer John Martin has joined fintech startup Sonovate’s board as an investor.
Martin brings years of finance and recruitment experience to a company he sees as the alternative finance provider of choice to the recruitment industry.
Formerly CFO of recruitment specialist Hays, and ex CFO of Travelex Group, he has over 20 years of experience in senior financial positions, combined with a background as a chartered accountant.
Sonovate provides finance for recruitment agencies placing contractors, as well as the technology that takes care of all the admin associated with running contractors such as timesheets, invoicing and chasing late payments.
Martin said: “Sonovate is an enormously exciting business and I’m delighted to join during a period of such impressive growth.
“It’s challenging an industry that’s saturated by old fashioned finance products offered by banks, and one that hasn’t developed in decades. Sonovate is providing finance that is tailored specifically to the recruitment industry – something banks and other financial institutions just can’t do.”
Richard Prime, CEO of Sonovate, added: “We are thrilled to welcome John to the Sonovate board. John’s unrivalled knowledge of the innermost workings of finance at globally-recognised corporations will help push Sonovate to the next level as we look to help more recruitment agencies than ever, from small to enterprise size, secure the right finance to help them grow.”
Since launching its contract finance offering in January 2014, Sonovate has already overtaken the banks in terms of new deals recorded to become the number one provider of contract finance to UK recruitment agencies.