Richard Prime co-founded Sonovate in 2013 with his co-CEO Damon Chapple, to bring to market a platform that enables modern businesses globally to scale while having certainty and security over the payment of their contingent workforce.
Before establishing Sonovate, Richard spent more than 12 years in senior leadership roles at SThree Plc, the £1.3bn recruitment group that specialises in the STEM sectors. There, Richard was appointed to the Executive Board in 2007 and was responsible for a number of SThree's consultancy brands in multiple territories.
While at SThree, Richard identified a common disconnect that exists between businesses that rely on contract workers and their traditional finance providers. Together with Damon Chapple, Richard created a resolution to the frustration felt by businesses that can't secure the right sort of funding to suit their cash flow and working capital requirements. In Sonovate, Richard and Damon have built an embedded finance platform that puts flexibility and on-demand funding at its heart.
Today, Sonovate has funded over £2 billion to 3,000 businesses in 40 countries, helping more than 30,000 people get paid on time. London and Cardiff based Sonovate was named Fintech Company of the Year at the 2021 Fintech Wales Awards, and has been tipped by the UK government to become Wales's first Fintech unicorn. www. sonovate.com
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