Sonovate vs Close Brothers Invoice Finance Comparison Guide

Sonovate and Close Brothers Invoice Finance both provide UK businesses with funding secured against unpaid invoices, but they are built on very different models and digital experiences. Sonovate positions itself as a technology led funding platform that focuses heavily on recruitment and contractor heavy businesses, offering invoice finance and related services through an online platform tailored to business to business invoices, based on its invoice finance product page. Close Brothers Invoice Finance operates as part of Close Brothers Group and provides more traditional invoice finance and asset based lending facilities for a wide range of UK SMEs, with funding typically up to 90 percent of invoice value and fees taken once the customer pays, according to its invoice finance overview. When comparing the two, factors such as sector focus, appetite for newer or smaller businesses, digital functionality, and flexibility around limits and contracts tend to matter more than headline marketing messages. This comparison looks at how they differ in products, costs, service, and fit for common business use cases so you can decide which model better matches your working capital needs in 2026.

1. Products and terms at a glance

Sonovate

Sonovate is a UK based funding platform that focuses on financing invoices for recruitment agencies, consultancies, and other businesses that invoice on payment terms. According to its invoice finance overview, Sonovate provides invoice finance to businesses that invoice other businesses and have at least £50,000 in annual turnover. The same page explains that Sonovate offers funding against outstanding invoices, including options for both ongoing facilities and selective invoice finance, with a technology platform designed to automate much of the process. For recruitment and contractor heavy sectors, Sonovate also promotes funding plus back office services, based on its recruitment funding page, where it highlights a funding and back office app to support onboarding, timesheets, and invoicing.

Sonovate describes itself as providing fast access to a high percentage of invoice value, stating that it can advance up to 100 percent of invoice value, depending on approval of the debtor and sales ledger, as detailed in its receivables financing explainer. It positions its product as super simple to set up, with no long contracts and no hidden fees, based on its article on what invoice finance is. The specific contractual terms, such as facility limits, notice periods, and any concentration or sector restrictions, are not fully detailed on public pages and are instead governed by its funding terms and conditions for recruitment and invoice finance facilities, as outlined in its recruitment services and invoice finance conditions. As a result, precise minimum and maximum facility sizes or contract lengths for 2026 should be treated as varies.

Close Brothers Invoice Finance

Close Brothers Invoice Finance is part of Close Brothers Limited and provides invoice finance and asset based lending facilities for UK businesses. Its invoice finance product page states that the service allows businesses to receive up to 90 percent of invoice value up front, with a small fee taken once the customer pays the invoice. The page also notes that facilities can be structured as invoice discounting or factoring, and can include additional asset based lending against items such as machinery, property, or stock, referencing the wider description on Close Brothers Group's invoice finance overview where invoice finance and asset based lending are described as ways to release capital locked up in invoices and other assets.

Close Brothers Invoice Finance markets its proposition around relationship driven support, with locally based teams and sector specialists, as highlighted across its sector pages, such as its services industries page, which refers to tailored solutions for different industries. Public information does not set out rigid minimum or maximum facility sizes, minimum turnover, or fixed contract terms for all clients, and these details are typically set out in bespoke agreements and in the organisation's terms of use, as referenced by its terms and conditions page. Accordingly, facility size, eligibility thresholds, and contract lengths should be treated as varies.

Comparing product structure

Both lenders provide funding against unpaid invoices, which is a form of invoice finance. Sonovate focuses on business to business invoicing with a notable specialism in recruitment, contractor, and consultancy sectors, with technology that integrates funding and back office functions, as set out on its recruitment funding page. Close Brothers Invoice Finance positions itself as a broader invoice finance and asset based lending provider that serves multiple industries and offers both factoring and discounting structures, according to its product information and Close Brothers Group's invoice finance overview. In practice, Sonovate may feel more specialised and platform centric, whereas Close Brothers Invoice Finance may feel more like a traditional relationship bank style facility with the option to include wider asset based lending.

2. Costs and repayments in practice

Neither Sonovate nor Close Brothers Invoice Finance publish complete, universal rate cards for 2026. Pricing typically depends on factors such as turnover, sector, debtor quality, facility size, and whether the business wants additional services. For this reason, precise interest rates, service fees, or discount margins should be considered varies and the examples below are illustrative only.

How Sonovate charges for its services

Sonovate indicates that it aims to offer simple and transparent pricing with no hidden fees or charges, and states that it is free from long contracts, according to its invoice finance explainer. It describes funding structures where customers can receive up to 100 percent of the invoice value in as little as 24 hours after debtor approval, based on its receivables financing article. However, it does not disclose standardised percentages for its service charges or discount rates on publicly accessible pricing pages, and its full terms state that pricing and fees form part of the specific facility agreement, as set out in its recruitment finance conditions. Therefore, the exact cost structure in 2026 varies by client.

How Close Brothers Invoice Finance charges

Close Brothers Invoice Finance similarly does not publish a universal tariff of fees for all clients. Its main invoice finance page notes that you can receive up to 90 percent of your invoice value up front and that Close Brothers takes a small fee once the customer has paid, which suggests that its pricing is commonly expressed as a combination of service and discount fees, but the precise percentages are not disclosed and should be understood as varies, based on its product overview. External comparison guides, such as CompareBanks' 2025 guide to UK invoice factoring companies, describe Close Brothers Invoice Finance as having formal processes and less explicit headline pricing online, which aligns with the lack of detailed public rate cards. As with Sonovate, individual pricing is typically agreed in facility documentation.

Illustrative cost comparison table

The table below shows how costs might compare in structure rather than specific quoted figures. All percentages and monetary values are illustrative to show mechanics and do not represent actual offers from either lender.

Worked example 1, illustrative Sonovate facility

Assumptions for this example are illustrative and not an offer: a recruitment agency has a £100,000 invoice to a creditworthy corporate client and Sonovate has agreed an advance rate of 95 percent and an all in fee equivalent to 3 percent of the invoice value for the period until debtor payment.

• Invoice raised: £100,000
• Sonovate advances 95 percent: £95,000
• Customer pays full invoice after 45 days
• Sonovate deducts illustrative 3 percent fee: £3,000
• Remaining balance returned to agency: £2,000
• Net funds received by agency: £95,000 initially plus £2,000 later, totalling £97,000

This example is consistent with the mechanism described by Sonovate where a high percentage of the invoice value can be advanced quickly after approval, with the provider deducting fees when the debtor pays, as explained in its guide on how invoice financing works, but the advance rate and fee percentage here are illustrative and real figures vary.

Worked example 2, illustrative Close Brothers Invoice Finance facility

Assume a manufacturing SME has a £200,000 invoice to a large retailer and Close Brothers Invoice Finance has agreed an advance rate of 90 percent and a combined fee equivalent to 2.5 percent of the invoice value over the period until debtor payment. This is illustrative and not taken from a public rate card.

• Invoice raised: £200,000
• Close Brothers advances 90 percent: £180,000
• Customer pays full invoice after 60 days
• Close Brothers deducts illustrative 2.5 percent fee: £5,000
• Remaining balance returned to the business: £15,000
• Net funds received by the business: £180,000 initially plus £15,000 later, totalling £195,000

This structure aligns with the description on Close Brothers' product page, where it describes providing up to 90 percent of invoice value up front and taking a small fee once the customer pays. However, actual advance rates and fees depend on each facility and vary.

3. Speed and service

Sonovate

Sonovate emphasises speed and technology in its marketing. Its explainer on how invoice financing works states that once an invoice is approved, the finance provider typically advances funds within 24 to 48 hours, giving fast access to capital, based on Sonovate's guide to invoice financing. In a separate article on receivables financing, Sonovate notes that for its customers it can advance up to 100 percent of the invoice value in as little as 24 hours after the debtor and sales ledger have been approved, according to that article. The onboarding and day to day use is handled through its online platform which includes tools for invoice submission, timesheets, and tracking, as highlighted on its recruitment funding page.

Sonovate positions its service as transparent and digital first and uses a help centre model for ongoing support, as indicated by the references to a help centre on its general terms and conditions page, although detailed service level agreements and specific support channels for 2026 are not extensively published and so should be treated as varies. For complaints handling, Sonovate refers customers to standard complaint procedures within its terms documents, including the recruitment and invoice finance conditions which set out processes for disputes and legal governance, according to its core conditions.

Close Brothers Invoice Finance

Close Brothers Invoice Finance describes itself as providing responsive and relationship driven support, with locally based teams who work closely with clients, as seen in language across its sector pages such as its services industries page. Its invoice finance product overview describes releasing up to 90 percent of invoice value upfront so that businesses can run or invest in growth, and taking a small fee when the customer pays, based on its product page, but it does not publicly specify a standard approval or funding timeline in hours or days, which should therefore be considered varies.

Being part of Close Brothers Group, Close Brothers Invoice Finance operates under group level complaints procedures. The Close Brothers complaints procedure document sets out how complaints are acknowledged, investigated, and resolved, including timeframes for responses and escalation routes, according to the Close Brothers complaints procedure. Invoice finance terms and conditions from Close Brothers Invoice Finance also reference obligations and rights around service and dispute handling, as noted on its terms and conditions page. Specific service levels for 2026, such as dedicated account manager availability or digital portal features, are not comprehensively documented publicly and should be treated as varies.

External perspectives

To understand how these lenders are perceived more broadly, it can be useful to look at independent commentary. A Funding Agent comparison between Sonovate and another specialist lender notes Sonovate's focus on simple pricing and digital workflows, as described in Funding Agent's Sonovate vs Ultimate Finance comparison, which aligns with Sonovate's own positioning of streamlined onboarding and invoicing. For Close Brothers Invoice Finance, third party guides such as CompareBanks' 2025 review of invoice factoring companies comment that Close Brothers Invoice Finance offers bank grade capital and relationship led service, while noting that pricing information is less explicit online and processes can feel more formal. These external views support the picture of Sonovate as more technology centric and Close Brothers Invoice Finance as more traditional and relationship based.

4. Who each lender suits

Sonovate

Based on its product pages and articles, Sonovate appears particularly suited to:

• Recruitment agencies and consultancies, especially those placing contractors or temporary workers, as it markets funding plus back office solutions designed for this model on its recruitment funding page
• Businesses that invoice other businesses and have at least £50,000 annual turnover, as specified under eligibility on its invoice finance overview
• Firms seeking a digital first platform with integrated tools for invoice finance and back office processes, emphasised in its descriptions of technology and integration across its invoice finance and its how invoice financing works article

Sonovate's articles also highlight that it may be attractive to younger or fast growing businesses that value flexible and straightforward access to working capital, without long contracts, as it describes being free from long contracts and free from hidden fees in its invoice finance explainer. Businesses that prioritise automation and a modern user interface are likely to find Sonovate's approach appealing.

Close Brothers Invoice Finance

Close Brothers Invoice Finance, by contrast, appears better suited to:

• Established SMEs and mid sized businesses across multiple sectors that want to release cash tied up in invoices and potentially in assets such as machinery, property, or stock, as explained in Close Brothers Group's invoice finance overview
• Businesses comfortable with a more traditional relationship banking style, with regional teams and sector specialists, which is highlighted on its industry sector pages
• Companies that may want to use invoice discounting, where they continue to manage their own credit control, or factoring, where the provider takes over collections, as referenced on its invoice finance overview

External guides, such as Expert Market's 2026 guide to invoice factoring companies, portray Close Brothers Invoice Finance as offering bank grade capital and solid scalability but note that contracts and processes can feel formal. Combined with Close Brothers' own marketing, this suggests that it may be especially suitable for businesses that value depth of relationship and the ability to extend facilities over multiple asset classes, rather than solely pursuing maximum digital convenience.

5. How to apply

Applying to Sonovate

Sonovate encourages businesses to start online. Its pages include clear calls to action for businesses to get started or talk to sales, for example on its invoice finance product page, where prospective customers are invited to find out how much funding they can access. The general onboarding steps described across its content suggest a typical process where a business provides information about its invoices, debtors, and turnover, then Sonovate assesses eligibility and sets up an account for ongoing invoice submission and funding, consistent with the explanation in its guide on how invoice financing works. The recruitment finance conditions document details additional steps and legal documentation required for recruitment businesses, including the finance agreement and associated security or indemnities, as shown in its contract conditions. Exact approval timescales and document lists for 2026 are not fully summarised publicly and so should be treated as varies.

Applying to Close Brothers Invoice Finance

Close Brothers Invoice Finance invites potential clients to enquire via its website or by phone. On its invoice finance page, businesses are prompted to get in touch so that a specialist can discuss needs and structure a suitable facility. Close Brothers Group's invoice finance overview describes an approach where facilities are tailored to each business, implying a more consultative application process, based on its group overview. Prospective clients can also contact regional offices listed in its industry and contact sections, such as the details on its services industries page. The precise documentation required and time to decision depend on factors such as facility size, sector, and risk profile and therefore varies, but typical invoice finance applications will involve providing recent financial accounts, aged debtor ledgers, and details of key customers, in line with standard practice described in broader invoice finance guidance such as British Business Funding's 2025 overview of invoice financing costs.

Complaints and support channels

For ongoing support and complaints, Sonovate directs clients through its help centre and terms based processes. Its general terms refer to a help centre for product support and include sections on complaints and dispute resolution mechanisms, as seen on its terms and conditions page. Close Brothers Invoice Finance, as part of Close Brothers Group, follows the group's formal complaints procedure, which sets out steps for acknowledging complaints, investigating them, and providing a written response or redress where appropriate, as detailed in the Close Brothers complaints procedure document. Businesses that place particular weight on formal escalation routes and documented complaint handling processes may find Close Brothers' group framework reassuring, while those that prioritise digital self service may prefer Sonovate's platform oriented support.

6. Final verdict

Sonovate and Close Brothers Invoice Finance both help businesses turn unpaid invoices into working capital, but they represent different styles of delivery and target clients. Sonovate positions itself as a technology enabled platform with a strong focus on recruitment and contractor heavy sectors, promising straightforward pricing and high advance rates subject to debtor and ledger approval, according to its invoice finance page and its receivables financing article. Close Brothers Invoice Finance offers a more traditional invoice finance and asset based lending proposition, with facilities that can sit alongside funding over other assets and that are backed by the wider Close Brothers Group, as set out in its group overview and its product information. Your decision is likely to turn on factors such as sector fit, preference for digital versus relationship driven service, and whether you are likely to expand into wider asset based lending.

On the spectrum of specialist versus broad based providers, Sonovate falls more on the specialist side, especially for recruitment agencies and consultancies with recurring contractor invoices, whereas Close Brothers Invoice Finance serves a wide variety of industries and can embed invoice finance within multi asset lending structures. Both providers avoid publishing granular rate cards online, so you will usually need to request a tailored quote to compare real pricing. Considering independent commentary from sources such as CompareBanks and Expert Market alongside each lender's own materials may help frame questions to ask around fees, contract terms, and service expectations before making a decision.

Choose Sonovate if:

• You run a recruitment agency, consultancy, or contractor led business and want funding plus back office functionality on a single platform
• Your business invoices other businesses with at least £50,000 per year in turnover and you value the possibility of high advance rates on approved invoices
• You prefer a digital first experience with online onboarding, invoice uploads, and integrated workflow tools
• You are looking for an invoice finance partner that markets itself as avoiding long contracts and hidden fees, subject to your specific agreement

Choose Close Brothers Invoice Finance if:

• You are an established SME or mid sized business in sectors such as manufacturing, services, or distribution and want a traditional invoice discounting or factoring facility
• You value access to bank group backing and potentially wider asset based lending over machinery, property, or stock alongside invoice finance
• You prefer a relationship driven approach, with regional teams and account managers who can structure a bespoke facility
• You are comfortable engaging in a more formal application and documentation process in exchange for a tailored, scalable facility

7. Sources

• Sonovate, company website
• Sonovate, Invoice finance product page
• Sonovate, Funding for recruitment businesses
• Sonovate, How does invoice financing work
• Sonovate, What is receivables financing
• Sonovate, What is invoice finance
• Sonovate, General terms and conditions
• Sonovate, Recruitment services and invoice finance conditions
• Close Brothers Invoice Finance, Invoice finance product page
• Close Brothers Invoice Finance, Service industries page
• Close Brothers Invoice Finance, Terms and conditions
• Close Brothers Group, Invoice finance overview
• Close Brothers Group, Complaints procedure
• CompareBanks, Best UK invoice factoring companies 2025
• Expert Market, Top invoice factoring companies in the UK 2026
• Funding Agent, Sonovate vs Ultimate Finance comparison
• British Business Funding, The real costs of invoice financing
• Funding Agent, Close Brothers Invoice Finance vs Cynergy Business Finance