Sonovate vs MarketFinance Contractor Invoice Finance

Sonovate is a UK based invoice finance provider that focuses on funding recruitment agencies and consultancies by advancing cash against unpaid invoices, particularly for contractors and freelancers, as described on its invoice finance product page. MarketFinance’s contractor funding proposition now sits within Kriya, the rebranded MarketFinance group, which offers selective and whole turnover invoice finance facilities through its invoice finance for brokers page and wider working capital platform. Both lenders aim to help UK businesses unlock cash tied up in B2B invoices, although Sonovate is more specialised in recruitment and contractor markets while Kriya, formerly MarketFinance, serves a broader range of sectors according to its invoice finance overview. This comparison looks at how Sonovate and MarketFinance’s contractor invoice finance option differ on structure, costs, speed and suitability for different types of businesses, using only information that can be verified from official and reputable third party sources up to 2026. The article is neutral and informational only and does not constitute personalised financial advice, so readers should check the latest key documents and speak directly with each lender before applying.

Products and terms at a glance

Both Sonovate and MarketFinance’s contractor invoice finance facility, now delivered through Kriya, provide funding secured against unpaid business invoices, but there are important differences in product design and target market.

Sonovate

Sonovate is a specialist working capital provider focused on recruitment agencies, consultancies and labour providers that place contractors and freelancers. Its core product is an invoice finance facility that funds a high percentage of approved invoices and can also cover payroll for contractors based on its invoice finance page. Sonovate states that to be eligible a customer must be a business invoicing other businesses with a minimum annual turnover of £50,000 according to the same product page. The lender highlights that it can support temporary, contract and permanent placements and can work with multiple end clients, reflecting a recruitment focused model as described in its guidance for recruitment agencies. Sonovate also offers an invoice factoring style solution where it purchases receivables and manages collections on behalf of clients, based on its invoice factoring page. The detailed legal structure, including how assignments of receivables and security work, is set out in its finance agreement terms such as the recruitment services and invoice finance conditions provided via its 2022 terms and conditions PDF.

Sonovate operates through Sonovate Ltd, a company registered in England and Wales, and provides information on complaints handling and legal terms via its general terms and conditions page. Operational questions, including funding processes and platform functionality, are addressed through its help centre FAQ.

MarketFinance contractor invoice finance via Kriya

MarketFinance has rebranded to Kriya and now provides invoice finance, B2B PayLater and working capital loans primarily under the Kriya name according to its homepage and the statement that it is formerly MarketFinance on third party overviews such as Capalona’s Kriya lender profile. Contractor oriented invoice finance is delivered as part of Kriya’s selective invoice discounting and whole turnover facilities, marketed to brokers and businesses through its invoice finance for brokers page and Allica Bank’s Kriya invoice finance overview.

Kriya describes invoice finance as a revolving facility that allows eligible businesses to receive funding against unpaid invoices instead of waiting the full payment term, with structures that can support regular drawdowns rather than one off advances, based on its article on how invoice finance works. The firm indicates that it supports B2B companies with minimum annual turnover thresholds and that eligibility varies by product, as outlined in its MarketFinance and Kriya review on Finder which summarises typical criteria such as being a UK or Ireland based limited company or LLP for confidential invoice finance. While the detailed contractor specific branding previously used under MarketFinance is less prominent, Kriya’s platform is designed to support sectors including professional services, manufacturing and wholesale, according to its invoice finance FAQ.

Key legal and platform terms for Kriya are set out in its website terms and conditions and related documentation. Its FAQ pages, including the general Kriya FAQ and the invoice finance specific FAQ, explain operational details such as how limits are set and how funding requests are processed.

Finance type and internal guidance

For both lenders, the underlying finance type is generally referred to as invoice finance, a form of working capital funding secured against accounts receivable rather than a term loan. Readers who want a broader explanation of how this compares with other business funding options can refer to Funding Agent’s guide to invoice finance alternatives and related options, which sits within its wider coverage of working capital solutions.

Costs and repayments in practice

Pricing for both Sonovate and MarketFinance’s invoice finance facilities varies by client profile, risk assessment and facility structure. Neither provider publishes a full fixed tariff across all clients, so any figures in this section are illustrative only and should not be treated as quotes.

Sonovate pricing and structure

Sonovate describes its approach as simple and transparent for recruitment agencies but emphasises that comprehensive pricing depends on the specific facility. Its guidance for agencies notes that the cost of funding contractors can include a blend of service and discount charges and that actual percentages vary due to factors such as sector, client credit quality and invoice volumes based on its contractor finance questions article. Sonovate also highlights that one of the advantages of its platform is the potential to consolidate funding and back office support so agencies can manage costs alongside payroll and timesheets using its technology according to its invoice finance essentials guide.

Repayments in an invoice finance context occur when the end client pays the invoice, at which point funds are passed on to the provider to clear the advance and any charges. Sonovate’s FAQs confirm that it operates a model where clients assign invoices to Sonovate, which then collects payment from the end customer in most cases, as described in its help centre FAQ. Any residual balance after deducting fees is then settled with the agency according to the terms in the finance agreement set out in its 2022 conditions.

MarketFinance contractor invoice finance pricing and structure

Kriya provides indicative information on invoice finance costs for brokers and businesses. Its invoice finance for brokers page mentions that discount charges start from a margin above the Bank of England base rate and that a separate service fee applies, but exact margins, minimum fees and ancillary charges vary by facility size and risk profile based on its broker product overview. A more detailed indicative fee range, including discount charges starting from a margin above base rate and service fees from a percentage of funded invoices, is summarised on the same page, although individual quotes are tailored.

Kriya explains that its invoice finance works by advancing a percentage of the invoice value shortly after the invoice is uploaded and approved, then releasing the remaining balance, less fees, when the end customer pays. This is described in its invoice finance FAQ which outlines that facilities can be structured as selective invoice discounting or as a more traditional whole ledger arrangement. The operational flow therefore resembles that of Sonovate, with the main differences lying in customer segment focus, degree of recourse, and how much control the client retains over debtor management, all of which are governed by the specific facility agreement referenced in its terms and conditions.

Illustrative comparison table

The table below compares key aspects of costs and repayments at a high level. All cost references marked as varies are indicative rather than fixed tariffs.

Worked examples, illustrative only

The following examples are simplified and use rounded numbers solely to demonstrate how invoice finance costs and repayments might work in practice. They are not quotations from either lender.

Example 1, recruitment agency using Sonovate

• Assume a recruitment agency invoices £100,000 per month for contractors on 30 day terms and uses Sonovate to fund 90 per cent of invoice value.
• The agency uploads invoices and Sonovate advances £90,000 shortly after approval.
• Assume, for illustration, that combined funding costs average 3 per cent of the invoice value over the 30 day period. This percentage is a hypothetical figure and actual pricing varies.
• When the end clients pay the £100,000, Sonovate collects the funds, deducts the £90,000 advance plus £3,000 in fees and passes £7,000 back to the agency.
• The agency has effectively brought forward £90,000 of working capital that would otherwise have been received at the end of the month, paying £3,000 in illustrative costs for the service.

This example reflects the basic cash flow cycle described in Sonovate’s resources for agencies in its first time using a finance provider guide, but the numerical assumptions are for demonstration only.

Example 2, professional services firm using MarketFinance contractor invoice finance via Kriya

• Assume a consultancy bills £200,000 per month on 60 day terms and uses Kriya’s selective invoice discounting to fund 85 per cent of approved invoices.
• The firm selects £150,000 of invoices to fund. Kriya advances £127,500 (85 per cent) once the invoices are verified.
• For illustration, assume a blended discount charge of 4 per cent over the 60 day period and a separate service fee of 1 per cent of funded invoice value. These percentages are hypothetical and actual pricing varies.
• On payment of the £150,000 by end clients, Kriya deducts the £127,500 advance plus £6,000 in discount charges and £1,500 in service fees, totalling £135,000, and passes £15,000 back to the consultancy.
• The consultancy therefore pays an illustrative £7,500 in costs to access most of the invoice value up to 60 days earlier than it would otherwise have received it.

This example mirrors the workflow described on Kriya’s invoice finance FAQ, where an initial advance is followed by a balance payment once the debtor settles the invoice, but as above the numbers are purely illustrative.

Speed and service

Onboarding and approval

Sonovate positions itself as a technology driven platform tailored to recruitment workflows, aiming to simplify onboarding, but it does not publish fixed timelines for approval or first drawdown. Its materials for new users emphasise the role of digital onboarding and online portals rather than manual paperwork, based on its seven essentials of invoice finance article. The specific time to complete due diligence and set up a facility varies according to customer complexity and risk checks, as suggested by the detailed requirements in its finance terms.

Kriya similarly highlights a digital first process. Its FAQs describe an application process that uses online submission of financials and invoices, with facility limits set following review of the debtor book and company information, but without committing to specific approval times, as seen in its invoice finance FAQ. External commentary such as FundInvoice’s overview of MarketInvoice and Kriya describes historically quick decisions and funding, but exact timeframes vary by case so should not be treated as guaranteed.

Ongoing funding and platform experience

Once a facility is in place, Sonovate allows clients to upload invoices and manage funding through its online platform. Its FAQs reference the ability to view funded invoices, track payments and handle adjustments from within the system based on its help centre. For agencies paying contractors weekly while invoicing clients monthly, this can help align cash inflows and outflows, as described in its contractor finance questions guide.

Kriya’s invoice finance service is also delivered via an online platform. According to its explanation of invoice finance, users can connect accounting and invoicing tools, upload invoices and request funding on a regular basis. The platform is built to integrate with broader Kriya working capital products, which may be relevant for businesses considering combining invoice finance with other facilities, as shown on its product overview.

Support and complaints handling

Sonovate provides customer support via its in app messaging, email and telephone, and sets out its complaints process in its general terms and conditions which state that complaints can be submitted within the Sonovate account or by post. Operational questions such as how to handle misdirected payments and adjusting invoices are answered in its FAQs.

Kriya details its customer support and terms of use through its terms and conditions and FAQ pages. While it does not maintain a separate public complaints page at the time of writing, the terms specify how users can contact the company, including registered office details and communication channels, and businesses can also refer to Allica Bank’s involvement in Kriya invoice finance via Allica’s partnership page for additional context on oversight and service expectations.

Who each lender suits

Sonovate

Sonovate’s literature makes clear that it is primarily designed for recruitment agencies, labour providers and consultancies that place contractors, freelancers and temporary workers. Its invoice finance and factoring offerings are configured to align with contractor payroll cycles, timesheets and multiple end clients in sectors such as IT, healthcare and professional services, as explained in its product page and agency guidance. As a result, Sonovate may suit:

• Agencies with relatively low starting turnover, given the £50,000 annual minimum turnover requirement on its eligibility section.
• Firms that want both funding and an integrated platform for timesheets, payroll and client invoicing, which Sonovate emphasises in its technology focused content.
• Businesses comfortable with a provider that focuses narrowly on recruitment and contractor markets rather than generalist SME lending.

MarketFinance contractor invoice finance via Kriya

Kriya’s invoice finance services are positioned more broadly across B2B sectors. Its materials note that invoice finance is designed for businesses that invoice other businesses on credit terms and want to bridge the gap between issuing invoices and getting paid, across industries such as manufacturing, professional services and wholesale based on its invoice finance article. External reviews like Finder’s analysis of MarketInvoice/Kriya suggest that Kriya typically focuses on businesses with higher annual turnover thresholds than the smallest micro businesses, although specifics can change and must be confirmed directly.

For contractor funding, this means Kriya may suit:

• Mid sized consultancies, agencies or professional services firms that want to fund a portion of their invoice book selectively rather than all invoices.
• Businesses that operate across multiple sectors and prefer a generalist lender whose systems and eligibility are not limited to recruitment.
• Firms interested in combining invoice finance with other working capital products from the same provider, for example B2B PayLater or loans, as shown on Kriya’s platform overview.

How to apply

Applying to Sonovate

Sonovate directs prospective clients to express interest and start onboarding via digital channels linked from its invoice finance page. Although the precise online form may evolve, its support articles and terms indicate that the application process involves:

• Confirming that the business invoices other businesses and meets the minimum turnover threshold, as listed on its eligibility section.
• Providing company details, financial information and debtor information for due diligence in line with Know Your Customer and credit checks referenced indirectly in its agreement terms.
• Reviewing and signing a finance agreement that sets facility limits, funding percentages, recourse terms and fees.
• Setting up access to the Sonovate portal and integrating any required timesheet or payroll processes, as noted in its FAQs.

Since many details, such as documentation requirements, can vary by business, prospective applicants are encouraged to contact Sonovate directly using the contact details in its legal and contact information for the most up to date instructions.

Applying to MarketFinance contractor invoice finance via Kriya

For MarketFinance’s contractor invoice finance, now within Kriya, applications typically begin either through Kriya’s website or via an intermediary such as a broker, as suggested by its for brokers page. The application journey, summarised across Kriya’s FAQs and external reviews, generally involves:

• Submitting basic company details, including legal form, trading history and target facility size, through Kriya’s digital onboarding described in its invoice finance FAQ.
• Uploading recent accounts, bank statements and a debtor ledger so Kriya can assess the strength and spread of the receivables in line with eligibility points discussed on Finder’s Kriya review.
• Receiving a tailored facility offer that sets an overall limit, advance rate and indicative fee structure, formalised through legal documentation under the framework in its terms.
• Integrating accounting or invoicing systems where relevant, then uploading or syncing invoices on an ongoing basis for funding as described in its invoice finance explanation.

Specific steps, required documents and timelines vary according to business size, sector and risk profile, so prospective users should contact Kriya directly using the contact methods detailed in its terms and conditions or work through an accredited broker.

Final verdict

Both Sonovate and MarketFinance’s contractor invoice finance solution, now part of Kriya, seek to solve the same underlying problem of slow paying B2B invoices and the strain this places on contractor and consultancy cash flow. The choice between them largely comes down to sector fit, platform features and how each facility integrates with existing processes rather than headline rate comparisons, since both price on a case by case basis.

Sonovate stands out for recruitment and contractor specialists, offering a platform that was built around timesheets, payroll alignment and multiple end clients, with eligibility criteria designed to be accessible to smaller but growing agencies according to its product information. MarketFinance’s contractor funding route through Kriya appeals more to multi sector B2B firms that want a flexible invoice finance facility within a broader working capital ecosystem, including PayLater and loans, as indicated on its main site and its invoice finance FAQ.

Ultimately, decision makers should compare detailed offers from both providers, including facility limits, advance rates, specific fee structures and contractual obligations around recourse and concentration limits, before deciding which solution best supports their cash flow strategy.

Choose Sonovate if:

• Your core activity is placing contractors, freelancers or temps and you want a funder that is built around recruitment workflows.
• You meet the minimum annual turnover requirement and prefer a provider that explicitly focuses on agencies and consultancies.
• You value integrated tools for timesheets, payroll and invoice management alongside finance.

Choose MarketFinance contractor invoice finance via Kriya if:

• You operate in a wider B2B context and want an invoice finance facility that is not limited to recruitment.
• You prefer selective or whole turnover invoice finance within a platform that also offers other working capital products.
• You are comfortable with tailored case by case pricing and want flexibility to adjust the facility as your debtor book evolves.

Sources

• Sonovate invoice finance product page
• Sonovate invoice factoring page
• Sonovate FAQs and help centre
• Sonovate terms and conditions and complaints information
• Sonovate recruitment finance agreement terms and conditions (PDF)
• Sonovate guide for recruitment agencies using finance for the first time
• Sonovate seven essentials of invoice finance article
• Sonovate nine questions to ask before financing contractors
• Kriya (formerly MarketFinance) homepage
• Kriya invoice finance for brokers product page
• Kriya invoice finance FAQ
• Kriya general FAQ
• Kriya terms and conditions
• Kriya article on what invoice finance is and how it works
• Allica Bank Kriya invoice finance overview
• Capalona profile on Kriya (formerly MarketFinance)
• Finder review of MarketInvoice/Kriya business finance
• FundInvoice independent overview of MarketInvoice/Kriya
• Funding Agent guide to invoice finance alternatives