TruFin PLC Statement re Satago (2851I)
11 December 2020 - 6:00PM
UK Regulatory
TIDMTRU TIDMTRU
RNS Number : 2851I
TruFin PLC
11 December 2020
11 December 2020
TruFin plc
("TruFin" or the "Company")
Satago Financial Solutions Limited ("Satago") announces
commercial pilot with Lloyds Bank plc ("Lloyds Bank" or the
"Bank")
TruFin is pleased to announce that Satago has entered into a
commercial pilot with Lloyds Bank, whereby the Bank will license
Satago's software platform for its customers seeking single invoice
finance solutions.
The commercial pilot is anticipated to run for up to six months
and, if successful, is expected to lead to a five-year commercial
agreement.
Satago, as previously announced, is launching its lending as a
service ("LaaS") product and this partnership with such an
established market participant highlights the value that Satago can
offer to strategic partners and SMEs in the UK.
As part of the commercial pilot and any subsequent commercial
agreement, Lloyds Bank will be extending financing to its customer
base utilising Satago's digital cashflow management and invoice
financing platform. Satago will be paid a recurring fee for each
customer of the Bank that utilises Satago's platform. Should the
pilot develop into a five-year commercial agreement with Lloyds
Bank, this is expected to have a materially positive impact on the
financial expectations of Satago and, as a result, the Company.
Sinead McHale, CEO of Satago, said "We're incredibly excited to
launch this initiative. Lloyds' brand and reach, combined with our
technology and speed of execution, is a great example of how
established banks and innovative Fintech companies can work
together to deliver better outcomes for SMEs."
James van den Bergh, CEO of TruFin, said: "A key part of
TruFin's strategy is to grow through partnerships and this
agreement is another fantastic milestone for the Group, and in
particular for Satago. I would like to congratulate Sinead and her
team for securing this contract in the midst of the global pandemic
and I would like to thank the Bank's employees for their drive,
innovation and resourcefulness."
Ben Stephenson, MD and Head of Invoice Finance & ABL at
Lloyds Bank, said: "I am delighted to partner with Satago in order
to rapidly launch a best-in-class digital working capital solution
for our clients. The proposition will help deliver critical funding
and digital tools to small businesses in the UK to help them
navigate the challenging external environment."
The information contained within this Announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulation (EU) No.596/2014. By the publication of
this Announcement via a Regulatory Information Service, this inside
information is now considered to be in the public domain. The
person responsible for arranging for the release of this
Announcement on behalf of the Company is Annie Styler.
For further information, please contact:
TruFin plc
James van den Bergh, Chief Executive Officer 0203 743 1340
Kam Bansil, Investor Relations 07779 229508
Liberum Capital Limited (Nominated Adviser and
Corporate broker)
Chris Clarke
Edward Thomas
Louis Davies 0203 100 2000
About TruFin plc:
TruFin plc is the holding company for an operating group of
companies that are niche lenders and early payment providers.
TruFin Group combines the benefits of both the traditional
relationship banking model and developments in the fintech sector.
The Company was admitted to AIM in February 2018 and trades under
the ticker symbol: TRU. More information is available on the
Company website www.TruFin.com
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
STREAKAEFFFEFFA
(END) Dow Jones Newswires
December 11, 2020 02:00 ET (07:00 GMT)
Trufin (LSE:TRU)
Historical Stock Chart
From Mar 2024 to Apr 2024
Trufin (LSE:TRU)
Historical Stock Chart
From Apr 2023 to Apr 2024