TruFin PLC Zopa Fundraising (7065W)
August 03 2018 - 2:00AM
UK Regulatory
TIDMTRU
RNS Number : 7065W
TruFin PLC
03 August 2018
TruFin plc
("TruFin" or the "Company" or together with its subsidiaries
"TruFin Group")
ZOPA FUNDRAISING
TruFin plc is pleased to announce that Zopa Limited ("Zopa"), in
which TruFin currently owns c.15%, has today agreed a further round
of equity capital investment, to be deployed to support the capital
needs of the next generation bank it has been building. The
investment of GBP44m will be made in tranches as Zopa's bank plans
progress.
As a consequence of the transaction, TruFin's holding in Zopa
will fall to c.13%. This latest fundraise implies an increase in
valuation of GBP8m for the Company's investment in Zopa, from the
GBP36.5m reported at 31 December 2017 to GBP44.5m. This GBP8m
increase represents an increase of 8.2 pence per TruFin ordinary
share.
Jaidev Janardana, Zopa CEO, commented: "We aim to be the best
place for money in the UK and we believe that launching our bank is
a key next step. It allows us to offer a wider choice of products
and to help our customers make smarter choices with their money. We
are excited to see this investment round take us closer to our
goal."
For further information, please contact:
TruFin plc
Henry Kenner, Chief Executive Officer 0203 743 1340
James van den Bergh, Deputy Chief Executive Officer
Macquarie Capital (Europe) Limited (NOMAD and broker)
Alex Reynolds
Nicholas Harland 0203 037 2000
Blue Pool Communications (PR)
07501 271
Nicholas Lord 083
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
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END
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