TruFin PLC Strategy/Company/Ops Update (8293I)
November 29 2018 - 2:01AM
UK Regulatory
TIDMTRU TIDMTRU
RNS Number : 8293I
TruFin PLC
29 November 2018
29 November 2018
TruFin plc
("TruFin" or the "Company" or together with its subsidiaries
"TruFin Group")
Progress Update
In our Interim Report, published in September 2018, we informed
shareholders that we would continue to update the market about
DFC's progress towards a bank licence.
In anticipation of a successful bank licence application, DFC
has completed the build of its savings business, allowing it to
take deposits once it obtains a bank licence, and is investing in
brand marketing in anticipation of deposit taking.
DFC is in dialogue with the PRA/FCA and the board is confident
that the licence will be granted early in the first quarter of 2019
with DFC launching as a fully-fledged specialist working capital
bank for SMEs, building on the considerable momentum already
generated in the market since it began lending in 2017.
The TruFin Group's combined loans and advances outstanding
surpassed the GBP100m milestone in November. DFC continues to win
manufacturer relationships in its core market sectors. It now has
40 signed programmes live with a further 14 ready to launch in the
first quarter of 2019. This number is ahead of schedule and
underlines the confidence that we have in DFC's ability to execute
on its business plan and scale meaningfully post bank licence,
delivering significant growth in 2019.
For further information, please contact:
TruFin plc
Henry Kenner, Chief Executive Officer
James van den Bergh, Deputy Chief Executive Officer 0203 743 1340
Macquarie Capital (Europe) Limited (NOMAD and joint
broker)
Alex Reynolds
Nicholas Harland 0203 037 2000
Liberum Capital Limited (Joint broker)
Chris Clarke
Trystan Cullen
Louis Davies 0203 100 2000
Blue Pool Communications (PR)
Nicholas Lord 07501 271 083
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 Jason Rogers.
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.
END
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