TruFin PLC Satago partnership with Sage and Lloyds (2134O)
June 09 2022 - 2:00AM
UK Regulatory
TIDMTRU TIDMTRU
RNS Number : 2134O
TruFin PLC
09 June 2022
09 June 2022
TruFin plc
("TruFin" or the "Company")
Satago Financial Solutions Limited ("Satago") announces the
signing of a Letter of Intent ("LOI") with Sage Group plc ("Sage")
and Lloyds Banking Group plc ("Lloyds Bank" or "Lloyds")
TruFin is pleased to announce that its subsidiary, Satago, a
leading provider of invoice financing and Lending as a Service
software solutions, has signed a LOI to enter into a three-way
partnership with Sage and Lloyds Bank.
The partnership will formalise plans to create an embedded
finance solution within Sage, the leader in accounting, financial,
HR and payroll technology for small and medium-sized businesses
("SMBs"), and aims to help these businesses better manage cash flow
as the need arises. Powered by Satago, Sage customers will be able
to access instant financing from Lloyds, based on invoices due,
regardless of payment terms.
Satago, Sage and Lloyds have signed a LOI with the final terms
of the partnership subject to commercial negotiation. Planned for
roll out initially in the UK, Sage and Satago intend to
subsequently deliver the solution globally, working with local
Banks in respective countries.
Sinead McHale, Chief Executive Officer, Satago, commented:
"More than ever before, it is important that we endeavour to
support those SMBs which continue to struggle with late payments
and supply chain disruption. Having previously launched the UK's
first digital end-to-end Single Invoice Finance with Lloyds Bank in
December 2020, we are proud to extend this partnership to power the
first full-cash, management-embedded finance solution for Sage
customers working with two of the most trusted brands in the
UK."
Neal Watkins, EVP Product, Sage, said:
"Small businesses are an integral part of the UK business
landscape. We are excited to partner with Lloyds Bank and Satago to
provide our customers with end-to-end cash flow management - from
understanding their current financial position, to forecasting
future scenarios with Futrli by Sage, and then onto solving
financial needs as they arise through our new partnership with
Lloyds and Satago. In the current climate, providing these new and
innovative ways to understand and then unlock cash flow is more
important than ever for the nation's SMBs - supporting our
customers to thrive."
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 0203 100 2000
TruFin plc is the holding company of an operating group
comprising four growth-focused technology businesses operating in
niche markets: early payment provision, invoice finance, IFA
finance and mobile games publishing. 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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