TruFin PLC Satago signs commercial agreement with Lloyds (1584U)
July 29 2022 - 2:00AM
UK Regulatory
TIDMTRU TIDMTRU
RNS Number : 1584U
TruFin PLC
29 July 2022
29 July 2022
TruFin plc
("TruFin" or the "Company")
Satago Financial Solutions Limited ("Satago") announces the
signing of the commercial agreement with Lloyds Bank plc ("Lloyds
Banking Group" or the "Bank").
TruFin is pleased to announce that further to the Company's
statement on 9 March 2022, Satago and Lloyds Banking Group have
entered into a five-year commercial agreement for the Bank to
license Satago's software platform for use by the Bank's Single
Invoice Finance and Whole of Book Invoice Factoring customers.
Satago's platform gives the Bank a new digitised proposition
with which to further support UK businesses. Satago will receive a
recurring fee for each Bank customer which utilises its platform,
plus one-off implementation fees. Satago expects the software
platform to be made available to the Bank's customers during Q4
2022.
This landmark contract, coupled with its growing pipeline of
commercial partners, ensures Satago is well positioned to roll out
its best-in-class platform - benefiting thousands of Single Invoice
Finance and Whole of Book Invoice Factoring customers - in the
years ahead.
Additionally, TruFin has today completed a further GBP2 million
investment in Satago, as contemplated at the time of TruFin's
recent fundraising announced on 22 March 2022. For the purposes of
this investment, the valuation of Satago is the same pre-money
valuation that Lloyds Banking Group participated at for their GBP5
million investment, as announced on 9 March 2022. Following this
transaction, TruFin holds approximately 67% of Satago.
The signing of the commercial agreement constitutes a related
party transaction under the AIM Rules for Companies (the "AIM
Rules"), by virtue of Lloyds Banking Group being a substantial
shareholder, as defined in the AIM Rules, of Satago, a subsidiary
of the Company. The directors of TruFin consider, having consulted
with the Company's nominated adviser, Liberum Capital Limited, that
the terms of the transaction are fair and reasonable insofar as
shareholders of the Company are concerned. The Company believes
that the commercial terms are in line with market norms.
The Company confirms that it continues to trade in line with
market expectations.
Sinead McHale, Chief Executive Officer of Satago, commented:
"The signing of this commercial agreement further solidifies our
position as the best-in-class provider of innovative working
capital solutions, I am immensely proud of our work to deliver a
newly constructed Invoice Finance solution for Lloyds Banking
Group.
By working collaboratively with the Bank, together we will
deliver a solution that democratises working capital solutions for
SMEs all over the UK, regardless of size or sector."
Ben Stephenson, Managing Director and Head of Specialist Client
Solutions, Lloyds Bank Commercial Banking said:
"This partnership demonstrates our commitment to helping
businesses to optimise their working capital in order to recover,
diversify, and grow. By partnering with Satago, we are enhancing
the choices and speed at which SMEs can access finance solutions
which is fundamental to our purpose of helping Britain
prosper."
James van den Bergh, Chief Executive Officer of TruFin,
commented:
"This commercial agreement with Lloyds Banking Group represents
a transformational event for Satago. Combined with the strong
pipeline of additional customers, the agreement has the scope to
deliver significant value for TruFin and its shareholders."
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 as amended by The
Market Abuse (Amendment) (EU Exit) Regulations 2019. 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 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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