TRU Trufin Plc

20 May 2024

RNS Reach

TruFin plc

("TruFin")

Oxygen Finance wins Kent County Council, England's largest local authority, and
Central Bedfordshire Council as early payment clients

TruFin is pleased to announce that its subsidiary Oxygen Finance ("Oxygen"), the leading early payments programme provider headquartered in Birmingham, has secured early payment contracts with Kent County Council and Central Bedfordshire Council, taking its growing list of early payment public sector clients to 59. 

Kent County Council is England's largest local authority by population and has an annual procurement spend of £1.5bn, while Central Bedfordshire spends £420m a year.

The wins continue a successful run, with Oxygen ending 2023 signing new contracts with Cheshire West and Chester Council and Herefordshire Council. Oxygen has also renewed contracts with Aberdeenshire Council, Sheffield City Council, Wakefield Council and Warrington Borough Council. 

Early payment boosts cash flow for suppliers, supporting regional economies by fuelling growth and job creation. Oxygen's programmes improve efficiency and provide vital savings for clients, helping to protect crucial frontline services. More than 20,000 suppliers now benefit from Oxygen's early payment programmes.

Councillor Peter Oakford, Cabinet Member for Finance, Corporate & Traded Services & Deputy Leader at Kent County Council, at Kent County Council, said:

"We value our suppliers, and we recognise how important cashflow is to businesses. This programme will accelerate invoice payments to suppliers, driving growth across our region, and generate savings for the Council.  We look forward to launching this project with the team at Oxygen Finance and providing much-needed support to suppliers." 

Ben Jackson, Chief Executive Officer, Oxygen, said:

"As public bodies strive to make savings, our early payment programmes offer a valuable means to reduce costs and protect services, whilst providing much-needed cash flow for suppliers who face high interest rates and reduced borrowing. We look forward to working in partnership with our new clients and continuing to provide additional revenue for our existing local authorities."

About Oxygen Finance 

Financial Technology Delivering Social Value. Oxygen Finance helps businesses thrive and public sector organisations deliver economic and social benefit to our world. Through progressive payment practices, big data and expertise, Oxygen allows public sector and private organisations to trade more effectively. Payments become frictionless, data becomes information - driving growth and efficiency and resulting in better social and economic outcomes.  

https://www.oxygen-finance.com/  

TruFin plc is the holding company of an operating group comprising three growth-focused technology businesses in niche markets: early payment provision, invoice 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.