Satago Financial Solutions Limited (“Satago”) announces commercial pilot with Lloyds Bank plc (“Lloyds Bank” or the “Bank”)
TruFin is pleased to announce that Satago has entered into a commercial pilot with Lloyds Bank, whereby the Bank will license Satago’s software platform for its customers seeking single invoice finance solutions.
The commercial pilot is anticipated to run for up to six months and, if successful, is expected to lead to a five-year commercial agreement.
Satago, as previously announced, is launching its lending as a service (“LaaS”) product and this partnership with such an established market participant highlights the value that Satago can offer to strategic partners and SMEs in the UK.
As part of the commercial pilot and any subsequent commercial agreement, Lloyds Bank will be extending financing to its customer base utilising Satago’s digital cashflow management and invoice financing platform. Satago will be paid a recurring fee for each customer of the Bank that utilises Satago’s platform. Should the pilot develop into a five-year commercial agreement with Lloyds Bank, this is expected to have a materially positive impact on the financial expectations of Satago and, as a result, the Company.
Sinead McHale, CEO of Satago, said “We’re incredibly excited to launch this initiative. Lloyds’ brand and reach, combined with our technology and speed of execution, is a great example of how established banks and innovative Fintech companies can work together to deliver better outcomes for SMEs.”
James van den Bergh, CEO of TruFin, said: “A key part of TruFin’s strategy is to grow through partnerships and this agreement is another fantastic milestone for the Group, and in particular for Satago. I would like to congratulate Sinead and her team for securing this contract in the midst of the global pandemic and I would like to thank the Bank’s employees for their drive, innovation and resourcefulness.”
Ben Stephenson, MD and Head of Invoice Finance & ABL at Lloyds Bank, said: “I am delighted to partner with Satago in order to rapidly launch a best-in-class digital working capital solution for our clients. The proposition will help deliver critical funding and digital tools to small businesses in the UK to help them navigate the challenging external environment.”
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 Annie Styler.
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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