RCS - TruFin PLC - Oxygen Finance secures six Early Payment contracts

TrufinAnnouncement

26/04/2023 07:00

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RNS Number : 4465X  TruFin PLC  26 April 2023

26 April 2023

RNS Reach

TruFin plc

("TruFin")

Oxygen Finance rounds off quarter with six Early Payment client wins - adding
£2.7bn of Procurement Spend

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 a further six local authorities during Q1
2023, adding to its growing list of Early Payment clients which now totals 54
public sector clients.

Collectively these six local authorities represent almost £3bn of procurement
spend, bringing the total spend across Oxygen's early payment clients to more
than £24bn per annum.

Faster supplier payment improves cash flow and boosts growth by injecting
liquidity into local economies. Oxygen's programmes also support their local
authority clients through improved efficiency and savings that protect vital
frontline services. The company now routinely enables early payment to over
13,000 suppliers, with the average time to pay just nine days.

The six newly signed local authorities are Cumberland Council, Derbyshire
County Council, Leicestershire County Council, London Borough of Camden,
Peterborough City Council and Westmorland and Furness Council.

Ben Jackson, Chief Executive Officer, Oxygen, said: "Supply chain disruption
leads to reduced working capital for suppliers which, coupled with rising
interest rates, makes Early Payment Programmes more relevant than ever. It's
fantastic to see more local authorities realising the benefits of early
payment and delivering on their social value ambitions whilst achieving
savings to protect services. We're excited to be working in partnership with
each of these new clients".

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/
(https://www.oxygen-finance.com/?utm_source=carbon-pr-outreach-april-22&utm_medium=carbon-pr-outreach-april-22&utm_campaign=carbon-pr-outreach-april-22&utm_id=carbon-pr-outreach-april-22&utm_term=carbon-pr-outreach-april-22&utm_content=carbon-pr-outreach-april-22)
 

 

 

 For further information, please contact:

 TruFin plc
 James van den Bergh, Chief Executive Officer Kam Bansil, Investor Relations

                                                                                0203 743 1340

                                                                                07779 229508

 

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 (http://www.trufin.com/) .

 

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