REG - TruFin PLC TruFin PLC - Satago partnership with Sage and Lloyds

TrufinAnnouncement

09/06/2022 07:00

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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                                                        0203 743 1340

James van den Bergh, Chief Executive Officer
07779 229508

Kam Bansil, Investor Relations
 Liberum Capital Limited (Nominated Adviser and Corporate broker)  0203 100 2000

Chris Clarke

Edward Thomas

 

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
(https://gbr01.safelinks.protection.outlook.com/?url=http%3A%2F%2Fwww.trufin.com%2F&data=05%7C01%7Cannie.styler%40trufin.com%7Cbaa78452ac0a47f8945108da28fa43e7%7C67937f35ec6246869ff319b660f3fd22%7C0%7C0%7C637867352602970809%7CUnknown%7CTWFpbGZsb3d8eyJWIjoiMC4wLjAwMDAiLCJQIjoiV2luMzIiLCJBTiI6Ik1haWwiLCJXVCI6Mn0%3D%7C3000%7C%7C%7C&sdata=KlrhCWwTxueK%2BL9vIsnyHiMNFfDmDQOWUnAQeFSgNQc%3D&reserved=0)

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