REG - TruFin PLC TruFin PLC - Satago signs commercial agreement with Lloyds

TrufinAnnouncement

29/07/2022 07:01

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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 £2 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 £5 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                                                        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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