REG - TruFin PLC TruFin PLC - Satago – Update re Lloyds Commercial Agreement

TrufinAnnouncement

16/07/2024 07:15

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RNS Number : 5594W  TruFin PLC  16 July 2024

16 July 2024

 

TruFin plc

("TruFin" or the "Group")

Satago - Update re Lloyds Commercial Agreement

 

 

Satago Financial Solutions Limited ("Satago") announces that Lloyds Bank plc
("Lloyds Banking Group" or the "Bank") has given notice to terminate its
5-year commercial agreement with Satago, which commenced in July 2022, to
license its software platform for use by the Bank's Single Invoice Finance and
Whole of Book Invoice Factoring customers.

Following an internal review, the Bank has decided to no longer prioritise the
Satago platform and exercise its right to terminate the contract. Satago will
continue to service, support and meet the needs of those businesses which are
currently using the platform as required. Ben Stephenson, the Bank's
representative on the Board of Satago, will step down with immediate effect.

The Board of TruFin believes that this decision is not a reflection of the
quality or robustness of the Satago platform. It continues to believe in
Satago's ability to generate significant value through its Lending as a
Service Embedded Finance strategy, underscored by its ongoing successful
partnerships with Sage and the Bank of Ireland, and its continued progression
of a significant pipeline of other Tier-1 Banks and specialist lenders.

Based on the recent and continued strong performance of Playstack, which is
trading ahead of expectations, the Board of TruFin confirms that the Group as
a whole is trading in line with market expectations and remains on track to
achieve EBITDA profitability in 2024. The Group also remains fully funded to
profitability.

 

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
 Panmure Liberum Limited (Nominated Adviser and Corporate broker)  0203 100 2000

Chris Clarke

Edward Thomas

 

TruFin plc is the holding company of an operating group comprising three
growth-focused technology businesses operating 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.

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