LONDON (ShareCast) - (Sharecast News) - British niche lender and early payment provider TruFin has completed the build of its savings business in anticipation of a successful UK bank licence application via its Distribution Finance Capital unit.
DFC will be equipped to take deposits once it obtains a bank licence, leading it to up its investment into brand marketing ahead of deposit-taking.

TruFin also revealed that DFC was in dialogue with the Prudential Regulation Authority and the Financial Conduct Authority and remains confident the licence will be granted early in the first quarter of 2019.

The AIM-listed group expects to launch DFC as a "fully-fledged specialist working capital bank for SMEs", building on the considerable momentum already generated in the market since it began lending in 2017.

TruFin's combined loans and advances surpassed £100m in November.

As of 0900 GMT, TruFin shares were untraded on 202p.

Email this article to a friend

or share it with one of these popular networks:

• DIGG
• FACEBOOK
• STUMBLEUPON
• MIXX
• YAHOO BUZZ
• DELICIOUS
• REDDIT
• NEWSVINE