TruFin shares soar as division enters pilot with Lloyds Bank
By Josh White
Date: Friday 11 Dec 2020
(Sharecast News) - TruFin announced on Friday that its Satago business has entered into a commercial pilot with Lloyds Bank, whereby Lloyds would licence Satago's software platform for its customers seeking single invoice finance solutions.
The AIM-traded firm said the commercial pilot was expected to run for up to six months and, if successful, was anticipated to lead to a five-year commercial agreement.
As part of the commercial pilot and any subsequent commercial agreement, Lloyds Bank would be extending financing to its customer base using Satago's digital cash flow management and invoice financing platform.
Satago would be paid a recurring fee for each customer of the bank that used Satago's platform.
Should the pilot develop into a five-year commercial agreement, it was expected to have a "materially positive" impact on the financial expectations of Satago and, as a result, TruFin.
"A key part of TruFin's strategy is to grow through partnerships and this agreement is another fantastic milestone for the group, and in particular for Satago," said chief executive officer James van den Bergh.
At 1140 GMT, shares in TruFin were up 37.78% at 62p.
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