TruFin PLC Satago – Update re Lloyds Commercial Agreement
July 16 2024 - 2:00AM
RNS Regulatory News
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
James van den Bergh, Chief Executive Officer
Kam Bansil, Investor Relations
|
0203 743 1340
07779 229508
|
Panmure Liberum Limited (Nominated Adviser and
Corporate broker)
Chris Clarke
Edward Thomas
|
0203 100 2000
|
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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END
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