Trufin subsidiary wins contract with UK specialist lender

18th Jul 2024 10:15

(Sharecast News) - Fintech business Trufin revealed on Thursday that its Satago subsidiary had won a contract with a UK-based specialist lender to provide customers with invoice financing via its proprietary lending technology.

Trufin stated that following the successful completion of an exploratory phase of work, Satago will now provide technological and operational capability in order for the unnamed client to make available additional lending products to both its existing and prospective customer base.

Under the terms of the contract, the customer will pay Satago a platform and servicing fee per customer, subject to a minimum monthly fee. The AIM-listed group expects to onboard the first customers during 2024.

Chief executive Sinead McHale said: "We are delighted to win this contract. Making invoice finance accessible to all businesses, regardless of their size, is one of our key strategic objectives. Our innovative solution allows 'Greenfield' lenders and Banks to quickly and efficiently introduce a new lending product to their existing offerings in a matter of weeks. Not only are Satago delivering a digitally driven solution but we are also offering an alternative origination source via our embedded finance platform - which is unique to the market."

As of 1015 BST, Trufin shares were up 2.60% at 51.30p.

Reporting by Iain Gilbert at Sharecast.com