Business
Satago signs commercial agreement with Lloyds
Satago signs commercial agreement with Lloyds.
About this update from Trufin Plc
[{"type":"text","content":"\n \n \n 29 July 2022\n \n \n \n TruFin plc\n \n \n \n (\"TruFin\" or the \"Company\")\n \n \n \n \n \n \n \n \n \n \n \n \n Satago Financial Solutions Limited (\"Satago\") announces the signing of the commercial agreement with Lloyds Bank plc (\"Lloyds Banking Group\" or the \"Bank\").\n \n \n \n \n \n \n \n \n TruFin is pleased to announce that further to the Company's statement on 9 March 2022, Satago and Lloyds Banking Group have entered into a five-year commercial agreement for the Bank to license Satago's software platform for use by the Bank's Single Invoice Finance and Whole of Book Invoice Factoring customers. \n \n \n Satago's platform gives the Bank a new digitised proposition with which to further support UK businesses. Satago will receive a recurring fee for each Bank customer which utilises its platform, plus one-off implementation fees. Satago expects the software platform to be made available to the Bank's customers during Q4 2022.\n \n \n This landmark contract, coupled with its growing pipeline of commercial partners, ensures Satago is well positioned to roll out its best-in-class platform - benefiting thousands of Single Invoice Finance and Whole of Book Invoice Factoring customers - in the years ahead.\n \n \n Additionally, TruFin has today completed a further £2 million investment in Satago, as contemplated at the time of TruFin's recent fundraising announced on 22 March 2022. For the purposes of this investment, the valuation of Satago is the same pre-money valuation that Lloyds Banking Group participated at for their £5 million investment, as announced on 9 March 2022. Following this transaction, TruFin holds approximately 67% of Satago.\n \n \n The signing of the commercial agreement constitutes a related party transaction under the AIM Rules for Companies (the \"AIM Rules\"), by virtue of Lloyds Banking Group being a substantial shareholder, as defined in the AIM Rules, of Satago, a subsidiary of the Company. The directors of TruFin consider, having consulted with the Company's nominated adviser, Liberum Capital Limited, that the terms of the transaction are fair and reasonable insofar as shareholders of the Company are concerned. The Company believes that the commercial terms are in line with market norms.\n \n \n The Company confirms that it continues to trade in li...