11th Dec 2020 10:42
(Alliance News) - TruFin PLC on Friday said its accounting software subsidiary Satago Financial Solutions Ltd has entered into a commercial pilot with Lloyds Banking Group PLC to license its invoice financing software platform.
The London-based lending and technology company that works with banking businesses said it anticipates the commercial pilot to run for up to six months and could lead to a five-year commercial agreement if it is successful.
Shares in TruFin were up 33% at 60.00 pence in London on Friday, having peaked at 89.85p.
Lloyds said it will be extending financing to its customers by using Satago's invoice financing platform. Satago will be paid a recurring fee for each Lloyds customer that utilises the platform.
Santago Chief Executive Sinead McHale said: "Lloyds' brand and reach, combined with our technology and speed of execution, is a great example of how established banks and innovative Fintech companies can work together to deliver better outcomes for SMEs."
By Zoe Wickens; [email protected]
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