3rd Aug 2018 07:00
TruFin plc("TruFin" or the "Company" or together with its subsidiaries "TruFin Group")
ZOPA FUNDRAISING
TruFin plc is pleased to announce that Zopa Limited ("Zopa"), in which TruFin currently owns c.15%, has today agreed a further round of equity capital investment, to be deployed to support the capital needs of the next generation bank it has been building. The investment of £44m will be made in tranches as Zopa's bank plans progress.
As a consequence of the transaction, TruFin's holding in Zopa will fall to c.13%. This latest fundraise implies an increase in valuation of £8m for the Company's investment in Zopa, from the £36.5m reported at 31 December 2017 to £44.5m. This £8m increase represents an increase of 8.2 pence per TruFin ordinary share.
Jaidev Janardana, Zopa CEO, commented: "We aim to be the best place for money in the UK and we believe that launching our bank is a key next step. It allows us to offer a wider choice of products and to help our customers make smarter choices with their money. We are excited to see this investment round take us closer to our goal."
For further information, please contact:
TruFin plc | |
Henry Kenner, Chief Executive Officer | 0203 743 1340 |
James van den Bergh, Deputy Chief Executive Officer | |
Macquarie Capital (Europe) Limited (NOMAD and broker) | |
Alex Reynolds Nicholas Harland | 0203 037 2000 |
Blue Pool Communications (PR) | |
Nicholas Lord | 07501 271 083 |
About TruFin plc:
TruFin plc is the holding company for an operating group of companies that are niche lenders and early payment providers. TruFin Group combines the benefits of both the traditional relationship banking model and developments in the fintech sector. 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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Trufin Plc