Satago wins contract with UK Specialist Lender

TruFin is pleased to announce that its subsidiary, Satago, a leading provider of invoice financing and Lending as a Service ("Laas") software solutions, has entered into a contract with a Specialist Lender to provide its customers with invoice financing via Satago's proprietary lending technology.

Following the successful completion of an exploratory phase of work, Satago will now provide technological and operational capability in order for the Specialist Lender to make available additional lending products to both its existing and prospective customer base. Under the terms of the contract, the Specialist Lender will pay Satago a platform and servicing fee per customer, subject to a minimum monthly fee.

Satago is expecting to onboard the first customers from the Specialist Lender during 2024.

Sinead McHale, Chief Executive Officer, Satago, commented:

"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."