Commenting on TruFin’s 2021 results, CEO James van den Bergh said “2021 was a transitional year for the TruFin Group. We repositioned our business to one which now receives 87% of its revenue from recurring software and licencing fees and we have significantly enhanced the Group's prospects by building new and consolidating existing partnerships”.
TruFin (TRU ) is the holding company of an operating group comprising four growth-focused technology businesses. One of those is Satago, a provider of working capital finance and technology solutions to SMEs.
On March 9th, Satago announced its had been selected by Lloyds Bank plc (the UK’s biggest retail bank) as the platform of choice to support the provision of invoice factoring solutions to Lloyds Bank customers. In addition, Lloyds Banking Group also made a strategic investment of £5m in Satago.
This landmark deal is expected to have material positive impact on Satago’s revenues to the point where it will be transformational for TruFin as a whole. There are still 3 other businesses under TruFin’s umbrella that are also improving.
Playstack, a publishing and financing service to the mobile game and console sector, successfully launched their first major title, resulting in the console portfolio being extended by three new titles for release in 2022, with a strong pipeline of further titles for 2023 and beyond. The existing back catalogue in mobile and console, combined with these secured releases and Interact's launch (ad-tech software) ensures a balanced mix of revenue streams going forward for this exciting gaming technology business.
Another business, Oxygen, a leading provider of early payment systems to the public and private sector both in the UK and internationally, achieved revenue growth in the year, and strong cost management resulted in positive EBITDA generation for each quarter of 2021, ensuring Oxygen delivered its first full year of EBITDA profit.
Vertus, a provider of bespoke business loans to enable succession between independently minded financial advice firms in the UK, managed a robust credit performance and a first full year of profitability.
Worth noting is that two of the four businesses are profitable, and having just raised £10m on March 23rd, the company stated this new revenue would fund Satago and Playstack to profitability.
CEO James van den Bergh says, “We saw Group revenue fall as we focused on shifting to these new sources of predictable revenue, in doing so laying the building blocks for sustainable growth in 2022 and beyond. We look forward to the current year with optimism and believe we are well positioned for the future."
TruFin’s Full Year Results can be read HERE.
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