TruFin (TRU ) has appointed Mr Anders Wilhelmsen, a representative of the private investment firm Watrium AS (“Watrium”), as a Non-Executive Director of the Group.
Mr Wilhelmsen, a financial professional, is appointed as a representative of Watrium pursuant to a relationship agreement which has been entered into between the company and Watrium.
He previously held a position at Morgan Stanley, and currently serves as Chief Investment Officer and Chairman of Watrium, Director at Sensio, and Shadow Director at HitecVision AS.
Trufin, an operating company which is focused on growing fintech and banking businesses through lending, technological and service solutions, said the purpose of the agreement is to ensure that the Company is capable of carrying on its business independently ‘at all times.’
Under the terms of the agreement, Watrium is entitled to appoint one Non-Executive Director for as long as they retain an aggregate interest equal to or greater than 15% in the issued ordinary share capital of the Company. Watrium currently holds an interest of 21.02%.
Commenting on this latest appointment, Independent Non-Executive Chairman of TruFin, Steve Baldwin, told investors: “We are delighted to welcome Anders to the Board. As a long-standing and very supportive shareholder, Watrium has significant experience and knowledge of the Group’s businesses. Anders brings considerable expertise in designing and implementing growth strategies which will greatly benefit the Group going forward.”
In December 2021, Trufin’s accounting software subsidiary Satago Financial Solutions broadened its relationship with Lloyds Bank, extending its commercial pilot into 2022.
As part of the continued partnership, additional functionality within Satago was evaluated by Lloyds Bank as part of a broader remit within the commercial banking offering, it explained.
This integration is expected to broaden the digitised functionality offered to Lloyd Bank’s business banking customers as well as to provide seamless access to working capital. As a result of the extended scope of the initiative, the commercial pilot has continued into 2022.
In a trading update, TruFin noted that the gross revenue of Oxygen Finance Group Limited (together with its subsidiaries, Oxygen Finance Limited, Oxygen Finance Americas Inc. and Porge Limited) in 2H21 is expected to grow in excess of 30% over the same period in 2020.
Oxygen’s client base is expected to exceed 120 unique clients by year end, up from 92 in 2020. As a result of its performance, Oxygen posted its first cash flow positive month in 4Q.
TruFin said Oxygen expects to deliver revenue growth in excess of 20% per annum over the coming years, which, given the operational gearing in the business, ‘should translate to increasing profits.’ Looking ahead, TruFin said Oxygen is fully funded for this organic growth.
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