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Today, TruFin (TRU ) said its accounting software subsidiary Satago Financial Solutions has broadened its relationship with Lloyds Bank and extended its commercial pilot into next year.

As part of the continued partnership, additional functionality within Satago is now being evaluated by Lloyds Bank as part of a broader remit within the commercial banking offering.

The Group announced that Satago has also completed its integration with Business Finance Assistant, Llyod’s proprietary accounting software solution for business banking customers.

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 will continue into early 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.

The Company’s launch of Mortal Shell at Playstack Ltd (“Playstack”) on the ‘Steam Platform’ occurred earlier this year in August 2021 with negotiations to extend the franchise ongoing. 

TruFin said the pipeline of console IP ‘remains strong’ and Playstack is well positioned to capitalise on recent successes with more console signings expected in the next few months.

Meanwhile, the beta launch of the brand technology platform ‘Interact’ occurred in late November 2021 and a formal launch is expected to occur in 1Q22, TruFin told investors.

TruFin’s Vertus Capital has maintained its record of no credit losses since its inception and, despite two early loan repayments, is still targeting a loan book of £22m by the end of 1Q22 (from £12m as at 31 December 2020) and has a three-year loan book target of £50m. 

The Group said Vertus will be investing in technology-enabled lending solutions during 2022 to satisfy the growing pipeline and has recorded its first month of profitability during 4Q21.

Whilst two of TruFin’s subsidiaries have recorded their first profitable months during 2021, the Group acknowledged that the broadening and extension of Satago’s commercial trial will result in the financial benefits of a successful commercial outcome being pushed back.

However, TruFin added that the extended scope of the initiative ‘has enlarged the opportunity set for Satago and this, coupled with Satago’s increasing pipeline of strategic partners, gives the Board of TruFin confidence in the significant value creation opportunity at Satago.’

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