TruFin PLC Oxygen Finance secures six Early Payment contracts
26 Aprile 2023 - 8:00AM
RNS Non-Regulatory
TIDMTRU
TruFin PLC
26 April 2023
26 April 2023
RNS Reach
TruFin plc
("TruFin")
Oxygen Finance rounds off quarter with six Early Payment client
wins - adding GBP2.7bn of Procurement Spend
TruFin is pleased to announce that its subsidiary Oxygen Finance
("Oxygen"), the leading early payments programme provider
headquartered in Birmingham, has secured Early Payment contracts
with a further six local authorities during Q1 2023, adding to its
growing list of Early Payment clients which now totals 54 public
sector clients.
Collectively these six local authorities represent almost GBP3bn
of procurement spend, bringing the total spend across Oxygen's
early payment clients to more than GBP24bn per annum.
Faster supplier payment improves cash flow and boosts growth by
injecting liquidity into local economies. Oxygen's programmes also
support their local authority clients through improved efficiency
and savings that protect vital frontline services. The company now
routinely enables early payment to over 13,000 suppliers, with the
average time to pay just nine days.
The six newly signed local authorities are Cumberland Council,
Derbyshire County Council, Leicestershire County Council, London
Borough of Camden, Peterborough City Council and Westmorland and
Furness Council.
Ben Jackson, Chief Executive Officer, Oxygen, said: "Supply
chain disruption leads to reduced working capital for suppliers
which, coupled with rising interest rates, makes Early Payment
Programmes more relevant than ever. It's fantastic to see more
local authorities realising the benefits of early payment and
delivering on their social value ambitions whilst achieving savings
to protect services. We're excited to be working in partnership
with each of these new clients".
About Oxygen Finance
Financial Technology Delivering Social Value. Oxygen Finance
helps businesses thrive and public sector organisations deliver
economic and social benefit to our world. Through progressive
payment practices, big data and expertise, Oxygen allows public
sector and private organisations to trade more effectively.
Payments become frictionless, data becomes information - driving
growth and efficiency and resulting in better social and economic
outcomes.
https://www.oxygen-finance.com/
For further information, please
contact:
TruFin plc
James van den Bergh, Chief Executive
Officer Kam Bansil, Investor
Relations 0203 743 1340
07779 229508
TruFin plc is the holding company of an operating group
comprising four growth-focused technology businesses operating in
niche markets: early payment provision, invoice finance, IFA
finance and mobile games publishing. 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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