By Sabela Ojea

 

TruFin PLC said Friday that its subsidiary Satago Financial Solutions Ltd. has entered into a commercial pilot with Lloyds Banking Group PLC to license Satago's software platform to provide the bank's customers with single invoice finance solutions.

The U.K. holding company--which operates companies that are niche lenders and early-payment providers--said the commercial pilot is expected to run for up to six months. If successful, the pilot would turn into a five-year commercial agreement.

"Should the pilot develop into a five-year commercial agreement with Lloyds Bank, this is expected to have a materially positive impact on the financial expectations of Satago and, as a result, the company," TruFin added.

 

Write to Sabela Ojea at sabela.ojea@wsj.com; @sabelaojeaguix

 

(END) Dow Jones Newswires

December 11, 2020 02:59 ET (07:59 GMT)

Copyright (c) 2020 Dow Jones & Company, Inc.
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