Lloyds Bank signs 5-year agreement with invoice finance platform Satago

Lloyds Bank has signed a five-year commercial agreement with Satago (majority owned by TruFin) to use Satago’s software platform for its invoice finance customers. Satago’s platform offers both single invoice finance and whole-of-book finance. This platform will enhance the bank’s invoice finance services for its customers who will be able to use the platform in the fourth quarter of 2022.  This agreement is an important development not only for Lloyds Bank but also for TruFin and Satago, in which TruFin has just invested a further GBP 2m taking its shareholding to 67 per cent, and in which Lloyds Bank invested GBP 5m in March 2022 giving it a share of 20 per cent.