Trufin Plc Regulatory News (TRU)

26 April 2023

RNS Reach

TruFin plc

("TruFin")

Oxygen Finance rounds off quarter with six Early Payment client wins - adding £2.7bn 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 £3bn of procurement spend, bringing the total spend across Oxygen's early payment clients to more than £24bn 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/  

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.