Posted on February 13, 2018 by staff

FinTech group TruFin raises £70m in float


A FinTech and banking group has raised £70m in capital after floating on the AIM market of the London Stock Exchange.

TruFin Plc has offices in London and Birmingham and currently operates under three separate businesses: Distribution Finance Capital (DFC), Satago and Oxygen Finance.

DFC is a short-term lender with a focus on financing supply chains in the UK and Oxygen Finance is a niche technology and professional services platform that allows public and private sector clients to make early payments to their suppliers.

Satago offers a technically-advanced invoice finance system through its platform, which is designed to help businesses manage their cashflow.

TruFin also owns a 15 per cent stake in technology-led peer-to-peer lender Zopa. The platform was launched in 2005 and has since originated over £2.6bn of unsecured loans, connecting more than 320,000 customers to 70,000 investors.

“Listing on AIM will allow us to provide further capital to our subsidiaries and scale faster, and take advantage of any developments in the current financial services market,” said chief executive Henry Kenner.

“The highly experienced management team at TruFin and our group companies, are passionate about the opportunities to grow our niche lending businesses. Many borrowers are neglected by banks and still face expensive funding and capital.

“We intend to deliver value by taking advantage of current market disruptions and new financial technologies, while keeping a focus on the distribution of niche lending products.”

TruFin was formerly part of alternative asset manager Arrowgrass and is led by chairman and chief executive Henry Kenner, who has over 30 years of investment banking and capital markets experience.

Kenner co-founded Arrowgrass Capital Partners in 2008 and was CEO there until late 2017. Prior to that, he served as a managing director at Deutsche Bank.