The partnership will formalise plans to create an embedded finance solution within Sage, and aims to help these businesses better manage cash flow as the need arises
Lloyds Banking Group headquarters. (Credit: Carcharoth/Wikipedia)
Satago Financial Solutions Limited (“Satago”) announces the signing of a Letter of Intent (“LOI”) with Sage Group plc (“Sage”) and Lloyds Banking Group plc (“Lloyds Bank” or “Lloyds”)
TruFin is pleased to announce that its subsidiary, Satago, a leading provider of invoice financing and Lending as a Service software solutions, has signed a LOI to enter into a three-way partnership with Sage and Lloyds Bank.
The partnership will formalise plans to create an embedded finance solution within Sage, the leader in accounting, financial, HR and payroll technology for small and medium-sized businesses (“SMBs”), and aims to help these businesses better manage cash flow as the need arises. Powered by Satago, Sage customers will be able to access instant financing from Lloyds, based on invoices due, regardless of payment terms.
Satago, Sage and Lloyds have signed a LOI with the final terms of the partnership subject to commercial negotiation. Planned for roll out initially in the UK, Sage and Satago intend to subsequently deliver the solution globally, working with local Banks in respective countries.
Sinead McHale, Chief Executive Officer, Satago, commented:
“More than ever before, it is important that we endeavour to support those SMBs which continue to struggle with late payments and supply chain disruption. Having previously launched the UK’s first digital end-to-end Single Invoice Finance with Lloyds Bank in December 2020, we are proud to extend this partnership to power the first full-cash, management-embedded finance solution for Sage customers working with two of the most trusted brands in the UK.”
Neal Watkins, EVP Product, Sage, said:
“Small businesses are an integral part of the UK business landscape. We are excited to partner with Lloyds Bank and Satago to provide our customers with end-to-end cash flow management – from understanding their current financial position, to forecasting future scenarios with Futrli by Sage, and then onto solving financial needs as they arise through our new partnership with Lloyds and Satago. In the current climate, providing these new and innovative ways to understand and then unlock cash flow is more important than ever for the nation’s SMBs – supporting our customers to thrive.”
Source: Company Press Release