TruFin (TRU) confirmed that it has now raised £8m which it will use to fund the growth of its subsidiaries, Satago and Playstack, as well as to help fund the group through to profitability.
TruFin, which is a holding company for several lenders and early payment providers, has said it has successfully placed 10,666,666 new ordinary shares at a price of 75 pence per share.
On Tuesday, the Company confirmed to investors that it intended to raise around £10m by way of a placing to raise £8.0 million and an open offer to raise up to around £2.0 million.
The net proceeds of both the placing and the open offer will be used by TruFin to provide working capital, invest in growth opportunities and fund Satago and Playstack to profitability.
Commenting on this morning’s fundraise, James van den Bergh, Chief Executive Officer of TruFin, highlighted to investors: “This is an exciting time for the Group with great progress being made across all of our subsidiaries. In particular the placing proceeds will be invested in Satago and Playstack to fund growth and help fund the Group through to profitability.
We are delighted our shareholders have supported us in this oversubscribed placing, with the Open Offer to follow, and we look forward to updating further on our progress during the year.”
TruFin’s subsidiary, Satago, a cash management platform, has been working closely with Lloyds Bank on a partnership to deliver its technology solution to Lloyds and Lloyds’ SME customers.
A commercial pilot of Satago’s technology was launched on 11 December 2020.
Both Satago and Lloyds are now working towards finalising a commercial agreement in the coming months. Earlier this month, the Lloyds Banking Group also completed an investment of £5 million of new equity capital into Satago at a pre-money valuation of £20 million.
The Board of TruFin considers this agreement as “a landmark transaction,” with Satago securing one of the largest banks in the UK as a strategic, commercial and financial partner.
Within games publishing, TruFin’s Playstack subsidiary, which is expanding the impact of the Mortal Shell IP, has secured publishing rights for three new games to be released within the next
12 months, each with the expectation of high user appeal and strong marketability.
It is also working to expand its internal games development capability via recruitment or acquisition so it can increase its core games portfolio and increase reach in all key markets.
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