Strategy/Company/Ops Update

RNS Number : 8293I

TruFin PLC

29 November 2018

 

29 November 2018
TruFin plc
("TruFin" or the "Company" or together with its subsidiaries "TruFin Group")

Progress Update

In our Interim Report, published in September 2018, we informed shareholders that we would continue to update the market about DFC's progress towards a bank licence.

In anticipation of a successful bank licence application, DFC has completed the build of its savings business, allowing it to take deposits once it obtains a bank licence, and is investing in brand marketing in anticipation of deposit taking.

DFC is in dialogue with the PRA/FCA and the board is confident that the licence will be granted early in the first quarter of 2019 with DFC launching as a fully-fledged specialist working capital bank for SMEs, building on the considerable momentum already generated in the market since it began lending in 2017.

The TruFin Group's combined loans and advances outstanding surpassed the £100m milestone in November. DFC continues to win manufacturer relationships in its core market sectors. It now has 40 signed programmes live with a further 14 ready to launch in the first quarter of 2019. This number is ahead of schedule and underlines the confidence that we have in DFC's ability to execute on its business plan and scale meaningfully post bank licence, delivering significant growth in 2019.

For further information, please contact:

TruFin plc Henry Kenner, Chief Executive Officer James van den Bergh, Deputy Chief Executive Officer	0203 743 1340
Macquarie Capital (Europe) Limited (NOMAD and joint broker) Alex Reynolds Nicholas Harland	0203 037 2000
Liberum Capital Limited (Joint broker) Chris Clarke Trystan Cullen Louis Davies	0203 100 2000
Blue Pool Communications (PR) Nicholas Lord	07501 271 083

The information contained within this Announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulation (EU) No.596/2014. By the publication of this Announcement via a Regulatory Information Service, this inside information is now considered to be in the public domain. The person responsible for arranging for the release of this Announcement on behalf of the Company is Jason Rogers.

About TruFin plc:

TruFin plc is the holding company for an operating group of companies that are niche lenders and early payment providers. TruFin Group combines the benefits of both the traditional relationship banking model and developments in the fintech sector. 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

 

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