Lloyds to licence invoice financing technology from Satago

Lloyds Banking Group is to run a six month trial of an invoice financing platform from Satago Financial Solutions, with a five-year commercial contract for the product on the line.

As part of the pilot, Lloyds Bank will be extending financing to its customer base utilising Satago’s digital cashflow management and invoice financing platform.

Satago will be paid a recurring fee for each customer of the Bank that utilises the technology.

Sinead McHale, CEO of Satago, says: “Lloyds’ brand and reach, combined with our technology and speed of execution, is a great example of how established banks and innovative Fintech companies can work together to deliver better outcomes for SMEs.”

Ben Stephenson, MD and head of invoice finance & ABL at Lloyds Bank, adds: “The proposition will help deliver critical funding and digital tools to small businesses in the UK to help them navigate the challenging external environment.”