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.
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.”