RCS - TruFin PLC - Oxygen Finance wins early payment clients

TrufinAnnouncement

20/05/2024 07:00

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RNS Number : 0027P  TruFin PLC  20 May 2024

20 May 2024

RNS Reach

TruFin plc

("TruFin")

 

Oxygen Finance wins Kent County Council, England's largest local authority,
and

Central Bedfordshire Council as early payment clients

 

 

TruFin is pleased to announce that its subsidiary Oxygen Finance ("Oxygen"),
the leading early payments programme provider headquartered in Birmingham, has
secured early payment contracts with Kent County Council and Central
Bedfordshire Council, taking its growing list of early payment public sector
clients to 59.

 

Kent County Council is England's largest local authority by population and has
an annual procurement spend of £1.5bn, while Central Bedfordshire spends
£420m a year.

 

The wins continue a successful run, with Oxygen ending 2023 signing new
contracts with Cheshire West and Chester Council and Herefordshire Council.
Oxygen has also renewed contracts with Aberdeenshire Council, Sheffield City
Council, Wakefield Council and Warrington Borough Council.

 

Early payment boosts cash flow for suppliers, supporting regional economies by
fuelling growth and job creation. Oxygen's programmes improve efficiency and
provide vital savings for clients, helping to protect crucial frontline
services. More than 20,000 suppliers now benefit from Oxygen's early payment
programmes.

 

Councillor Peter Oakford, Cabinet Member for Finance, Corporate & Traded
Services & Deputy Leader at Kent County Council, at Kent County Council,
said:

 

"We value our suppliers, and we recognise how important cashflow is to
businesses. This programme will accelerate invoice payments to suppliers,
driving growth across our region, and generate savings for the Council.  We
look forward to launching this project with the team at Oxygen Finance and
providing much-needed support to suppliers."

 

Ben Jackson, Chief Executive Officer, Oxygen, said:

 

"As public bodies strive to make savings, our early payment programmes offer a
valuable means to reduce costs and protect services, whilst providing
much-needed cash flow for suppliers who face high interest rates and reduced
borrowing. We look forward to working in partnership with our new clients and
continuing to provide additional revenue for our existing local authorities."

 

 

 

About Oxygen Finance

 

Financial Technology Delivering Social Value. Oxygen Finance helps businesses
thrive and public sector organisations deliver economic and social benefit to
our world. Through progressive payment practices, big data and expertise,
Oxygen allows public sector and private organisations to trade more
effectively. Payments become frictionless, data becomes information - driving
growth and efficiency and resulting in better social and economic outcomes.

 

https://www.oxygen-finance.com/
(https://www.oxygen-finance.com/?utm_source=carbon-pr-outreach-april-22&utm_medium=carbon-pr-outreach-april-22&utm_campaign=carbon-pr-outreach-april-22&utm_id=carbon-pr-outreach-april-22&utm_term=carbon-pr-outreach-april-22&utm_content=carbon-pr-outreach-april-22)
 

 

 

 

 For further information, please contact:

 TruFin plc                                                                     0203 743 1340
 James van den Bergh, Chief Executive Officer Kam Bansil, Investor Relations

                                                                                07779 229508

 

TruFin plc is the holding company of an operating group comprising three
growth-focused technology businesses in niche markets: early payment
provision, invoice finance and mobile games publishing. 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
(http://www.trufin.com/) .

 

 

 

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