New fintech bank raises £70m from stock market float

Fintech and banking business TruFin has raised £70m after floating on the London Stock Exchange’s Alternative Investment Market.

TruFin is the holding company of an operating group comprising three growth-focused fintech and banking businesses operating in three niche lending markets: supply chain finance, invoice finance and dynamic discounting.

The group was established through a series of acquisitions and investments by Arrowgrass Master Fund Ltd (Arrowgrass) between 2014 and 2017. TruFin currently has 100 employees, and offices predominantly in the UK and a small team in the US.

In addition, TruFin owns a c.15% minority stake in Zopa, a leading UK consumer P2P lender, which operates independently of TruFin. TruFin currently operates under three separate businesses, each of which has a seasoned leadership team: Distribution Finance Capital (DFC - supply chain finance), Satago (invoice finance) and Oxygen Finance (dynamic discounting).

Henry Kenner, chief executive officer of TruFin plc, said: "The highly experienced management team at TruFin and our group companies, are passionate about the opportunities to grow our niche lending businesses.

“Many borrowers are neglected by banks and still face expensive funding and capital. We intend to deliver value by taking advantage of current market disruptions and new financial technologies, while keeping a focus on the distribution of niche lending products."

Macquarie Capital (Europe) Limited is acting as Nominated Adviser and Broker to the Company in relation to the Capital Raising and Admission.