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Satago Financial Solutions licenses its software platform to Lloyds Bank
StockMarketWire.com
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Satago Financial Solutions has licensed its software platform to Lloyds Bank.
The commercial pilot is anticipated to run for up to six months and if successful is expected to lead to a five-year commercial agreement.
As part of the commercial pilot and any subsequent commercial agreement, 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 its platform.
Sinead McHale, chief executive of Satago, said: "We're incredibly excited to launch this initiative.
"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."
Story provided by StockMarketWire.com
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