Oxygen surpasses £1b in early payment provision

RNS Number : 3634G

TruFin PLC

15 November 2022

 

15th November 2022

RNS Reach

TruFin plc
("TruFin" or the "Company")

Oxygen Finance surpasses £1 billion in free early payment provision to small business

TruFin is pleased to announce that its subsidiary Oxygen Finance ("Oxygen"), the leading early payments programme provider headquartered in Birmingham, has processed more than £1 billon in free early payments to small and micro businesses via its ground-breaking FreePay scheme. More than £415 million of the £1 billion was processed in the first 10 months of 2022.

Since launching in 2017 FreePay has enabled Oxygen's public sector clients to pay more than 400,000 invoices early and for free, improving cashflow and reducing financing costs to over 10,000 suppliers in their local economies.

Ben Jackson, Chief Executive Officer, Oxygen, commented: "We are committed to creating social value and advancing corporate social responsibility and I am delighted to see the boost FreePay has given local economies in the last five years. Oxygen has led the way in showing the difference that responsible payment practices can make."

For further information, please contact: TruFin plc James van den Bergh, Chief Executive Officer Kam Bansil, Investor Relations

0203 743 1340 07779 229508

TruFin plc is the holding company of an operating group comprising four growth-focused technology businesses operating in niche markets: early payment provision, invoice finance, IFA 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.

 

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