TruFin secures £70m through AIM market
Written by Chris Lemmon
UK-based FinTech firm TruFin has secured £70 million through an AIM listing on the London Stock Exchange (LSE).
TruFin is the holding company of an operating group comprising of three FinTech and banking businesses operating in three lending markets: supply chain finance, invoice finance and dynamic discounting.
The company was established through a series of acquisitions and investments by Arrowgrass Master Fund between 2014 and 2017, and currently employs 100 people. In addition, TruFin owns a 15 per cent minority stake in P2P consumer lending firm Zopa, which operates independently of TruFin.
Henry Kenner, chief executive officer of TruFin, said: “I am delighted to announce our intention to join the AIM market of the LSE. Listing on AIM will allow us to provide further capital to our subsidiaries and scale faster, and take advantage of any developments in the current financial services market.
“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.”