The partnership is meant to transform access to short-term finance for Satago business customers across the UK. The agreement builds on the existing partnership, extending the use of Satago’s technology to help Lloyds Bank customers get access to cash against invoices due. It will power a single unified solution for customers of all sizes and facility requirements that reportedly improves the client’s user experience while minimising risk exposure and cost to serve.
To reflect the strengthening of the partnership, Lloyds Banking Group has also invested USD 5 million in the UK fintech in exchange for a 20% equity stake. Recent research has revealed that five out of ten (54%) firms that have seen a change in customer payment time since the start of the pandemic have experienced slower payments, with debtors most commonly citing overdue payments from their own customers and cashflow pressures as their reasons for paying late.
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