20 May
2024
RNS
Reach
TruFin plc
("TruFin")
Oxygen Finance wins Kent County Council,
England's largest local authority, and
Central Bedfordshire Council as early payment
clients
TruFin is pleased to announce that
its subsidiary Oxygen Finance ("Oxygen"), the leading early
payments programme provider headquartered in Birmingham,
has secured early payment contracts with Kent County Council
and Central Bedfordshire Council, taking its growing list of early
payment public sector clients to 59.
Kent County Council is England's largest local
authority by population and has an annual procurement spend of
£1.5bn, while Central Bedfordshire spends £420m a year.
The wins continue a successful run, with Oxygen
ending 2023 signing new contracts with Cheshire West and Chester
Council and Herefordshire Council. Oxygen has also renewed
contracts with Aberdeenshire Council, Sheffield City Council,
Wakefield Council and Warrington Borough Council.
Early payment boosts cash flow for suppliers,
supporting regional economies by fuelling growth and job creation.
Oxygen's programmes improve efficiency and provide vital savings
for clients, helping to protect crucial frontline services. More
than 20,000 suppliers now benefit from Oxygen's early payment
programmes.
Councillor Peter Oakford, Cabinet
Member for Finance, Corporate & Traded Services & Deputy
Leader at Kent County Council, at Kent County Council,
said:
"We value our
suppliers, and we recognise how important cashflow is to
businesses. This programme will accelerate invoice payments to
suppliers, driving growth across our region, and generate savings
for the Council. We look forward to launching this project
with the team at Oxygen Finance and providing much-needed support
to suppliers."
Ben Jackson, Chief Executive
Officer, Oxygen, said:
"As public bodies strive to make savings, our early payment
programmes offer a valuable means to reduce costs and protect
services, whilst providing much-needed cash flow for suppliers who
face high interest rates and reduced borrowing. We look forward to
working in partnership with our new clients and continuing to
provide additional revenue for our existing local
authorities."
About Oxygen
Finance
Financial Technology Delivering Social Value. Oxygen
Finance helps businesses thrive and public sector organisations
deliver economic and social benefit to our world. Through
progressive payment practices, big data and expertise, Oxygen
allows public sector and private organisations to trade more
effectively. Payments become frictionless, data becomes information
- driving growth and efficiency and resulting in better social and
economic outcomes.
https://www.oxygen-finance.com/
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For
further information, please contact:
TruFin plc
James van den Bergh, Chief Executive Officer Kam Bansil,
Investor Relations
|
0203 743
1340
07779
229508
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TruFin plc is the holding
company of an operating group comprising three growth-focused
technology businesses in niche markets: early payment provision,
invoice 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.