TruFin

What TruFin does

TruFin PLC is a London-headquartered, AIM-listed holding company (LSE: TRU) that provides software and niche lending solutions to UK businesses through two operating subsidiaries: Oxygen Finance and Satago Financial Solutions. Oxygen Finance is the leading UK provider of Early Payment Programmes and payments-control software, serving over 100 public and private sector customers with annual transactions exceeding £20 billion, including UK local councils and NHS organisations. Satago offers invoice financing to SMEs and licenses a white-label Lending-as-a-Service (LaaS) platform to banks and lenders (historically including Lloyds Bank, Bank of Ireland Finance, and DF Capital), with embedded distribution through Sage's accounting software packages.

The company historically held an 84.5% stake in Playstack Limited, a video game publisher acquired in 2019. Playstack's February 2024 release of Balatro — a poker roguelike that surpassed one million units within weeks and exceeded $100 million in lifetime Steam revenue — was the principal driver of TruFin's FY2024 revenue growth of 203% to £55.0 million and its first full year of EBITDA profitability. TruFin divested Playstack to VantageCo Limited (an Integrated Media Company subsidiary) for approximately £112.4 million in June 2026 and subsequently announced an £80 million return of capital to shareholders.

Following the Playstack disposal, TruFin's remaining business is a focused UK fintech group combining a transactional early-payments platform (Oxygen, subscription and programme-fee revenue) with an invoice financing and embedded-lending technology stack (Satago, transaction fees plus software licensing). Revenue is generated through B2B enterprise sales to corporates and the public sector, software licensing to financial institutions, and embedded distribution via Sage. FY2025 group revenue was £65.9 million.

Name

TruFin

Legal name

TruFin PLC

Website

https://trufin.com

Company type

Public

Founded year

2018

Operating status

Operating

Headcount range

1–10 employees

Short description

TruFin PLC is a London-based AIM-listed holding company providing early payment programmes (Oxygen Finance) and invoice financing plus white-label Lending-as-a-Service software (Satago) to UK SMEs, public sector bodies, and financial institutions, having divested gaming subsidiary Playstack in June 2026.

Ownership category

akta.pro rank

Product category

Financial Technology Software

NAICS

Sales Financing (52222)

SIC

Short-Term Business Credit Institutions (6153)

akta.pro primary industry

Supply Chain Finance (Trade Credit, PO/Inventory Financing) (FSAKAGAE)

Keywords

• Early payment programs
• Invoice financing
• Lending as a service
• Fintech software
• Working capital solutions

Headquarters

HQ city

London

HQ country

United Kingdom

HQ region

Europe

Offices1 record

Markets served

GTM type

B2B

Offering type

Software

Cost components

Personnel, Technology or R&D, Operations, Marketing or Sales

Revenue model

1. Software Subscription Fees - Oxygen: Oxygen generates recurring subscription fees from businesses accessing early payment programs for the public sector
2. Transaction Fees - Satago Invoice Finance: Satago earns transaction fees based on invoice financing volumes processed through its platform for SMEs
3. Software Licensing - Satago Lending as a Service: Satago licenses its lending platform technology to financial institutions including Lloyds Bank, generating recurring licensing revenue
4. Game Publishing - Playstack: Revenue from publishing video games including Balatro through digital distribution platforms; includes game sales, licensing deals, and publishing royalties

Go-to-market motion3 records

Distribution channels3 records

Marketing channels3 records

Core offering

TruFin provides software and niche lending solutions to UK businesses through its subsidiaries Oxygen Finance and Satago. Oxygen Finance delivers Early Payment Programmes, payments control, and market insights primarily to public sector organisations including local councils and the NHS. Satago offers invoice financing for SMEs and a Lending as a Service (LaaS) software platform licensed to banks and lenders for digitised SME lending. TruFin historically held Playstack (gaming publishing), divested in June 2026.

Product overview

TruFin operates as a holding company with two core technology businesses: Oxygen Finance and Satago. Oxygen Finance is the leading UK provider of Early Payment Programmes, focusing on payments control and market insights for public and private sector clients. Satago is a fintech providing invoice financing solutions and white-label Lending as a Service technology to banks and lenders. The company also historically held a significant interest in Playstack, a video game publisher (sold in June 2026).

Differentiator

Problem solved

Functional benefit

Products and services

• Oxygen Finance
• Satago
• Satago Lending as a Service (LaaS) White-label lending platform enabling banks and lenders to offer digitised SME lending products including single invoice finance and whole-of-book invoice factoring, administered on behalf of partners.
• Balatro
• Abiotic Factor
• The Entropy Centre
• The Rise of the Golden Idol
• DarkWater

Named customers3 records

Segments4 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration4 records

Feature4 records

Partnerships

Five partnerships are on record, tiered core and minor.

• Lloyds BankcoreStrategic or Co-development PartnerLloyds Bank is a commercial partner for Satago's Lending as a Service platform. Lloyds Bank uses Satago's technology to offer SME lending products to its customers in the UK.
• SagecoreTechnology or IntegrationSage has a partnership with Satago for invoice financing integration. Sage is an accounting software provider, and the partnership enables Satago's invoice finance services to be offered to Sage customers.
• Bank of Ireland FinancecoreTechnology or IntegrationBank of Ireland Finance is a commercial partner for Satago's Lending as a Service platform, using the technology to provide SME lending solutions.
• DF CapitalcoreTechnology or IntegrationDF Capital is a commercial partner for Satago's Lending as a Service platform, deploying the technology for SME lending offerings.
• VantageCo / Integrated Media Company (IMC)minorOthersTruFin sold its Playstack subsidiary to VantageCo/Integrated Media Company (IMC). This was an exit/divestment transaction rather than a partnership.

Scale indicators1 record

Recent moves7 records

Expansion highlights5 records

Direct peers

• Funding Circle: UK-listed (LSE) SME lending platform providing loans and invoice finance to small businesses. Directly comparable to Satago's invoice financing and SME working-capital offerings, though significantly larger in scale.
• iwoca: UK-based fintech providing flexible working-capital lending to SMEs, including invoice financing. Directly comparable to Satago's core SME lending proposition and target customer segment.
• Marketinvoice (Taulia): Invoice financing platform for SMEs, originally UK-focused and now part of Taulia (SAP). Closely comparable to Satago's invoice discounting and factoring product offering.
• Augmentum Fintech: London-listed investment company focused on early- and growth-stage fintech businesses in the UK and Europe. Directly comparable as a listed vehicle holding stakes in niche fintech assets, similar in structure to TruFin's holding-company model.
• Chrysalis Investments: London-listed investment company holding growth-stage fintech and technology assets. Comparable as a UK-listed holding vehicle investing in niche fintech businesses with the goal of value crystallisation.

Broad incumbents

• C2FO: Global working-capital and early-payment platform serving enterprises and their suppliers. Comparable to Oxygen Finance's early-payment programme franchise but at much larger global scale.
• Taulia (SAP): SAP-owned working-capital and supply-chain finance platform. Comparable to Oxygen's early-payment programmes and Satago's invoice financing, but at much larger scale and with broader ERP integration.

Emerging players

• Liberis: Embedded finance provider offering revenue-based finance and lending-as-a-service to SMEs through partners. Comparable to Satago's LaaS offering to banks and embedded-into-Sage distribution strategy.
• ClearBank: UK clearing bank offering embedded banking and infrastructure services to fintechs and lenders. Partially comparable to Satago's positioning in providing lending and payment infrastructure to financial institutions.

Others

• Praetura Ventures: UK-based alternative-finance investor backing niche lending and fintech businesses. Comparable as an adjacent ecosystem participant in the UK niche-lending market where Satago and Oxygen operate.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles6 records

Subsidiaries3 records

Funding overview

Funding rounds1 record

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about TruFin