Lloyds Bank is launching a pilot of Satago Financial Solutions’ software platform for customers seeking single invoice finance solutions.

The pilot will run for up to six months, and if successful, is expected to lead to a five-year commercial agreement for the company's technology platform.

As part of the pilot, the UK bank will be extending financing to its customer base using Satago's digital cashflow management and invoice financing platform.

Satago will be paid a recurring fee for each Lloyds customer that uses the platform.

"We're incredibly excited to launch this initiative,” said chief executive of Satago, Sinead McHale. “Lloyds' brand and reach, combined with our technology and speed of execution, is a great example of how established banks and innovative Fintech companies can work together to deliver better outcomes for SMEs."

Ben Stephenson, managing director and head of invoice finance & ABL at Lloyds Bank, said: "I am delighted to partner with Satago in order to rapidly launch a best-in-class digital working capital solution for our clients. The proposition will help deliver critical funding and digital tools to small businesses in the UK to help them navigate the challenging external environment."

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