REG - Fiinu PLC - Fiinu selects Tuum to power its Plugin Overdraft®

FiinuAnnouncement

15/09/2022 07:00

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RNS Number : 5150Z  Fiinu PLC  15 September 2022

RNS

 

15 September 2022

 

Fiinu Plc

("Fiinu" or the "Company")

Fiinu selects Tuum to power its Plugin Overdraft®

 

Fiinu Plc (AIM: BANK), a UK fintech group including Fiinu Bank, has selected
Tuum as the core banking platform to power its Plugin Overdraft®, a solution
that will give consumers access to an overdraft facility without the need to
switch banks and current accounts.

 

Using Tuum's lending module, Fiinu will bring much needed flexibility to the
tightly regulated overdraft market. According to the Financial Conduct
Authority, over the past four years the number of current accounts in the UK
has increased by 15 per cent from 87 million to over 100 million - 55 per cent
of these accounts do not have access to an arranged overdraft.

 

The Directors believe that Tuum's solution is an excellent example of how open
banking can be used to improve consumer outcomes in the lending sector.
Customers will be able to link multiple bank accounts to their dedicated Fiinu
overdraft account through open banking application programming interfaces
(APIs). The underwriting process is also led by open banking, as opposed to
conventional underlying risk-based underwriting methods.

 

Fiinu went through an extensive selection process including full integration,
configuration, and testing between the Plugin Overdraft® and the core banking
solution. Tuum's API-first and cloud-native platform was found to be, in the
Company's opinion, technically most advanced in the market for Fiinu Bank now,
whilst also supporting Fiinu's longer term aspirations to expand
internationally.

 

Rivo Uibo, Co-founder & CBO at Tuum, comments: "Tuum's mission has always
been to empower our customers to bring innovation to the financial services
sector, and our work with Fiinu is a perfect example of this. The overdraft
market is notoriously rigid, and consumers are in desperate need of a more
convenient way to access flexible credit in a secure manner. Through
collaboration and cutting-edge technology, this offering will revolutionise
the way people manage their finances."

 

Chris Sweeney, CEO of Fiinu, comments: "We are starting a new era in banking
with our unique bank agnostic Plugin Overdraft®, which offers a gateway to
better financial inclusion and a welcome addition of a new product made
possible through open banking. With inflation rising, the need for credit has
never been greater. Our mission is to give consumers the breathing room they
need through access to overdrafts that help to build credit and avoid
rejection stress. Working with Tuum, we will be taking our Plugin Overdraft®
solution mainstream and increasing financial flexibility for consumers."

 

 

 For further information please contact:
 Fiinu Plc                                           via Brazil London

 Philip Tansey, Chief Financial Officer

 Chris Sweeney, Chief Executive Officer
 SPARK Advisory Partners Limited (Nomad)             Tel: +44 (0) 203 368 3550

 Mark Brady

 Adam Dawes
 SP Angel Corporate Finance LLP (Broker)             Tel: +44 (0) 207 470 0470

 Abigail Wayne

 Matthew Johnson
 Buchanan Communications (Financial PR adviser)      Tel: +44 (0) 207 466 5000

 Chris Lane / Jack Devoy                             Email: Fiinu@buchanan.uk.com
 Brazil London (Press office for Fiinu)              Tel: +44 (0) 207 785 7383

 Joshua Van Raalte / Christine Webb / Jamie Lester   Email: fiinu@agencybrazil.com

 

Notes to Editors

About Fiinu

Fiinu, founded in 2017, is a fintech group, including Fiinu Bank, authorised
by the Bank of England. Fiinu's Plugin Overdraft® is an unbundled overdraft
solution which allows customers to have an overdraft with Fiinu Bank without
changing their existing bank. The underlying Bank Independent Overdraft®
technology platform is bank agnostic, allowing Fiinu to serve all other banks'
customers.

Open Banking allows Fiinu's Plugin Overdraft® to attach ("plugin") to the
customer's primary bank account, no matter which bank they may use. Fiinu's
vision is built around Open Banking, and it believes that it increases
competition and innovation in UK banking.

Fiinu obtained its UK deposit-taking banking licence from the Prudential
Regulation Authority (PRA) and the Financial Conduct Authority (FCA) and was
admitted to trading on AIM in July 2022.

For more information, please visit https://www.fiinu.com/
(https://www.fiinu.com/)

About Tuum

Tuum is a next-generation core banking technology provider. Its API-first,
cloud-agnostic and highly configurable banking platform covers all retail and
business banking processes. Tuum enables banks, fintech startups or even
non-financial companies to roll out customer-centric financial solutions with
ease. The modular approach allows companies to pick and choose the exact
capabilities they need, with the option of adding additional ones in the
future.

Tuum brings together expertise in technology and banking. It was founded in
2019 by a small group of Estonian financial IT pioneers with decades of
experience in digitising and transforming large Nordic banks. The company has
acquired customers throughout Europe and currently employs over 100 people in
its offices in Tallinn, Berlin, Malaga and London.

For more information, please visit tuumplatform.com (http://tuumplatform.com/)

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