REG - Fiinu PLC - Operational Update

FiinuAnnouncement

26/01/2023 07:00

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RNS Number : 8975N  Fiinu PLC  26 January 2023

26 January 2023

Fiinu Plc

("Fiinu", the "Company" or the "Group")

Operational Update

Fiinu (AIM: BANK), a fintech company and creator of the Plugin Overdraft®,
today provides an operational update.

Following the announcement of the Interim results to 30 June 2022 on 29
September 2022, and the further business update provided on 8 December 2022,
it is an opportune moment, half-way through the mobilisation year and post the
Company's year-end, to provide an operational update in advance of the
financial results for the year-ended 31 December 2022 which are expected to be
released in the week commencing 24 April 2023.

Operational highlights

Significant progress has been made in building the capability of the Fiinu
Bank in terms of hiring key personnel and building critical systems,
technology and procedures including the key achievements listed below:

September 2022:

o   Contract signed with core banking platform, Tuum, and configuration of
the core banking platform commenced

o   Hiring of key management positions completed

October 2022:

o   Contract signed with TransUnion to provide open banking and credit
reference services

o   Contract signed with decision engine services provider

November 2022:

o   Critical Payment Initiation Service Provider ("PISP") selected following
a detailed process to provide inbound and outbound secure payment services

o   Initial microservices covering customer identification & validation
and messaging delivered into internal test environments

December 2022:

o   Regulatory Senior  Management Function ("SMF") approval received for
Fiinu Bank Limited's Chief Financial Officer, Chief Risk Officer and Chair of
Board Risk Committee

o   Development of the mobile application 'front end' completed

o   Majority of remaining microservices development completed

o   System integration test started, validating mobile application
interaction with third party services via the delivered microservices

o   System and programme assurance activities commenced

o   First deposit account provider appointed following detailed selection
process

January 2023:

o   All key microservices to support customer onboarding and payments
completed and moved into system integration test

o   Core banking platform configuration and testing completed and moved into
system integration testing

o   Contract signed with services company, Maveric NXT, to provide
additional strong industry experience and support for three months of
assurance testing

o   User acceptance testing process commences with in-house operations team
and external partner assistance with a key focus on customer onboarding
journeys and overdraft setup

 

Over the coming months, there are a number of key further activities,
especially in respect of final systems integration testing, in-house user
acceptance testing and a controlled release of application to a limited
"Friends and Family" customer base, that are scheduled to be delivered in
support of Fiinu Bank's application to exit mobilisation. As planned, the
Bank's targeted exit from mobilisation following the required capital raise
and subject to regulatory approval, is in July 2023.

Attention is also focused on raising the previously announced funds required
of approximately £35-40million, which is anticipated to be achieved on a
staged basis commencing in the run-up to Easter through to completion by July
2023.

The Company will provide further regular updates as the business plan
progresses over the coming months.

 

ENDS

 

 Enquiries:
 Fiinu plc                                                via Brazil London (press office for Fiinu)

 Chris Sweeney, Chief Executive Officer

 Philip Tansey, Chief Financial Officer

 www.fiinu.com (http://www.fiinu.com)
 SPARK Advisory Partners Limited (Nomad)                  Tel:  +44 (0) 203 368 3550

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

 Matthew Johnson / Charlie Bouverat (Corporate Finance)

 Abigail Wayne / Rob Rees (Corporate Broking)
 Panmure Gordon (UK) Limited (Joint Broker)               Tel:  +44 (0)207 886 2500

 Stephen Jones / Atholl Tweedie (Corporate Finance)

 Tom Scrivens / Mark Murphy (Corporate Broking)
 Brazil London (press office for Fiinu)                   Tel:  +44 (0) 207 785 7383

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

 

About Fiinu

Fiinu, founded in 2017, is a fintech group, including Fiinu Bank. 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 Bank 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 Bank Limited obtained its UK deposit-taking banking licence
with restrictions from the Prudential Regulation Authority (PRA) with the
consent of the Financial Conduct Authority (FCA) in July 2022.

For more information, please visit www.fiinu.com.

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