REG - Fiinu PLC - Operational Update

FiinuAnnouncement

28/04/2023 07:00

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RNS Number : 7840X  Fiinu PLC  28 April 2023

28 April 2023

Fiinu Plc

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

Operational Update

 

Fiinu, a fintech company including the fully owned Fiinu Bank Limited, creator
of the Plugin Overdraft®, today provides an operational update.

 

Further to the announcement of 15 March 2023 in regard to the issuance of
equity it was noted that the Company had future funding requirements necessary
for Fiinu Bank Limited's anticipated exit from mobilisation period and the
commencement of operating without restrictions. Continuing challenging capital
market conditions have impeded this fundraising process and whilst good
progress has been made with regard to our operational readiness for full
banking activity, the lack of full funding commitment at this stage has slowed
the necessary regulatory application processes such that the Company together
with Fiinu Bank Limited has determined a preferential  course of action is to
make an application to withdraw its licence aiming to re-apply after a short
period of 2 - 3 months. This application has now been submitted to the PRA and
FCA. It is expected that the PRA and FCA will require a short period of time
to confirm their acceptance of the restricted licence being withdrawn and the
Company will provide further updates on progress.

 

This action will allow the Company to focus on securing its exit funding
requirement which is estimated to be in the range of £34 - £42 million. Once
this funding has been secured it is intended for the application process to be
resumed and completed promptly, again subject to the necessary PRA and FCA
approval.

 

 

Chris Sweeney, CEO of Fiinu, said:

 

"Since the update provided on 15 March excellent progress has continued on our
operational readiness, especially given the completion of testing of our
technology solution with the release of the phone-based App to a limited
internal group for trials. With the exception of friends and family testing,
which will now take place once the licence application process recommences, we
have largely completed all requirements set for us by the PRA and FCA in order
to exit mobilisation. Evidence of this has been submitted to the regulators
for their review.  We look forward to working closely with the PRA, FCA and
future strategic investors with the aim of commencing full banking activity
without restrictions."

 

 

 

Market Abuse Regulation ('MAR') Disclosure

 

Certain information contained in this announcement would have been deemed
inside information for the purposes of Article 7 of the Market Abuse
Regulation (EU) No 596/2014 ('MAR'), which is part of UK law by virtue of the
European Union (Withdrawal) Act 2018, until the release of this announcement

 

 

 

 

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 / Hugh Rich (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({1}), which
is authorised by the Prudential Regulatory Authority( 1 ). 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.

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

({1}) Fiinu Bank Limited obtained its UK deposit-taking banking licence with
restrictions from the Prudential Regulation Authority (PRA) and with the
consent of the Financial Conduct Authority (FCA) in July 2022.

 

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