UK's fintech firm Fiinu hits record low on funding woes
12/07/2023 08:54
** Shares of Fiinu Plc BANKI.L fall as much as 76% to
record low of 1.6p
** The financial technology firm says unit Fiinu 2 does not
possess exit funding to apply for re-application of banking
license which has been withdrawn by regulator on co's request
** Says units Fiinu 2 Ltd and Fiinu Holdings Ltd to engage
in cost reductions via headcount reduction, re-negotiation or
termination of supplier agreements
** Co says reviewing all options in respect of Fiinu 2
including additional funding for unit, possible sale of group's
technology assets, strategy change
** Stock set to log record intra-day losses, if trend holds
** Up to last close, stock had fallen ~38% so far this year
(Reporting by Prerna Bedi in Bengaluru)
((Prerna.Bedi@thomsonreuters.com; +91 98052 24616;))