RNS

26 September 2022

Fiinu Plc

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

Fiinu Bank announces key additions to its Executive Team

Fiinu Plc (AIM: BANK), a UK fintech group including Fiinu Bank, is pleased to announce that its subsidiary Fiinu Bank Limited has made key additions to its Executive Team as the business pushes ahead with its mobilisation and prepares to bring to market its Plugin OverdraftÒ.

The Group's vision is to attract talent from various industries, and with the business making appointments in several senior positions at Fiinu Bank Limited, it has made a very positive start.

Charles Resnick will join Fiinu Bank on 1 November 2022 as Chief Financial Officer, subject to regulatory approval. Charles was previously Head of Financial Control at ClearBank Ltd, a specialist technology enabled clearing bank. Prior to Clear Bank, Charles was Finance Director at FTSE-250 merchant bank Close Brothers Plc.

John Willcock has joined the Bank as Chief Product Officer. John has deep industry understanding after a career spanning positions at Northern Rock, Tesco Bank, Post Office Money, Argos Financial Services, N Brown Group Plc, and most recently William Hill International.

Jason Moore has joined as Programme Director for the mobilisation of Fiinu Bank.  Jason comes with a considerable track record of change delivery with 30 years of experience across financial services including roles at Legal & General, Aegon, SS&C Technologies and most recently Brewin Dolphin plc.

Darrin Scott Brent has joined as Head of Technology having previously been at Aspinall Financial Services Ltd. Darrin has deep sector and technology experience having worked at Wyelands Bank, Macquarie Bank and Barclays Wealth Management.

The growing technology platform delivery team which Fiinu is continuing to build is working on the Open Banking enabled Plugin OverdraftÒ, which will provide customers with access to an overdraft with Fiinu without needing to change their existing bank or current account. With this product, Fiinu aims to introduce flexibility and competition to the tightly regulated overdraft market.

Fiinu expects to add to the team over the coming months and will make further announcements as appropriate.

David Hopton, Chairman at Fiinu, commented: "To be quoted on AIM and obtain a banking licence is a huge achievement for an early stage start up in the fintech sector. Having achieved these milestones, the team at Fiinu are now fully engaged in the process of building the people and technological capabilities that underpin our plugin overdraft®.

"The team we have assembled is making solid progress as we work towards our target of obtaining regulatory approval to go live in mid-2023, after we have undertaken a rigorous phase of testing our product delivery. Open Banking has undoubtedly underpinned the creation and the design and delivery of our ground-breaking and competitive entry into the overdraft market, and in my long experience in banking, I believe our entry to this market will be welcomed by a varied customer base. This is especially relevant as our potential customers will have greater need for temporary short-term funding as they continue to face a difficult macroeconomic backdrop."

Chris Sweeney, CEO, Fiinu, added: "We are building something that we believe should change banking for the better, by improving financial inclusion for millions of people. The new appointments at Fiinu Bank are testament to the hard work and dedication that our team and our partners have put in, to get us to where we are today in delivering our plans for mobilisation and growth.

"We are incredibly proud of the team we are building. We continue to attract great colleagues who are motivated by working with like-minded, skilled people who want to work in a respectful and inclusive environment to build a truly remarkable business. Building a new bank is not for the faint-hearted, and so we are massively encouraged by our ability to attract the calibre of colleagues who share the same vision for improving financial inclusion across the country."

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 Plugin 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/