9 January 2024
Fiinu Plc
("Fiinu", the "Company" or the "Group")
Response to Share Price Movement
Fiinu, a fintech group, creator of the Plugin Overdraft®, notes the movement in its share price today and confirms that it is not aware of any material commercial or operational reason for the significant increase. The Company continues to engage with potential investors and it will make announcements accordingly.
As previously announced, the Board is maintaining its current strategy and its focus remains on raising the necessary capital to support Fiinu 2 Limited's re-application for a UK banking licence with which to launch its Plugin Overdraft®. Given the steps taken to preserve existing funding, ahead of making the re-application in order to ensure the required level of technological and regulatory readiness for the business to re-initiate the process, a hiring process will need to be undertaken by the Board. It is not possible at this time to quantify the time period when this will happen.
ENDS
Enquiries:
| |
Fiinu plc Dr. Marko Sjoblom
| via SPARK |
SPARK Advisory Partners Limited (Nomad) Mark Brady / Adam Dawes
| Tel: +44 (0) 203 368 3550 |
SP Angel Corporate Finance LLP (Joint Broker) Bruce Fraser / Ezgi Senturk
| Tel: +44 (0) 207 470 0470 |
Panmure Gordon (UK) Limited (Joint Broker) Stephen Jones / Atholl Tweedie (Corporate Finance) Hugh Rich (Corporate Broking)
| Tel: +44 (0)207 886 2500 |
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About Fiinu
Fiinu, founded in 2017, is a fintech group, that developed the Plugin Overdraft® which is an unbundled overdraft solution that allows customers to have an overdraft without changing their existing bank. The underlying bank Independent Plugin Overdraft® technology platform is bank agnostic, that therefore enables it to serve all other banks' customers. Open Banking allows Fiinu's Plugin Overdraft® to attach ("plugin") to the customer's existing 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
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