Fiinu also reportedly had its shares admitted to trading on AIM, with a valuation of around £53 million. The issuing of the bank license/authorisation from the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA), concludes a journey that began about 5 years ago for the company, as stated in the press release.
Company officials have confirmed that it would keep working with UK regulatory authorities, external auditors, investors and its Board to mobilise the bank. Fiinu is getting ready to bring to market its Plugin Overdraft, which is funded by an FSCS guaranteed fixed term deposits of up-to GBP 85,000.
The overdraft solution helps clients with getting access to a third-party overdraft from Fiinu while also building up their credit score. Fiinu’s Open Banking powered platform connects to the client’s bank accounts without requiring them to switch between current accounts. Clients may keep using their existing bank accounts like before and take advantage of Fiinu’s overdraft service and product which is reportedly outside of their existing bank risk appetite.
As noted in the update, the admission to trading on AIM is the result of a reverse takeover and completion of the acquisition of Fiinu Holdings Limited by Immediate Acquisition Plc, which will be changing its official name to Fiinu Plc, in an ‘all-share transaction.’
Fiinu has secured GBP 14 million capital and debt, including a GBP 1 million additional investment from its primary shareholder and founder, Dr. Marko Sjoblom.
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