Fiinu PLC Operational Update (8975N)
26 January 2023 - 6:00PM
UK Regulatory
TIDMBANK
RNS Number : 8975N
Fiinu PLC
26 January 2023
26 January 2023
Fiinu Plc
("Fiinu", the "Company" or the "Group")
Operational Update
Fiinu (AIM: BANK), a fintech company and creator of the Plugin
Overdraft(R), today provides an operational update.
Following the announcement of the Interim results to 30 June
2022 on 29 September 2022, and the further business update provided
on 8 December 2022, it is an opportune moment, half-way through the
mobilisation year and post the Company's year-end, to provide an
operational update in advance of the financial results for the
year-ended 31 December 2022 which are expected to be released in
the week commencing 24 April 2023.
Operational highlights
Significant progress has been made in building the capability of
the Fiinu Bank in terms of hiring key personnel and building
critical systems, technology and procedures including the key
achievements listed below:
September 2022:
o Contract signed with core banking platform, Tuum, and
configuration of the core banking platform commenced
o Hiring of key management positions completed
October 2022:
o Contract signed with TransUnion to provide open banking and credit reference services
o Contract signed with decision engine services provider
November 2022:
o Critical Payment Initiation Service Provider ("PISP") selected
following a detailed process to provide inbound and outbound secure
payment services
o Initial microservices covering customer identification &
validation and messaging delivered into internal test
environments
December 2022:
o Regulatory Senior Management Function ("SMF") approval
received for Fiinu Bank Limited's Chief Financial Officer, Chief
Risk Officer and Chair of Board Risk Committee
o Development of the mobile application 'front end' completed
o Majority of remaining microservices development completed
o System integration test started, validating mobile application
interaction with third party services via the delivered
microservices
o System and programme assurance activities commenced
o First deposit account provider appointed following detailed selection process
January 2023:
o All key microservices to support customer onboarding and
payments completed and moved into system integration test
o Core banking platform configuration and testing completed and
moved into system integration testing
o Contract signed with services company, Maveric NXT, to provide
additional strong industry experience and support for three months
of assurance testing
o User acceptance testing process commences with in-house
operations team and external partner assistance with a key focus on
customer onboarding journeys and overdraft setup
Over the coming months, there are a number of key further
activities, especially in respect of final systems integration
testing, in-house user acceptance testing and a controlled release
of application to a limited "Friends and Family" customer base,
that are scheduled to be delivered in support of Fiinu Bank's
application to exit mobilisation. As planned, the Bank's targeted
exit from mobilisation following the required capital raise and
subject to regulatory approval, is in July 2023.
Attention is also focused on raising the previously announced
funds required of approximately GBP35-40million, which is
anticipated to be achieved on a staged basis commencing in the
run-up to Easter through to completion by July 2023.
The Company will provide further regular updates as the business
plan progresses over the coming months.
ENDS
Enquiries:
Fiinu plc via Brazil London (press office
Chris Sweeney, Chief Executive Officer for Fiinu)
Philip Tansey, Chief Financial Officer
www.fiinu.com
SPARK Advisory Partners Limited (Nomad) Tel: +44 (0) 203 368 3550
Mark Brady / Adam Dawes
SP Angel Corporate Finance LLP (Joint Tel: +44 (0) 207 470 0470
Broker)
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 / Mark Murphy (Corporate
Broking)
Brazil London (press office for Fiinu) Tel: +44 (0) 207 785 7383
Joshua Van Raalte / Christine Webb / Email: fiinu@agencybrazil.com
Jamie Lester
About Fiinu
Fiinu, founded in 2017, is a fintech group, including Fiinu
Bank. Fiinu's Plugin Overdraft(R) 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(R) technology platform is bank agnostic,
allowing Fiinu Bank to serve all other banks' customers. Open
Banking allows Fiinu's Plugin Overdraft(R) 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
Bank Limited obtained its UK deposit-taking banking licence with
restrictions from the Prudential Regulation Authority (PRA) with
the consent of the Financial Conduct Authority (FCA) in July
2022.
For more information, please visit www.fiinu.com.
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END
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