Business
Interim results - six months ended 30 June 2023
Interim results - six months ended 30 June 2023.
About this update from Fiinu Plc
[{"type":"text","content":"\n\n \n \n17 August 2023\n \nThis announcement contains inside information as stipulated under the UK version of the Market Abuse Regulation (EU) No. 596/2014 which is part of English Law by virtue of the European (Withdrawal) Act 2018, as amended. On publication of this announcement, this information is considered to be in the public domain.\n \nFIINU PLC\n(\"Fiinu\" or the \"Company\" or the \"Group\")\nInterim results for the six months ended 30 June 2023\n \n \nFiinu, a fintech group, creator of the Plugin Overdraft®, announces its unaudited half-year results for the six months ended 30 June 2023.\n \n\n\n\n\nBusiness Highlights\n \n· The Company continues to source the additional funding required for it to re-apply to the regulators to re-start its banking licence application\n· April 2023: Successful completion of the technology build of the Plugin Overdraft®\n· July 2023: Cost reductions initiated within subsidiaries Fiinu 2 Limited and Fiinu Holdings Limited, including providing notice to reduce staffing levels and re-negotiation or termination of agreements with suppliers\n· March 2023: Raised £0.5m of new ordinary share capital by immediate subscription to new and existing shareholders\n· April 2023: Raised £0.75m of new ordinary share capital by exercising the right to convert the drawn down loans with Dewscope Limited into equity\n· April 2023: Application to withdraw its banking licence with aim to re-apply after a short period of two to three months once full funding commitment is secured\n· Other options are also being considered by the Board, which may include a change of strategy and/or a sale of the Group's technology assets should the additional funding commitment it requires not be forthcoming\n \nFinancial Highlights\n· Cash at period end £4.3 million\n· Accounting loss for the period £4.2 million\n \nChris Sweeney, Fiinu's Chief Executive said:\n\"Given the business was operationally ready, following the successful completion of the technology build of the Plugin Overdraft®, it is therefore with deep regret that we have had to scale back operations in Fiinu 2 Limited and Fiinu Holdings Limited. &nbs...