Business
Operational & Strategic Update
Operational & Strategic Update.
About this update from Fiinu Plc
[{"type":"text","content":"\n\n12 July 2023\n \nFiinu Plc\n(\"Fiinu\", the \"Company\" or the \"Group\")\n \nOperational & Strategic Update\n \nFiinu, a fintech group, creator of the Plugin Overdraft®, provides an operational and strategic update.\n \nIn the Company's RNS announcement on 28 April 2023, the Company outlined the challenges it had been facing in respect of raising the full amount of funding required to provide the exit capital for its subsidiary Fiinu 2 Limited (formerly Fiinu Bank Limited) to be able to exit its mobilisation period and commence operations without restrictions. As a result of these difficult market conditions, it also stated that it had submitted an application to the regulators to withdraw its banking licence with the aim of re-applying after a short period of two to three months once exit funding had been secured. The Company can confirm that the application by its subsidiary to withdraw its restricted banking licence was accepted by the regulators and, due to the continuing challenging market conditions and limited timescale, it has not yet been able to secure the necessary exit funding to consider seeking re-application.\n \nGiven the ongoing expense of maintaining and enhancing the development of the operationally ready banking technology by Group companies, the Company has now determined that the best course of action for its shareholders is for cost reductions to be initiated at its subsidiaries, Fiinu 2 Limited and Fiinu Holdings Limited, by various means including providing notice to reduce staffing levels, the re-negotiation or termination of agreements with suppliers. By reducing costs and satisfying all outstanding debts and liabilities of Fiinu 2 Limited and Fiinu Holdings Limited, the balance of resources available to the Company and across the Group will be optimised as the best way forward for shareholders is determined.\n \nUnfortunately, due to the current circumstances the Company is unable to utilise the funding options announced on 15 March 2023 with Dewscope Limited and GEM Global Yield LLC SCS and GEM Yield Bahamas Limited.\n \nAs at 30 June 2023, the Group had available unaudited cash resources of approximately £4.3m. This represents enough funds to enable the Group to scale back its current operations in Fiinu 2 Limited and Fiinu Holdings Limited and conti...