Fiinu Plc joins AIM with a valuation of 53 million pounds
The Fintech group Fiinu Plc has had its shares admitted to trading on AIM today, with a value of approximately 53 million pounds. Fiinu has also secured the license for the deposit bank from Bank of England.
Issuance of bank license and authorization from Prudential Regulation Authority (PRA) and Financial Conduct Authority (FCA), ends a journey that began five years ago. The company will continue to work with UK regulators, external auditors, investors and its independently led board to mobilize the bank.
Fiinu is preparing to launch the world’s first plug-in, funded by an FSCS-guaranteed fixed-term deposit of up to £ 85,000. can not be said about any of the non-banking or unregulated options that erode the credit files of the customers.
Fiinus Open Banking-enabled platform connects seamlessly to the customer’s existing bank accounts without having to change checking account. Customers can therefore continue to use their existing bank accounts as before and take advantage of Fiinus’ overdraft service and product that is outside their existing bank risk appetite.
Chris Sweeney, Fiinu Plc’s CEO commented: “Today heralds the start of a new era in banking. Our unique Plugin Overdraft is the gateway to better financial inclusion and a welcome addition to a product made possible through open banking. With the cost of living crisis in full effect, jobs “We are committed to bringing Plugin Overdraft® to the market as soon as possible. We are grateful for the support of our financial regulators who see the role that a new innovative retail bank can play for the UK’s hard-pressed customers.”
The admission to trading on AIM is the result of a reverse acquisition and completion of the acquisition of Fiinu Holdings Limited by Immediate Acquisition Plc, which will change its name to Fiinu Plc, in a transaction with all shares.
Fiinu has raised £ 14 million in capital and debt, including an additional £ 1 million investment from the main shareholder and founder, Dr. Marko Sjoblom. The increase enabled Fiinu 2 Limited (soon to be renamed Fiinu Bank), its bank subsidiary, to unlock the license from the Prudential Regulatory Authority and the Financial Conduct Authority and meet its regulatory capital requirements.
Dr Marko Sjoblom, Fiinus founder said, “We chose London Stock Exchange as the UK government supports the fintech industry. Since Brexit, some British companies have chosen New York for their IPO, but we are here for the long term. What also makes this step exciting is the start of a new generation of Plugin product options, activated by the OBIE initiative. It has been a vision for me for a long time that our bank-independent overdraft platform will one day create a new market where unrestricted overdrafts will increase economic justice and freedom for everyone, everywhere. “
