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Fiinu Plc provided an operational update on 26 January 2023, detailing progress between September 2022 and January 2023, including contract signings with core banking platform Tuum, TransUnion, a Payment Initiation Service Provider (PISP), and Maveric NXT. In December 2022, regulatory Senior Management Function (SMF) approval was received for Fiinu Bank Limited's Chief Financial Officer, Chief Risk Officer, and Chair of Board Risk Committee. Key microservices and mobile application development were completed by January 2023, with system integration testing starting in December 2022 and user acceptance testing commencing in January 2023, ahead of an anticipated capital raise of approximately £35-40 million by July 2023.
| Date | 26 Jan 2023 |
| Time | 07:00:06 |
| Category | Corporate updates |
| ID | 8975N |
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®, 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 £35-40million, 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
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Enquiries: |
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Fiinu plc Chris Sweeney, Chief Executive Officer Philip Tansey, Chief Financial Officer |
via Brazil London (press office for Fiinu) |
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SPARK Advisory Partners Limited (Nomad) Mark Brady / Adam Dawes |
Tel: +44 (0) 203 368 3550 |
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SP Angel Corporate Finance LLP (Joint Broker) Matthew Johnson / Charlie Bouverat (Corporate Finance) Abigail Wayne / Rob Rees (Corporate Broking) |
Tel: +44 (0) 207 470 0470 |
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Panmure Gordon (UK) Limited (Joint Broker) Stephen Jones / Atholl Tweedie (Corporate Finance) Tom Scrivens / Mark Murphy (Corporate Broking) |
Tel: +44 (0)207 886 2500 |
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Brazil London (press office for Fiinu) Joshua Van Raalte / Christine Webb / Jamie Lester |
Tel: +44 (0) 207 785 7383 Email: [email protected] |
About Fiinu
Fiinu, founded in 2017, is a fintech group, including Fiinu Bank. Fiinu's Plugin Overdraft® 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® technology platform is bank agnostic, allowing Fiinu Bank to serve all other banks' customers. Open Banking allows Fiinu's Plugin Overdraft® 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.