THIS ANNOUNCEMENT CONTAINS INFORMATION THAT QUALIFIED OR MAY HAVE QUALIFIED AS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF THE MARKET ABUSE REGULATION (EU) 596/2014 AS IT FORMS PART OF UK DOMESTIC LAW BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018 ("UK MAR")

31 July 2023

Tintra plc

("Tintra", the "Group" or the "Company")

12 Month Unaudited Results to 31 January 2023

Annual General Meeting Statement

The board of directors (the "Board") of Tintra, the rapidly innovating Deep Tech & Banking business, provides the 12-month unaudited financial results for the 12 months year ended 31 January 2023 ("FY23") and a business update ahead of the Company's annual meeting ("AGM") to be held later today.

As has been previously announced the Company could not, due to diary conflicts with its auditor, prepare audited accounts in time for the 31 July 2023 deadline. The Company has been working closely with a regulated third party to support its audit work and has a fully formed Statutory Report ready for audit.

The Company expects to be delivering this not later than end of September 2023 and it fully expects there to be no material differences between those audited accounts and the short form Statutory Report below that is built off of that larger document.  As the Company will not publish audited financial results before the 31 July 2023 deadline, trading in the Company's shares will be temporarily suspended from trading on AIM with effect from 7.30 a.m. on 1 August 2023 until the publication of its audited accounts for FY23.

The Board commented, "We remain disappointed that a situation that is affecting the entire marketplace for audit has affected us despite our being very prepared and starting work in late February. It is something we would of course preferred to have avoided but it is also not something that impacts our day-to-day work. We look forward to discussing this at the AGM and to providing the audited accounts in due course."

Chairman's Statement

During the year to 31 January 2023, the Company continued its focus on the transformative change management process, focusing the business on the one core aim of building a deep tech-based banking business of the future. The ground that the Company has covered in past 23 months since becoming Tintra plc is quite astounding, with it now being a key player in the development of a very advanced and sophisticated banking platform.

As expected, the Company has not traded and as such has no revenues during this research & development phase. The year has been driven by putting in place the essential building blocks for that technology and banking infrastructure, including key talent hiring at all levels, securing our first regulatory licences, contracting for our major banking infrastructure system and significant work that has taken place to build the functional requirements for that.

The Company is building infrastructure that has the potential to change the way the world banks. It won't happen overnight but the pace at which these innovations are happening is meaningful.

Current Trading, Outlook and Transformation

The board of directors are delighted with the significant progress that has been made in the Group's transformation during the period. The legacy issues of the past are behind us. As I stated last year the importance of making sure the new Tintra was built on a very clean foundation remains paramount. It is important to remember that at the same time as rapid transformation in our new mission, we have had immense amounts of work to resolve old legacy matters.

We continued to build resilience in our talent pool through additions to the Group's Board and advisory team, highly skilled PhD senior management team leads and key roles throughout the business as building blocks for the new bank systems and infrastructure.

The Board are delighted with the securing of operating licences in two key jurisdictions and remain positive about ongoing work to secure operating licences in at least 3 other regions and countries.

As expected, the strategic financing and commercial agreement with Tintra Acquisitions Limited announced in March 2021 led to other substantial investments in Tintra and its exciting transformation program. In the year, the Company brought in four new strategic investors from North America, the Gulf and Southeast Asia, which set in place its foundation for critical research and discovery work. The Company raised net seed capital and funding in the year of £11.65 million in addition to that from Tintra Acquisitions Limited, to further support Tintra during its initial Research & Development phase. That funding included US$3.0 million from Fintech Leaders Fund, with which the Company later reached an agreement for full & final settlement as described in the Chief Financial Officer's report as a Post Balance Sheet Event. Discussions with the four strategic key investors continue regarding the next phase of the Company's development ahead of the platform infrastructure going live in 4th quarter of 2024.

As regards the $2.0m (£1.61m equivalent) strategic investment from a Gulf-based investor which was first announced on 10 March 2023 (as such, a FY23 post-balance sheet event) and updated on 9 June 2023 and 11 July 2023, the Board updates that the parties remain in close contact progressing the investment and the mutually agreed an extension until 31 August 2023 remains in place.

The Company's strategic business plan and clear vision for executing on it remains in place. 

CEO's Review

The year to the end of January saw such vast change within our company as we built new relationships, created new inventions and hired more passionate individuals to help us contribute in our own way to solving the major global challenge of the planet in the 2020's - namely driving financial and social equality across the world.

The magical conversations that drive our business on a daily basis often feel at odds with the public company that for reasons that remain beyond me seem to not be part of the vast coterie of those who support our mission and see the need for true revolution in banking the Global South.

In the past 3 months alone we have met with, and received support in different ways, from representatives of the United Nations, the World Bank, the United States Government and a range of African and Central Asian Governments, all at very senior levels.

Our team of mission driven people that work night and day to make the changes that we need to make now includes anthropologists, sociologists, world beating artificial intelligence technologists - with 10 new hires due to begin next month to make the Tintra Culture Lab a leader in its field - not least because no others are seeing the world as we are.

We have or are in the process of setting up footprint operations in Doha, Rwanda, Singapore, Azerbaijan. A few weeks ago our Chief Innovation Officer spoke in Baku about the need for more holistic understanding of risk in Central Asia and about a month ago I was honoured to share a stage with African Presidents and senior government people at the Fintech Summit in Kigali.  Th establishment of a new banking hub in Rwanda, first announced on 8 March 2023 and updated on 9 June 2023, continues to progress and discussions with the Rwandan authorities remains positive regarding the development of a business plan.  Further updates will be made as materially milestones are archived.

Our work really is at the leading edge of pioneering emerging world banking transformation and I am constantly humbled by the support of the numerous governments, multilaterals and regulators our work receives. This is a big mission that requires a medium-term view and an understanding of what the solution looks like.

We have been approached by a governmental organisation to assist in their building of a banking platform on our technology - again humbling validation that a company less than 2 years into its work is getting asked to do things that in all reason it would be expected that a legacy incumbent would be asked. The fact that they are not underlines the opportunity for Tintra but also the unfortunate fact that most of the world is not taking the needs of the Global South as seriously as it should. We are grateful for the support of the government bodies who support us in absolutely getting what we are doing and why.

The work that we undertake on a daily basis is exciting and passion-inducing internally and to our stakeholders; yet we see a key divergence of what we do, day to day, and difficult reactions to that on AIM.

The Company will press on regardless. We have investors, staff and advisors that counsel governments and multilaterals helping drive our mission. Our entire raison d'etre is to solve the challenges of inequality in the world. We will continue that work in whatever form we need to take as an organisation, to be able to do the most good for the most people at the greatest pace.

The Tintra Foundation recently hosted a dinner attended by His Majesty King Charles III in which he noted that the work of saving indigenous knowledge was something he views as an imperative and that he was glad it is finally being done, some 35 years after he first noticed the need.

It is these great things, the great innovations, the dozens of new inventions and patents, the buy-in from governments and the requests from global organizations for our input and assistance that drive us passionately every day. We know we are on track to make real change.

I look forward to providing a fuller and more complete update when the audited accounts are released within the next 8 weeks.

For further information, contact:

Consolidated Statement of Profit and Loss and Other Comprehensive Income

for year ended 31 January 2023

Consolidated Statement of Financial Position

At 31 January 2023   

Consolidated Cash Flow Statement

for year ended 31 January 2023