Fintech Group Fiinu Approved to Trade on AIM and Secures Banking Licence from UK Regulator

Fintech group Fiinu has had its shares admitted to trading on AIM today, with a valuation of approximately £53 million. Fiinu has also secured its deposit-taking bank licence from the Bank of England. The issuing of the bank licence and authorisation from the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA), concludes a journey that initially started five years ago. 

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Fiinu is preparing to bring to the market the world's first Plugin Overdraft®, funded by a FSCS guaranteed fixed term deposits of up-to £85,000. The unbundled overdraft solution helps customers to get access to a third-party overdraft from Fiinu whilst building their credit score, which cannot be said about some of the non-bank or unregulated alternatives which are eroding the credit files of customers. Fiinu's Open Banking enabled platform connects seamlessly to the customer's existing bank accounts without needing to switch current account. Customers can therefore continue to use their existing bank accounts as before and benefit from Fiinu's overdraft service and product which is outside of their existing bank risk appetite.

Chris Sweeney, CEO of Fiinu Plc, 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 of a product made possible through open banking. With the cost-of-living crisis in full effect, we are working hard to bring the Plugin Overdraft® to market as quickly 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."