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Fiinu PLC - Camberley, England-based digital bank - On Friday, reports funding challenges have continued over the summer and, whilst the company remains engaged in a number of live discussions with potential investors, none of them has advanced sufficiently at this point to enable Fiinu 2 Ltd to make a re-application for its banking licence.
Explains at September 28, company had cash resources of £1.9 million. This is enough funds to scale back its current operations in Fiinu 2 Ltd and Fiinu Holdings Ltd and continue to meet its financial obligations as they fall due.
Plans to continue with its cost reduction process, and will reduce headcount significantly to preserve cash. Points out this will ensure that Fiinu 2 Ltd is in a position to commence the re-application for its banking licence when it has secured the required funding.
David Hopton, Jerry Loy, and Huw Evans will leave the board on December 31, in the absence of any new potential funding developments. Chris Sweeney, chief executive, will step down on December 31.
Plans to look to raise further funding to support at least the 12-month period from the issuance of the 2023 year end accounts, whilst it seeks to raise the capital for the re-application process. Notes the required capital for the re-application process is between £35 million to £42 million.
Current stock price: 1.30 pence
12-month change: down 91%
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