Fintech group Fiinu has announced its receipt of a UK banking licence from the Prudential Regulatory Authority (PRA) and the Financial Conduct Authority (FCA). The Group has also completed a reverse takeover, with its shares admitted for trading on the London Stock Exchange’s AIM segment at a valuation of approximately £53 million.
Fiinu has been working with UK regulators, external auditors, investors, and its independently led board for around five years to reach this point. The Group’s intentions were publicised earlier this year, with several senior appointments announced in June 2022 ahead of the application’s approval.
Fiinu’s admission to trading on AIM is the result of a reverse takeover and completion of the acquisition of Fiinu Holdings Limited by Immediate Acquisition Plc, which will change its name to Fiinu Plc, in an all-share transaction.
The company previously leveraged crowdfunding tools to meet key milestones.
Sjoblom commented: “We chose the London Stock Exchange as the UK Government is highly supportive of the fintech industry. Since Brexit, some British companies have chosen New York for their IPO but we are here for long-term. What also makes this step exciting is the start of a new generation of Plugin product opportunities, enabled by the OBIE initiative. It has been a vision of mine for a long-time that one day our Bank Independent Overdraft platform will create a new market where unbundled overdrafts will increase financial fairness and freedom for everyone, everywhere."
The Group is preparing to bring to market the world’s first plugin overdraft, funded by a FSCS guaranteed fixed term deposits of up-to £85,000. This will allow customers to access their third party overdraft whilst building their credit score.
Fiinuwill soon be renamed Fiinu Bank.