Fiinu PLC - Weybridge, England-based digital bank and creator of Plugin Overdraft - Notes the nearly 50% increase to its share price on Tuesday and says it is "not aware of any material commercial or operational reason for the significant increase". The company says that it is engaging with potential investors and will provide updates in due course.
Fiinu says its focus remains on raising the necessary capital to reapply for a banking licence for its subsidiary Fiinu 2. Fiinu 2 had its licence withdrawn in July, and the group now requires between GBP35.0 million and GBP42.0 million for the reapplication process. In December, Fiinu let go of a number of board members in an effort to preserve cash, and intends to undertake a hiring process to ensure "the required level of technological and regulatory readiness" for a banking licence reapplication.
Current stock price: 0.97 pence per share, up 49% in London on Tuesday morning.
12-month change: down 90%
By Hugh Cameron, Alliance News reporter
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