(Alliance News) - Fiinu PLC on Thursday said it maintained a strong cash balance after liquidating many of the company's interests in the first half of the year.
The Surrey-based fintech company said its pretax loss was GBP914,000 in the six months to June 30, widened from GBP237,000 the year before.
The company recorded no revenue, unchanged from last year. It is in the process of developing its bank independent overdraft platform, Fiinu Bank, which will promote its Plugin Overdraft product.
Plugin Overdraft give consumers "access to an overdraft facility without the need to switch banks and current accounts." Fiinu said that rising inflation and the cost-of-living crisis is resulting in higher demand for an overdraft. Fiinu's model is based on the principle that overdraft limits will be provided to those can make repayments without adversely impacting their own financial well-being or needing to borrow more.
The company has a cash balance of GBP3.6 million after undergoing extensive restructuring. The company, which was previously called Immediate Acquisitions PLC, sold some of its companies, including Immedia Broadcast Ltd for GBP2.0 million and Sprift Loan for GBP1.1 million. In June Immediate Acquisitions acquired Fiinu in a reverse takeover worth GBP37.5 million. The newly named Fiinu was readmitted to trading on AIM in July.
Fiinu said it had achieved a sequence of milestones - including the granting of a banking licence and securing GBP14 million of funding - and will provide updates as we "continue to meet our milestones during the mobilisation phase of Fiinu Bank".
Chief Executive Officer Chris Sweeney said: "With the reverse take-over of Immediate Acquisition PLC and its subsequent renaming to Fiinu PLC having successfully concluded we are now engaged in the exciting work required to fully enable our banking product to be ready for submission within the year for regulatory approval."
Shares in Fiinu were trading 1.4% lower at 14.05 pence each on Thursday afternoon.
By Chris Dorrell; chrisdorrell@alliancenews.com
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