Published: June 8, 2023 at 5:00 a.m. ET
By Michael Susin
Fiinu said Thursday that 2022 pretax loss has widened and that the group is focused on promoting its main product in U.K. and securing regulatory approval.
The U.K. fintech company reported a pretax loss for 2022 of 8.2 million pounds ($10.2 million) compared with a loss of GBP975,187 a year ago, mostly due to administrative…
By Michael Susin
Fiinu said Thursday that 2022 pretax loss has widened and that the group is focused on promoting its main product in U.K. and securing regulatory approval.
The U.K. fintech company reported a pretax loss for 2022 of 8.2 million pounds ($10.2 million) compared with a loss of GBP975,187 a year ago, mostly due to administrative expenses.
Investment revenues for the period came in at GBP11,596.
The company said that it is currently focusing on building a bank-independent overdraft platform in order to promote its flagship product in the U.K.
Plugin Overdraft, which it says will give consumers access to an overdraft facility without the need to switch banks and current accounts.
The group is also seeking to secure GBP34 million to GBP42 million of capital and a full unrestricted banking license in the second half of 2023.
“Fiinu has had a very encouraging year with significant progress made despite the extremely difficult capital markets, the increasingly challenging cost environment and the extremely tight timetable in which to launch our business,” it said.
Write to Michael Susin at [email protected]
