By Elena Vardon
Fiinu PLC, a leading fintech company in the U.K., revealed its plans to scale back operations in its subsidiaries, Fiinu 2 Limited and Fiinu Holdings. The decision aims to reduce their debts and liabilities in order to optimize resources, considering the expenses associated with running their advanced banking technology.
To achieve cost reductions, Fiinu PLC will implement various measures, including reducing staffing levels and renegotiating or terminating supplier agreements. However, due to current circumstances, the company disclosed that it is unable to utilize the funding options previously announced with Dewscope, GEM Global Yield, and GEM Yield Bahamas in March.
As of June 30, the London-listed group reported cash resources of approximately £4.3 million ($5.6 million), which it believes is sufficient to downsize its subsidiaries and meet its financial obligations.
Fiinu PLC also confirmed that regulators accepted its withdrawal of the restricted banking license application for Fiinu 2 (formerly Fiinu Bank). It mentioned that securing funding for reapplying has been unsuccessful so far. Nevertheless, the company expressed its intention to continue pursuing funds for this purpose. Additionally, it stated that it will explore the possibility of adopting a new strategy or selling its technology assets.