Fiinu Plc (AIM:BANK) shares slumped 14% on Friday morning after the financial tech company confirmed regulators had been asked to withdraw its banking license due to a lack of funding.
“Continuing challenging capital market conditions” has seen fundraising hit a dead end, AIM-listed Fiinu said, prompting it to backtrack on March comments that enough equity would be available for subsidiary Fiinu Bank Ltd to become fully licenced.
Fiinu aims to reapply in two to three months, providing time to seek the estimated £34mln to £42mln needed.
Chief executive Chris Sweeney said Finuu had made “excellent progress” toward “operational readiness” despite the lack of access to funds, though this was not enough to convince investors.
Shares fell 13.7% to 11p.