Fiinu PLC (LSE:BANK), the fin-tech firm developing the ‘Plugin Overdraft’, has raised £1.25 million of new capital in a share placing.
It’s issuing 12.5 million new shares priced at 10 pence per share (Thursday’s closing price was 12.5p).
Proceeds are earmarked to advance the development of the Plugin Overdraft product, as a white-label offering to potential banking partners, and to provide additional working capital.
In London, Fiinu shares were down 12% in early deals changing hands at 11p each.