Consolidated statement of comprehensive income

Consolidated statement of financial position

Consolidated statement of cash flows

Consolidated statement of changes in equity Attributable to equity shareholders of the company

NOTES TO THE FINANCIAL STATEMENTS

Financial information contained in this document does not constitute statutory accounts within the meaning of section 434 of the Companies Act 2006 ("the Act"). The statutory accounts for the year ended 31 December 2023 have been filed with the Registrar of Companies. The report of the auditors confirmed that the financial statements:

·    give a true and fair view of the state of the Group's and of the Parent Company's affairs as at 31 December 2023 and of the Group's loss for the period then ended;

·    have been properly prepared in accordance with UK-adopted international accounting standards and, as regards the parent company financial statements, as applied in accordance with the provisions of the Companies Act 2006; and

·    have been prepared in accordance with the requirements of the Companies Act 2006.

The auditors conducted the audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the "Auditor's responsibilities for the audit of the financial statements" section of our report. We are independent of the Group and the Parent Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the Financial Reporting Council's ('FRC') Ethical Standard as applied to listed entities and public interest entities and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

The financial information for the six months ended 30 June 2024 and 30 June 2023 are unaudited. This announcement was approved by the Board on 17 September 2024.

1.    Reporting entity

Fiinu Plc (the "Company" or the "Group") is a public company limited by shares incorporated in England and Wales. The registered office is Ibex House, Baker Street, Weybridge, KT13 8AH. The consolidated financial statements of the Company as of 30 June 2024 and for the six months ended 30 June 2023 comprise the Company and its subsidiaries (together referred to as the "Group").

Fiinu, founded in 2017, is a fintech group that developed the Plugin Overdraft®, which is an unbundled overdraft solution that allows customers to have an overdraft without changing their existing bank. The underlying bank Independent Overdraft technology platform is bank agnostic, which therefore enables it to serve all other banks' customers. The Plugin Overdraft® platform can technically access over 100 million bank accounts in the UK. Open Banking allows Fiinu's Plugin Overdraft® to attach ("plugin") to the customer's existing primary bank account, no matter which bank they may use. Fiinu's vision is built around Open Banking, and it believes that it increases competition and innovation in banking.

For more information, please visit www.fiinuplc.com

2.    Basis of preparation

The consolidated financial information has been prepared in accordance with UK adopted international accounting standards. The consolidated financial statements are presented in pounds sterling, the functional currency of the Company and the presentation currency of the Group.

The interim financial information is made up to 30 June 2024. Where necessary, adjustments are made to the financial information of subsidiaries to bring the accounting policies used into line with those used by other members of the Group.

All intra-group transactions, balances and unrealised gains on transactions between Group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Subsidiaries are consolidated in the Group's financial statements from the date that control

commences until the date that control ceases.

Acquisitions are accounted for using the acquisition method. the cost of an acquisition is measured at fair value at the date of exchange of the consideration. Identifiable assets and liabilities of the acquired business are recognised at their fair value at the date of acquisition. To the extent that the cost of an acquisition exceeds the fair value of the net assets acquired, the difference is recorded as goodwill. Where the fair value of the net assets acquired exceeds the cost of an acquisition, the difference is recorded in profit and loss.

The Group has chosen not to adopt IAS 34 "Interim Financial Statements" in preparing the interim financial information.

3.    Significant accounting policies

The accounting policies set out in detail in note 2 of the Group's consolidated financial statements to 31 December 2023 have been applied consistently to these unaudited financial statements to 30 June 2024. There are no new standards or amendments to standards which are material to the accounts for the half year ended 30 June 2024.

4.             Events in the six months ended 30 June 2024 Business Highlights: Operational Update

·      The Company has successfully completed all its previously announced cost-cutting programmes, leading to a much-reduced loss before taxation.

·      The Plugin Overdraft platform's intellectual property, documentation and source code remain boxed in a secured data warehouse, as previously announced. The Plugin Overdraft platform can technically access over 100 million bank accounts in the UK.

·      During the period, the Company has continued funding conversations with potential investors.

·      In addition, the Company continues to discuss providing white-labelling services to other banks and licensing Fiinu's Plugin Overdraft® technology platform.

Financial Highlights

·    Loss before taxation is reduced by 95% from the same period last year to approximately £0.24m (2023: £4.41m). Cash at bank on 30 June 2024 was approximately £0.7m. Since the period end, as in the past six years, the Company has applied for a research & development tax credit, which equates to approximately £0.6m. 

·    The Board remains confident in its ability to trade as a going concern. The Board has the main shareholder support, the operating losses have been reduced, and the monthly burn rate is being managed effectively with existing liquidity.      

Outlook

·    In addition to continuing to look to secure the funding required to enable it to re-visit its application for a UK Banking Licence and potential white-labelling or licensing opportunities, the Board remains open to exploring corporate actions with other complementary businesses in the fintech or banking arena.

·    The ideal businesses should have strategic and business ethics that synergise with Fiinu's proposition, corporate culture, and values, such as improving financial inclusion through innovative use of open banking-enabled technologies and pan-European expansion ambitions.

5.    Share capital

Allotted, issued and fully paid:

There are no restrictions on the transfer of shares in Fiinu Plc. All shares carry equal voting rights.

FORWARD LOOKING STATEMENTS

This document contains certain forward-looking statements which reflect the knowledge and information available to the Company during the preparation and up to the publication of this document. By their very nature, these statements depend upon circumstances and relate to events that may occur in the future thereby involving a degree of uncertainty. Although the Group believes that the expectations reflected in these statements are reasonable, it can give no assurance that these expectations will prove to have been correct. Given that these statements involve risks and uncertainties, actual results may differ materially from those expressed or implied by these forward- looking statements.

The Group undertakes no obligation to update any forward-looking statements whether because of new information, future events or otherwise.