Company Announcements

Fiinu selects Tuum to power its Plugin Overdraft®

Source: RNS
RNS Number : 5150Z
Fiinu PLC
15 September 2022
 

RNS

 

15 September 2022

 

Fiinu Plc

("Fiinu" or the "Company")

Fiinu selects Tuum to power its Plugin Overdraft®

 

Fiinu Plc (AIM: BANK), a UK fintech group including Fiinu Bank, has selected Tuum as the core banking platform to power its Plugin Overdraft®, a solution that will give consumers access to an overdraft facility without the need to switch banks and current accounts.

 

Using Tuum's lending module, Fiinu will bring much needed flexibility to the tightly regulated overdraft market. According to the Financial Conduct Authority, over the past four years the number of current accounts in the UK has increased by 15 per cent from 87 million to over 100 million - 55 per cent of these accounts do not have access to an arranged overdraft.

 

The Directors believe that Tuum's solution is an excellent example of how open banking can be used to improve consumer outcomes in the lending sector. Customers will be able to link multiple bank accounts to their dedicated Fiinu overdraft account through open banking application programming interfaces (APIs). The underwriting process is also led by open banking, as opposed to conventional underlying risk-based underwriting methods.

 

Fiinu went through an extensive selection process including full integration, configuration, and testing between the Plugin Overdraft® and the core banking solution. Tuum's API-first and cloud-native platform was found to be, in the Company's opinion, technically most advanced in the market for Fiinu Bank now, whilst also supporting Fiinu's longer term aspirations to expand internationally.

 

Rivo Uibo, Co-founder & CBO at Tuum, comments: "Tuum's mission has always been to empower our customers to bring innovation to the financial services sector, and our work with Fiinu is a perfect example of this. The overdraft market is notoriously rigid, and consumers are in desperate need of a more convenient way to access flexible credit in a secure manner. Through collaboration and cutting-edge technology, this offering will revolutionise the way people manage their finances."      

 

Chris Sweeney, CEO of Fiinu, comments: "We are starting a new era in banking with our unique bank agnostic Plugin Overdraft®, which offers a gateway to better financial inclusion and a welcome addition of a new product made possible through open banking. With inflation rising, the need for credit has never been greater. Our mission is to give consumers the breathing room they need through access to overdrafts that help to build credit and avoid rejection stress. Working with Tuum, we will be taking our Plugin Overdraft® solution mainstream and increasing financial flexibility for consumers."

 

 

For further information please contact:

Fiinu Plc

Philip Tansey, Chief Financial Officer

Chris Sweeney, Chief Executive Officer

via Brazil London

SPARK Advisory Partners Limited (Nomad)

Mark Brady

Adam Dawes

Tel: +44 (0) 203 368 3550

SP Angel Corporate Finance LLP (Broker)

Abigail Wayne

Matthew Johnson

Tel: +44 (0) 207 470 0470

Buchanan Communications (Financial PR adviser)

Chris Lane / Jack Devoy

Tel: +44 (0) 207 466 5000

Email: Fiinu@buchanan.uk.com

Brazil London (Press office for Fiinu)

Joshua Van Raalte / Christine Webb / Jamie Lester

Tel: +44 (0) 207 785 7383

Email: fiinu@agencybrazil.com

 

Notes to Editors

About Fiinu

Fiinu, founded in 2017, is a fintech group, including Fiinu Bank, authorised by the Bank of England. Fiinu's Plugin Overdraft® is an unbundled overdraft solution which allows customers to have an overdraft with Fiinu Bank without changing their existing bank. The underlying Bank Independent Overdraft® technology platform is bank agnostic, allowing Fiinu to serve all other banks' customers.

Open Banking allows Fiinu's Plugin Overdraft® to attach ("plugin") to the customer's 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 UK banking.

Fiinu obtained its UK deposit-taking banking licence from the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA) and was admitted to trading on AIM in July 2022.

For more information, please visit https://www.fiinu.com/

About Tuum

Tuum is a next-generation core banking technology provider. Its API-first, cloud-agnostic and highly configurable banking platform covers all retail and business banking processes. Tuum enables banks, fintech startups or even non-financial companies to roll out customer-centric financial solutions with ease. The modular approach allows companies to pick and choose the exact capabilities they need, with the option of adding additional ones in the future.

Tuum brings together expertise in technology and banking. It was founded in 2019 by a small group of Estonian financial IT pioneers with decades of experience in digitising and transforming large Nordic banks. The company has acquired customers throughout Europe and currently employs over 100 people in its offices in Tallinn, Berlin, Malaga and London.

For more information, please visit tuumplatform.com

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
 
END
 
 
MSCGPURUBUPPGBC