Company Announcements

28 April 2023

Fiinu Plc

("Fiinu", the "Company" or the "Group")

Fundraising, Issue of Equity and Total Voting Rights

Fiinu, a fintech company including the fully owned Fiinu Bank Limited, creator of the Plugin Overdraft®, announces that it has conditionally raised £0.75 million, before costs, ("Fundraising") in new equity funding ("New Ordinary Shares") following the conversion of loan capital subject to admission of the New Ordinary Shares to trading on the AIM Market of the London Stock Exchange ("Admission").

Fundraising

Further to the announcement on 15 March 2023, Fiinu has today exercised its right to convert £0.75m of drawn down loans with Dewscope Limited ("Dewscope") into New Ordinary Shares at a price of 13 pence per New Ordinary Share resulting in the issue and allotment of 5,769,230 New Ordinary Shares in the Company, together with 303,644 new warrants to subscribe for further new ordinary shares at a price of 20 pence per new ordinary share.

Further information on the Dewscope loan conversion

On 15 June 2022, the Company entered into an unsecured facility agreement ("Dewscope Loan Agreement") with Dewscope (a company of which Mark Horrocks is a director and is an indirect beneficiary), pursuant to which Dewscope agreed to make available a loan facility of up to £2.49 million for a period of two years (the "availability period").

On 15 November 2022, £500,000 of the Dewscope Loan was drawn down by the Company.

On 14 March 2023, the Company entered into a further agreement with Dewscope ("Conversion Agreement") that allows for the Company to elect to convert all or part of the £2.49 million of the Dewscope Loan into New Ordinary Shares at a subscription price of 13 pence per New Ordinary Share.

In addition, new Warrants that are exercisable at 20 pence per share into new ordinary shares at a ratio of 1 warrant for every 19 ordinary shares issued by the Company, will be issued to Dewscope on conversion of the Dewscope Loan into New Ordinary Shares.

On 21 April 2023 a further £1.0 million of the Dewscope Loan was drawn down by the Company, making a total drawdown to date of £1.5 million.

Further announcements will be made as appropriate.

Admission and Total Voting Rights

The Fundraising is subject to Admission. The Company has the authority to issue and allot the New Ordinary Shares pursuant to certain existing shareholder authorities granting such powers to the directors at the Company's General Meeting held on 20 February 2023. It is expected that Admission for the New Ordinary Shares issued and allotted in respect of the Subscription will become effective, and dealing in these New Ordinary Shares will commence, at 8.00a.m, on or about 4 May 2023.  Further announcements regarding Admission of the New Ordinary Shares in respect of the Subscription Facility and/or the Conversion Agreement will be made as appropriate.

Following Admission of the New Ordinary Shares in respect of the Subscription, the share capital of the Company will comprise 274,747,246 Ordinary Shares. The above figure of 274,747,246 may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in Fiinu under the Financial Conduct Authority's Disclosure Guidance and Transparency Rules.

Market Abuse Regulation ('MAR') Disclosure

Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) No 596/2014 ('MAR'), which is part of UK law by virtue of the European Union (Withdrawal) Act 2018, until the release of this announcement

ENDS

About Fiinu

Fiinu, founded in 2017, is a fintech group, including Fiinu Bank^{1], which is authorised by the Prudential Regulatory Authority^[1]. 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 Bank 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.

For more information, please visit 
www.fiinu.com.

^[1] Fiinu Bank Limited obtained its UK deposit-taking banking licence with restrictions from the Prudential Regulation Authority (PRA) and with the consent of the Financial Conduct Authority (FCA) in July 2022.

About Dewscope Limited

Dewscope Limited is a company of which Mark Horrocks is a director and is an indirect beneficiary.