Fiinu reports narrower loss in 2024 amid strategic shift
Fiinu PLC on Friday hailed a ‘year of strategic transformation’ as it reported a narrower loss for 2024.
The Weybridge, England-based financial technology firm said its pretax loss narrowed to £700,068 in 2024 from £8.3 million in 2023.
Basic loss per share narrowed to £0.26 from £3.06.
Administrative expenses were reduced by 90% to £700,645 from £7.2 million.
‘2024 was a year of strategic transformation for Fiinu, defined by the return of our UK banking licence in 2023 and a shift toward a leaner, tech-focused business model,’ said Chief Executive Officer Marko Sjoblom.
After returning its UK banking licence in 2023, Fiinu said it has scaled back its operations to reduce its average monthly burn rate of £45,000 in 2024 from £600,000 in 2023.
The company said it reached a key milestone by signing non-binding heads of terms with an independent UK bank to white-label the Fiinu solution.
Looking ahead, Sjoblom said: ‘The foundations laid this past year, product licensing, strategic focus, fundraising, and new partnerships position us to pursue generating revenue with greater confidence.’
Shares in Fiinu were up 2.1% to 7.15 pence in London on Friday morning.
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