Fiinu CEO to Step Down as Company Continues to Seek Funding

by Warren Seah

By Elena Vardon

London, U.K. – Fiinu, a fintech company, has announced that its Chief Executive Officer, Chris Sweeney, will be stepping down as part of the company’s efforts to reduce costs and secure funding for its banking-license application. Despite ongoing discussions with potential investors, Fiinu has been unable to secure the necessary funding to relaunch its banking license application.

“The inability to secure the required funding is disappointing and prevents the company from entering the marketplace,” said Sweeney.

Fiinu currently has GBP1.9 million in cash reserves, which it plans to use to scale back operations in line with its cost reduction plan and meet financial obligations. However, if there are no new funding developments by December 31, Sweeney and three other board members will leave the company to reduce future operating costs. They have agreed to remain as unpaid board advisers.

Founder and Executive Director, Marko Sjoblom, will take over as CEO during the fundraising period, with deferred remuneration if the group successfully reapplies for its banking license.

You may also like

Leave a Comment