Tintra shares gained over 200% on Monday after the company announced a strategic investment at a significantly higher valuation than the current share price.

Tintra are currently working on two banking applications and the funds raised will be used for capital adequacy purposes.

The company has traditionally operated payments and FX services, as well as a lottery fundraising business.

Tintra have been working on capturing an opportunity in world banking over the past years and today’s fundraise from a Family Office will go some way to validate their vision.

“I am delighted to be announcing the first tranche of our first funding round,” said Richard Shearer, Tintra CEO.

‘Both of our new funding partners are sophisticated investors and this nod of support in what we are building, and its potential is a very rewarding feeling.”

“We are moving incredibly quickly, and while of course there will be bumps in the road, we feel we have now got a clear run at the target. Both of our two current banking applications in development are tracking better than expected and are on target to be completed on time. Our friends and JV partners over at TMC2*, who are about to exit their previous AI project at a valuation north of $5Bn next month (based on reports in the press over the past few weeks) are freeing up to focus all their energies on our game changing regulatory technology.”

“The Funding Round, once completed, will give us the runway now to start building out a best-in-class team, some of whom I expect to be announced to the market during the next quarter, and to engage some of the best consultancy minds in the sector who we have been positioning over the past few months.” 

The FTSE 100 traded largely flat on Monday as gains in travel, entertainment and financial shares were offset by sharp declines inn the housebuilders.

Housebuilding shares such as Persimmon, Barratts and Berkeley Group sank following the announcement by the UK government they were instructing home builders to provide remedies to homeowners impacted by the cladding scandal.

Taking aim at property developers in a letter, Housing Minister Gove said: “For too many of the people living in properties your industry has built in recent years, their home has become a source of misery.”

Persimmon saw the heaviest selling with shares shedding over 4.5% by lunch time in London. Barratts and Berkeley Group 3.6% and 2.5% lower respectively. Taylor Wimpey gave up 2%.

“Despite some tentative positivity in Asian trading, the UK index was not helped by a weak start for the housebuilding sector,” said AJ Bell investment director Russ Mould.

“The UK Government is reportedly looking for property developers to take on a greater share of the costs of repairing dangerous apartment blocks in the wake of the Grenfell tragedy in 2017.”

“Many flat owners have been left with onerous costs for replacing flammable cladding and the latest reports on who will foot the bill should come as no surprise to the sector in that context.”

“The housebuilders have benefited from generous incentives, such as Help to Buy and the mortgage guarantee scheme, in recent years. However, state support is not a one-way street and the sector needs to do its bit to look after its customers.”

The weakness in the housebuilders meant the FTSE 100 traded down by 13 points at 7,471, retreating from the psychological support/resistance at 7,500.

FTSE 100 oil majors BP and Shell provided minor support for the index gaining around 1% despite oil futures slipping. The downside in oil was minor after a strong weeks of gains during the protests in Kazakhstan.

Lloyds shares – along with other UK banks – extended their gains on Monday as investors continued to buy into banks following the surprise interest hike rate by the Bank of England in December.

With inflation expected to hit 6% in the coming months, the prospect of further interest rate increases, and a boost to banking profitability, is very real.