REG - Fiinu PLC - AIM Admission First Day of Dealings, Board changes

FiinuAnnouncement

27/08/2025 08:15

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RNS Number : 8364W  Fiinu PLC  27 August 2025

27 August 2025

 

Fiinu Plc

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

 

Admission to Trading on AIM, First Day of Dealings, Directorate changes

 

Fiinu Plc (AIM: BANK) is pleased to announce the readmission of its shares to
trading on AIM ("Admission") following completion of the reverse takeover of
Everfex P.S.A ("Everfex"), following Admission.

About Fiinu

 

Fiinu is a fintech business which has been developing its Plugin Overdraft®
product, an Open Banking-enabled unbundled overdraft solution. The Plugin
Overdraft® is a technical BaaS solution that allows customers to have an
overdraft facility without changing their existing bank or eMoney account. The
Plugin Overdraft® platform can technically access over 95 million bank
accounts in the UK.

 

Open Banking allows the Group's Plugin Overdraft® to attach ("plugin") to the
customer's primary bank account. Over 95% of current accounts in the UK are
covered by the Open Banking ecosystem. There is a substantial market
opportunity for the Group in the UK alone, with over 29 million potential
retail consumers who may consider adding the Plugin Overdraft® to their bank
account as long as they do not have to switch their main bank (based on the
Company's internal research conducted in 2019). The Group's Plugin Overdraft®
platform can provide retail customers with an overdraft facility without
switching banks, giving them access to mainstream credit, which can improve
their credit scores and help avoid expensive late payment fees. This removes
the major friction and inertia in banking where consumers do not want to
switch banks, and the solution improves financial inclusion.

 

The Group's strategy since the completion of the Fiinu reverse takeover,
financing, and re-admission of its Ordinary Shares to AIM on 8 July 2022 had
been to progress the technical development of its Plugin Overdraft® platform
and Fiinu 2 to undergo the Bank of England 12-month mobilisation programme.
The mobilisation included development, an independent audit of the technology
platform and preparation for full operational readiness to launch the Fiinu
bank. The Company was ready to submit the Variation of Permission documents to
the PRA / FCA to lift Fiinu 2's deposit taking restrictions. However,
challenging fundraising market conditions in 2023 prevented the Company from
raising all the necessary funds required by the PRA (as regulatory and
operational capital) to exit the mobilisation programme and obtain an
unrestricted banking licence. Accordingly, during the second half of 2023, the
Group surrendered its banking licence to the PRA and undertook a cost
reduction exercise (by reducing staffing levels, including board members, and
renegotiating or terminating agreements with suppliers) to preserve cash
resources whilst maintaining the Group's core banking technology. As part of
this scaling-back process, the Group has preserved the integrity of its
technology and its intellectual property, infrastructure and regulatory
documentation. This forms the basis of the Group's current operations, which
comprise the following:

 

·   Plugin Overdraft® platform: The Group's flagship product, the Plugin
Overdraft®, is a personal finance management solution, as referred to above.
It provides consumers with flexible overdraft credit solutions that integrate
directly into existing banking applications. This service allows users to
access an overdraft facility seamlessly without a need to change their bank.

 

·     Banking as a Service (BaaS): Fiinu is also seeking to provide a
turnkey BaaS platform and customer support offering that enables third-party
financial institutions to launch their own banking products quickly and
efficiently. This solution supports a variety of services, from payment
processing to lending, thereby allowing partners to enhance their customer
offerings with minimal operational overhead.

 

·    AI-Driven Underwriting: The Group has developed advanced artificial
intelligence and machine learning techniques to enhance the underwriting
processes related to the provision of a Plugin Overdraft® to consumers. The
Group uses models such as artificial neural networks and Markov chains to
ensure more accurate credit assessments and quicker decision-making, thereby
improving the user experience. The underwriting can be offered as part of the
platform or on a stand-alone basis.

 

On 15 January 2025, the Company announced that it had signed non-binding heads
of terms for its first white label deal for its Plugin Overdraft® product
with an independent UK bank, pursuant to which the Group would provide the
bank with its BaaS platform incorporating the Plugin Overdraft® product. The
launch Is anticipated during Q4 2025.

 

About Everfex

 

Everfex is a recently incorporated company, that acquired the business, trade
and certain assets of Stały Kurs on 1 January 2025. As part of the Stały
Kurs acquisition, Everfex purchased the right to use the Stały Kurs name and
will continue to trade as Stały Kurs in Poland. Stały Kurs was established
in September 2019, in Poland, to provide currency hedging solutions.

The business serves small and medium-sized businesses exposed to Polish Zloty
fluctuations against all major currencies. Over the years Stały Kurs had
developed into a key player in the Polish market, specialising in supporting
import and export businesses with currency exchange. Stały Kurs has
demonstrated year-on-year growth in revenue and profitability, primarily
driven by the expansion of its client base and improved operational
efficiency.

At the end of Q2 2023, a new management team, led by CEO, Karol Oleksa,
restructured aspects of the Stały Kurs business and introduced a more robust
governance and risk management framework. As part of this restructuring the
previous CEO left the business in Q2 2023, and sold his shareholding in Stały
Kurs. In late 2024, the business underwent a restructuring in preparation for
its transfer to Everfex, and in July 2025 the then owners of Everfex (being
the Beneficial Owners) transferred Everfex to Granicus Holdings, which entity
has entered into the Acquisition Agreement for the sale of Everfex to the
Company.

Milestones and Achievements in 2024:

·    The business achieved the first profitable full operational year with
an unaudited operating profit of c. PLN 6.57 million for the period from 1
January 2024 to 31 December 2024.

 

·     The business executed over $1 billion in spot, swap, and forward
contracts traded in 2024.

 

·    There was growth of over 1,300% in the total number of SME clients
profits for the period from 1 January 2024 to 31 December 2024, with
approximately 2,300 new clients gained in 2024, giving a total number of
Everfex clients at the year end of approximately 2,500.

 

 

The Company's ISIN, SEDOL and LEI number remain unchanged:

·      The ISIN of the Ordinary Shares is GB0033881904;

·      The SEDOL of the Ordinary Shares is 3388190; and

·      The Company's LEI number is 213800XSRH9SNN1EXX92.

 

Marko Sjoblom, CEO of Fiinu, commented:

"The completion of the Everfex acquisition is a significant step in Fiinu's
strategic journey, broadening our presence in the foreign exchange market and
strengthening our capabilities in serving SME customers across Europe. This
transaction not only delivers a profitable and scalable business into the
Group but also complements our technology-led strategy, particularly as we
expand the reach of our Plugin Overdraft® and BaaS offerings.

 

"As well as the Everfex team, we are also delighted to welcome two new
directors the Company's board.  Sami Kalliola and Mark Wallace add
significant, relevant experience and knowledge to the Board as we look to
integrate Everfex and continue to expand the Group."

 

Directorate Changes

 

As set out in the Company's Admission Document dated 7 August 2025, the
following two individuals have been appointed to the Company's Board of
Directors with effect from Admission:

 

Sami Kalliola - Chief Strategy Officer

Mark Wallace - Independent Non-Executive Director, and Chair of Everfex

 

Full details of the Directors are given in the Company's Admission Document
dated 7 August 2025.

 

At the time of their appointment, being Admission, they each held the
following interests in the shares of the Company:

 

Sami Kalliola (Chief Strategy Officer) holds 2,000,000 ordinary shares
representing 0.53 per cent. of the issued share capital of the Company,
together with 1,250,000 options. Further details of these options are set out
in the Company's Admission Document dated 7 August 2025.

 

Mark Wallace (Independent Non-Executive Director, and Chair of Everfex) holds
1,435,903 ordinary shares representing 0.38 per cent. of the issued share
capital of the Company.

 

There are no further disclosures to be made pursuant to Schedule Two paragraph
(g) of the AIM Rules for Companies.

 

 

 

 Fiinu Plc                                        Tel: +44 (0) 1932 629 532

 Dr. Marko Sjoblom - CEO

 SPARK Advisory Partners Limited (Nomad)          Tel: +44 (0) 203 368 3550

 Mark Brady/Jade Bayat

 SP Angel Corporate Finance LLP (Joint Broker)    Tel: +44 (0) 207 470 0470

 Bruce Fraser/Ezgi Senturk

 Oberon Investment Limited (Joint Broker)         Tel: +44 (0)203 179 5300

 Nick Lovering/ Adam Pollock/ Mike Seabrook

 Brazil (Financial PR)                            Tel: +44 (0) 207 785 7383

 Joshua van Raalte /Jamie Lester/Christine Webb

 

 

For more information, please visit www.fiinuplc.com (http://www.fiinuplc.com)

 

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