REG - Fiinu PLC - Conister Bank to launch Plugin Overdraft® in UK

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RNS Number : 4221Z  Fiinu PLC  16 September 2025

Information contained within this Announcement is deemed by the Company to
constitute inside information stipulated under the Market Abuse Regulation
(EU) No. 596/2014 which forms part of English law by virtue of the European
Union (Withdrawal) Act 2018, as amended. Upon the publication of this
announcement via the Regulatory Information Service, this inside information
is now considered to be in the public domain.

 

16 September 2025

 

Fiinu Plc

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

 
Conister Bank to launch Fiinu's Plugin Overdraft® in the UK

 

Fiinu Plc (LON:BANK), a fintech group and creator of the Plugin Overdraft®,
is pleased to announce that, further to the Company's notification released on
15 January 2025, it has entered into an exclusive strategic partnership with
Manx Financial Group Plc (LON: MFG) ("MFG") subsidiary, Conister Bank Limited
("Conister"), to launch Fiinu's Plugin Overdraft® product in the United
Kingdom, subject to regulatory approval.

 

This pioneering product represents a major milestone for the UK fintech
sector, which makes use of both Open Banking and AI underwriting. Fiinu's
bank-agnostic overdraft platform, powered by AI, was originally developed and
audited for Fiinu Bank in the UK. It enables customers of any UK bank to
'plugin' a Conister Bank overdraft to their primary current account, without
anyone needing to switch banks. The solution can technically access over 100
million personal current accounts in the UK and 95% of EU bank accounts. For
the first time, overdraft services can be unbundled from traditional current
accounts without anyone needing to switch their bank, offering consumers
greater flexibility, transparency, and choice.

 

The Plugin Overdraft® will be launched initially to MFG's subsidiary, Payment
Assist Limited's (PAL's) one million plus existing retail customers, before
being expanded more widely to Conister's retail and SME customer base across
the UK and Isle of Man.

 

The Plugin Overdraft® remains scheduled for launch in Q4 2025.

 

Master Services Agreement ("MSA")

The MSA governs the parties' relationship in respect of the roll-out and
operation of Fiinu's Plugin Overdraft®. Key elements include:

 

·    Exclusivity: Unless mutually agreed, Conister will hold exclusive
rights to use the Plugin Overdraft® in the UK and Isle of Man for a minimum
of three years.

·   White-labelled rollout: The product will be branded "Conister Bank
Plugin Overdraft®, powered by Fiinu", and fully integrated into Conister's
infrastructure and PAL's customer channels.

·   Profit-sharing Arrangement: Parties have agreed an audited share of
annual product profits, reconciled annually in arrears.

·    Technology platform: Fiinu will operate the turnkey platform and will
invoice Conister, on an agreed charging structure for the development and
continuous use of platform on volumes basis, in addition to the annual
profit-sharing arrangement.

·     Implementation & governance: The programme will be jointly
managed with structured governance and regular strategic reviews.

 

Dr. Marko Sjoblom, Fiinu's Chief Executive Officer, commented:

"This partnership with Conister Bank is a true milestone for both companies.
Conister Bank, with its 90-year history and forward-looking approach, is the
ideal partner to help us deliver the Plugin Overdraft® at scale. Their
regulatory expertise and distribution strength perfectly complement Fiinu's
proprietary, bank-agnostic platform, which was originally designed during my
PhD research in AI focused on overdrafts and affordability. This foundation
has evolved into a proprietary AI-driven underwriting engine that makes
overdrafts responsibly available across the UK's 100 million+ personal current
accounts and can scale seamlessly across thousands of banks in the EU.
Together with Conister, we believe we are setting a new standard for
collaboration between two AIM companies, banks and fintechs, with PAL's
one-million-plus customers as the launch base. We remain firmly on track for
our Q4 2025 launch. "

Douglas Grant, Conister Bank and MFG's Chief Executive Officer, commented:

"The Plugin Overdraft® is a world-first unbundled overdraft solution,
allowing any UK bank customer to access an overdraft without leaving their
primary bank. Enabled by Open Banking and powered by Fiinu's pioneering,
bank-agnostic AI platform, it provides our customers with genuine choice and
flexibility. Conister and Fiinu teams have done exceptional work in tailoring
this groundbreaking technology for Conister as a white-label solution, and we
are proud to bring it to market together. Launching first to PAL's
one-million-plus customers, and then more broadly, this product represents a
step-change in how overdrafts are delivered and will create meaningful value
for customers and shareholders alike."

Further announcements will be made as appropriate.

The Directors of the Company are responsible for the release of this
announcement

*ENDS*

For further information, please contact: 

 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 47 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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