REG - Fiinu PLC - Half-Year results for the 6 months to 30 June 2025
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RNS Number : 3049Y Fiinu PLC 08 September 2025
08 September 2025
This announcement contains inside information as stipulated under the UK version of the Market Abuse Regulation (EU) No. 596/2014 which is part of English Law by virtue of the European (Withdrawal) Act 2018, as amended. On publication of this announcement, this information is considered to be in the public domain.
FIINU PLC
("Fiinu" or the "Company" or the "Group")
Half-Year results for the six months ended 30 June 2025
Fiinu, a fintech group, creator of the Plugin Overdraft®, and recently
re-admitted to trading on the AIM following the Acquisition of Everfex P.S.A.,
announces its unaudited half-year results for the six months ended 30 June
2025.
Business Highlights
· White-labelled Plugin Overdraft® Partnership: In January 2025, the Company announced non-binding heads of terms for its first white-label deal with a UK bank, providing an AI-driven Banking-as-a-Service (BaaS) platform that includes its Plugin Overdraft®. The platform will integrate with the bank's existing systems, marking a key milestone in Fiinu's growth. The UK bank is expected to launch this product in Q4 2025.
· Capital Raised Through Share Issuance: In February 2025, the Company raised £1,250,000 by issuing 12.5 million new ordinary shares at an issue price of 10 pence each. The funds being used to further develop the Plugin Overdraft® as a white-label product and to support working capital needs.
· Software Reactivation: In March 2025, the Company reactivated core Banking services provided by Tuum supporting the white-label Plugin Overdraft® alongside building in-house developer capacity.
· Strategic Focus: While costs increased in the first half of the year, driven by efforts to complete the acquisition of Everfex PSA and the re-admission to trading on AIM, both milestones were successfully achieved in August 2025, positioning the Group for the next phase of growth.
Post Period End Highlights
· Completed the Acquisition of Everfex P.S.A.: In August 2025, the Company completed the acquisition of Everfex P.S.A. from Granicus Holdings OU, for an initial consideration of £8 million, to be satisfied through the issue of 80,000,000 new ordinary shares, at a price of 10p per new ordinary share. Additional consideration of £4 million may be payable after 1 January 2026 if Everfex achieves certain performance criteria, which would be satisfied through the issue of 20,000,000 additional new ordinary shares at an issue price of 20p per new ordinary share. This acquisition constituted a reverse takeover under the AIM Rules and was approved by shareholders in a General Meeting on 26 August 2025.
· Capital Raised Through Acquisition: In August 2025, the Company successfully raised approximately £0.8 million through a conditional cash subscription via the issuance of 8,010,000 new ordinary shares at an issue price of 10 pence per share, as part of the Everfex P.S.A. acquisition.
· Diversified Corporate Leadership: In August 2025, the Group announced the appointments of two new plc Directors and two senior managers, alongside changes to the CFO position. These appointments enhance the breadth and depth of financial services expertise across the Group.
· Capital Raised Through Subscription: In September 2025, the Company entered into subscription agreements to raise £1.4 million by issuing new ordinary shares at an issue price of 15 pence per share, reflecting a 50% premium to the subscription price announced on 6 August 2025.
· Warrant Overhang Settlement: In September 2025, the Company reached a mutual agreement with GEM to terminate the GEM Facility, including outstanding warrants through the issuance of "Settlement Shares," resulting in a termination payment of £1.15 million, satisfied by the issuance of 7,666,667 new ordinary shares in the Company at 15 pence per share and reducing the existing overhang on Fiinu's capital structure
Financial Highlights
· As at 30 June 2025 the Company's cash balance was £643,490.
· The loss before tax for the period was £980,338. This reflects the
increased costs associated with the development of the white-label solution
and the preparatory work for the Everfex P.S.A. acquisition.
Dr Marko Sjoblom, Fiinu's Chief Executive said:
"The first half of 2025 has been a defining period for Fiinu, during which we
made significant progress on our core strategic priorities. Most notably, we
advanced the implementation of the white-label arrangement announced in
January, expanding the reach of our Plugin Overdraft® product and
successfully raised capital to support the product development . These
initiatives underline our commitment to delivering scalable, technology-led
financial solutions to the market.
"Despite the challenges of operating with limited capital and human resources,
our leadership team-supported unwaveringly by the Board remained firmly
focused on our long-term strategy. By prioritising disciplined allocation of
resources and aligning every decision with our growth objectives, we continued
to make tangible progress across key initiatives. This resilience demonstrates
our determination to build a scalable and sustainable business for the future.
"Looking ahead, my overriding objective-aligned with my proposed long-term
incentive arrangements-is to deliver a step-change in shareholder value by
increasing our share price to 110 pence and market capitalisation to £440
million over the next 36 months. While ambitious, this target reflects my
confidence in the strategic path we have set and our ability to execute the
initiatives required to unlock meaningful value creation for our
shareholders."
Key Financials
Highlighted below are the key unaudited financial highlights for the six
months to 30 June 2025, compared to the six months to 30 June 2024 and the
audited year ending 31 December 2024.
Unaudited Unaudited Audited
half year to 30 Jun 2025 half year to 30 Jun 2024 year to 31 Dec 2024
£ £ £
Revenue - - -
Gross profit - - -
Administrative expenses (1,501,429) (238,606) (700,645)
Investment revenues / cost - - -
Other income 517,406 - -
Net finance cost / income 3,685 433 577
Loss before taxation (980,338) (238,173) (700,068)
Income tax income - - -
Loss and total comprehensive income (continuing operations) (980,338) (238,173) (700,068)
Fair value adjustments - - -
Impairment of investments - - -
Total Loss and total comprehensive (980,338) (238,173) (700,068)
Income
Earnings per share
Basic (0.0035) (0.001) (0.25)
Diluted (0.0035) (0.001) (0.25)
Enquiries:
Fiinu plc via Brazil London (press office for Fiinu)
Marko Sjoblom, Chief Executive Officer
www.fiinu.com (http://www.fiinu.com/)
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 Capital Limited (Joint Broker) Tel: +44 (0)203 179 5355
Nick Lovering /Adam Pollock/Mike Seabrook
Brazil London (press office for Fiinu) Tel: +44 (0) 207 785 7383
Joshua Van Raalte / Christine Webb / Jamie Lester
For more information, please visit www.fiinu.com (http://www.fiinu.com/)
Consolidated statement of comprehensive income
Unaudited Unaudited Audited
half year to 30 Jun 2025 half year to 30 Jun 2024 year to 31 Dec 2024
£ £ £
Revenue - - -
Gross profit - - -
Administrative expenses (1,501,429) (238,606) (700,645)
Investment revenues / cost - - -
Other income 517,406 - -
Net finance cost / income 3,685 433 577
Loss before taxation (980,338) (238,173) (700,068)
Income tax income - - -
Loss and total comprehensive income (continuing operations) (980,338) (238,173) (700,068)
Fair value adjustments - - -
Impairment of investments - - -
Total Loss and total comprehensive (980,338) (238,173) (700,068)
Income
Earnings per share
Basic (0.0035) (0.001) (0.25)
Diluted (0.0035) (0.001) (0.25)
Consolidated statement of financial position
30 June 2025 (unaudited) 30 June 2024 (unaudited) 31 Dec 2024
Notes £ £ (audited)
£
ASSETS
Non-current assets
Intangible assets - - -
Property, plant and equipment 1,197 - -
1,197 - -
Current assets
Trade and other receivables 51,633 64,386 48,811
Current tax recoverable - - -
Cash and cash equivalents 643,490 691,280 355,932
695,123 755,666 404,743
Total assets 696,320 755,666 404,743
LIABILITIES
Non-Current liabilities
Lease liabilities - - -
- - -
Current liabilities
Trade and other payables 300,965 144,371 279,050
Lease liabilities - 23,707 -
300,965 168,078 279,050
Total liabilities 300,965 168,078 279,050
Capital and Reserves
Called up share capital 28,724,724 27,474,724 27,474,724
Share premium 9,475,486 9,475,486 9,475,486
Own shares (5,100) (5,100) (5,100)
Merger reserve (21,120,782) (21,120,782) (21,120,782)
Shares to be issued 50,000 50,000 50,000
Retained losses (16,728,973) (15,286,740) (15,748,635)
Total Equity 395,355 587,588 125,693
Total equity and liabilities 696,320 755,666 404,743
Consolidated statement of cash flows
6 months 6 months 12 months
Notes ended 30 June 2025 (unaudited) ended 30 June 2024 (unaudited) ended 31 Dec 2024
£ £ (audited)
£
Cash flows from operating activities
Cash absorbed by operations (1,482,228) (585,841) (897,626)
Income taxes refunded 517,406 - -
Net cash outflow from operating activities (964,822) (585,841) (897,626)
Investing activities
Purchase of property, plant (1,305) - -
and equipment
Interest received 3,685 2,013 2,216
Net cash generated from investing activities 2,380 2,013 2,216
Financing activities
Proceeds from issue of shares 1,250,000 - -
Proceeds from borrowings - - -
Repayment of borrowings - - -
Payment of lease liabilities - (34,069) (57,776)
Interest paid - (1,580) (1,639)
Net cash generated from financing activities 1,250,000 (35,649) (59,415)
Net increase/(decrease) in cash and cash 287,558 (619,477) (954,825)
Equivalents
Cash at beginning of period 355,932 1,310,757 1,310,757
Cash at end of period 643,490 691,280 355,932
Consolidated statement of changes in equity Attributable to equity shareholders of the company
Called up Share Revaluation/ Retained Total
share capital premium Merger reserve/ earnings
shares to be issued
£
£ £ £ £
Balance at 31 27,474,724 9,475,486 (21,075,882) (15,748,635) 125,693
December 2024
Period ended 30
June 2025
Loss and total
comprehensive income for the period 1,250,000 - (980,338) 269,662
-
Issue of share capital - - - - -
Balance at 30 June 2025 28,724,724 9,475,486 (21,075,882) (16,728,973) 395,355
NOTES TO THE FINANCIAL STATEMENTS
Financial information contained in this document does not constitute statutory
accounts within the meaning of section 434 of the Companies Act 2006 ("the
Act").
The statutory accounts for the year ended 31 December 2024 have been filed
with the Registrar of Companies. The report of the auditors confirmed that the
financial statements:
· give a true and fair view of the state of the Group's and of the
Parent Company's affairs as at 31 December 2024 and of the Group's loss for
the period then ended;
· have been properly prepared in accordance with UK-adopted
international accounting standards and, as regards the parent company
financial statements, as applied in accordance with the provisions of the
Companies Act 2006; and
· have been prepared in accordance with the requirements of the
Companies Act 2006.
The auditors conducted the
audit in accordance with International Standards on Auditing (UK) (ISAs
(UK)) and applicable law.
The financial information for the six months ended 30 June 2025 and 30 June
2024 is unaudited. This announcement was approved by the Board on 05 September
2025.
1. Reporting entity
Fiinu Plc (the "Company" or, the "Group") is a public company limited by
shares incorporated in England and Wales. The registered office is Ibex House,
Baker Street, Weybridge, KT13 8AH. The consolidated financial statements of
the Company as at 30 June 2025 and for the six months ended 30 June 2024
comprise the Company and its subsidiaries (together referred to as the
"Group").
Fiinu Plc is a publicly listed company on the AIM market of the London Stock
Exchange, bringing together bank-grade technology, with its Plugin
Overdraft®, a technical Open Banking-enabled BaaS solution, coupled with a
growing FX arm, acquired after the end of the half-year in August 2025, with
strategic plans to expand its presence and product offerings in the financial
services sector.
2. Basis of preparation
The consolidated financial information has been prepared in accordance with UK
adopted international accounting standards. The consolidated financial
statements are presented in pounds sterling, the functional currency of the
Company and presentation currency of the Group.
The interim financial information is made up to 30 June 2025. Where necessary,
adjustments are made to the financial information of subsidiaries to bring the
accounting policies used into line with those used by other members of the
Group.
All intra-Group transactions, balances and unrealised gains on transactions
between Group companies are eliminated on consolidation. Unrealised losses are
also eliminated unless the transaction provides evidence of an impairment of
the asset transferred.
Subsidiaries are consolidated in the Group's financial statements from the
date that control commences until the date that control ceases.
Acquisitions are accounted for using the acquisition method. the cost of an
acquisition is measured at fair value at the date of exchange of the
consideration. Identifiable assets and liabilities of the acquired business
are recognised at their fair value at the date of acquisition. To the extent
that the cost of an acquisition exceeds the fair value of the net assets
acquired the difference is recorded as goodwill. Where the fair value of the
net assets acquired exceeds the cost of an acquisition the difference is
recorded in profit and loss. The Group has chosen not to adopt IAS 34 "Interim
Financial Statements" in preparing the interim financial information.
3. Significant accounting policies
The accounting policies set out in detail in note 2 of the Group's
consolidated financial statements to 31 December 2024 have been applied
consistently to these unaudited financial statements to 30 June 2025. There
are no new standards or amendments to standards which are material to the
accounts for the half-year ended 30 June 2025.
4. Events in the six months ended 30 June 2025
· White-labelled Plugin Overdraft® Partnership: In January 2025, the Company announced non-binding heads of terms for its first white-label deal with a UK bank, providing an AI-driven Banking-as-a-Service (BaaS) platform that includes its Plugin Overdraft®. The platform will integrate with the bank's existing systems, marking a key milestone in Fiinu's growth. The UK bank is expected to launch this product in Q4 2025.
· Capital Raised Through Share Issuance: In February 2025, the Company raised £1,250,000 by issuing 12.5 million new ordinary shares at an issue price of 10 pence each. The funds being used to further develop the Plugin Overdraft® as a white-label product and to support working capital needs.
· Software Reactivation: In March 2025, the Company reactivated core Banking services provided by Tuum supporting the white-label Plugin Overdraft® alongside building in-house developer capacity.
· Strategic Focus: While costs increased in the first half of the year, driven by efforts to complete the acquisition of Everfex PSA and the re-admission to trading on AIM, both milestones were successfully achieved in August 2025, positioning the Group for the next phase of growth.
5. Share capital
Allotted, issued and fully paid:
Number of shares Nominal value
£
Ordinary shares with nominal value of £0.10 per
share as at:
31 December 2024 274,747,246 27,474,724
Issued in the half year 12,500,000 1,250,000
30 June 2025 287,247,246 28,724,724
There are no restrictions on the transfer of shares in Fiinu Plc. All shares
carry equal voting rights.
6. Post Period end events
· Completed the Acquisition of Everfex P.S.A.: In August 2025, the Company completed the acquisition of Everfex P.S.A. from Granicus Holdings OU, for an initial consideration of £8 million, to be satisfied through the issue of 80,000,000 new ordinary shares, at a price of 10p per new ordinary share. Additional consideration of £4 million may be payable after 1 January 2026 if Everfex achieves certain performance criteria, which would be satisfied through the issue of 20,000,000 additional new ordinary shares at an issue price of 20p per new ordinary share. This acquisition constituted a reverse takeover under the AIM Rules and was approved by shareholders in a General Meeting on 26 August 2025.
· Capital Raised Through Acquisition: In August 2025, the Company successfully raised approximately £0.8 million through a conditional cash subscription via the issuance of 8,010,000 new ordinary shares at an issue price of 10 pence per share, as part of the Everfex PSA acquisition.
· Diversified Corporate Leadership: In August 2025, the Group announced the appointments of two new plc Directors and two senior managers, alongside changes to the CFO position. These appointments enhance the breadth and depth of financial services expertise across the Group.
· Capital Raised Through Subscription: In September 2025, the Company entered into subscription agreements to raise £1.4 million by issuing new ordinary shares at 15 pence per share, reflecting a 50% premium to the subscription price announced on 6 August 2025.
· Warrant Overhang Settlement: In September 2025, the Company reached a mutual agreement with GEM to terminate the GEM Facility, including outstanding warrants through the issuance of "Settlement Shares," resulting in a termination payment of £1.15 million, satisfied by the issuance of 7,666,667 new ordinary shares in the Company at 15 pence per share and reducing the existing overhang on Fiinu's capital structure
7. Earnings per share
Unaudited Half Year 2025 Number Unaudited Half Year 2024 Number Full Year Audited 2024 Number
Basic
Weighted average number of ordinary shares in issue 283,863,268 274,747,246 274,747,246
Less weighted average numbers of own shares - - -
Weighted average number of shares in issue for basic earnings per share
283,863,268 274,747,246 274,747,246
The basic and diluted earnings per share are calculated using the after tax
loss attributable to equity shareholders for the financial period of £980,338
(30 June 2024: loss £238,173; 31 December 2024: loss £700,068) divided by
the weighted average number of Ordinary shares in issue in each of the
relevant periods: 30 June 2025: 283,863,268 shares (30 June 2024: 274,747,246
shares and 31 December 2024: 274,747,246). For the year-ended 31 December 2024
there was no movement on the number of shares in issue. During the half-year
period to 30 June 2025, 12,500,000 shares were issued by the group. For the
period to 30 June 2025 and the year to 31 December 2024 and period to 30 June
2024 and in accordance with IAS 33, the diluted loss per share is stated as
the same amount as basic as there is no dilutive effect.
FORWARD LOOKING STATEMENTS
This document contains certain forward-looking statements which reflect the
knowledge and information available to the Company during the preparation and
up to the publication of this document. By their very nature, these statements
depend upon circumstances and relate to events that may occur in the future
thereby involving a degree of uncertainty. Although the Group believes that
the expectations reflected in these statements are reasonable, it can give no
assurance that these expectations will prove to have been correct. Given that
these statements involve risks and uncertainties, actual results may differ
materially from those expressed or implied by these forward- looking
statements.
The Group undertakes no obligation to update any forward-looking statements
whether because of new information, future events or otherwise.
~ ENDS ~
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