REG - Fiinu PLC - Heads signed for 1st white-label deal with UK bank

FiinuAnnouncement

15/01/2025 07:00

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RNS Number : 3153T  Fiinu PLC  15 January 2025

 

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15 January 2025

Fiinu Plc

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

Fiinu signs heads of terms for its first white-label BaaS deal with a UK Bank

 

Fiinu, a fintech group and creator of the Plugin Overdraft®, announced today
that it has entered into non-binding heads of terms for its first white-label
deal for its flagship Plugin Overdraft® product with an independent UK bank.
This collaboration will see Fiinu provide the bank with its AI advanced
white-label Banking-as-a-Service (BaaS) platform, incorporating its Plugin
OverdraftÒ product. The Bank Independent OverdraftÒ platform will fully
integrate into the bank's existing treasury, regulatory reporting and
accounting systems. Initially documented in Heads of Terms, this agreement
represents a key milestone in Fiinu's growth strategy and is the culmination
of nearly 12 months of discussions between the parties.

 

 

Conditions and Next Steps:

The Heads of Terms are subject to contract, including any necessary regulatory
approvals, executing a Master Service Agreement (MSA) and Service Level
Agreement (SLA) for Fiinu to provide a turnkey technology solution including,
but not limited to, ongoing customer support. The partnership's success is
contingent upon the timely completion of these prerequisites and testing of
the systems and interfaces. The parties have agreed to an exclusivity period
of 12 months for the UK from the go-live date. The final product
specifications must also be confirmed before any formal agreement is entered
into. The UK bank is expected to launch the product during Q4 2025. Once
launched, Fiinu will receive royalty fees from the bank's audited profits from
the Plugin Overdraft®.

Further announcements will be made as appropriate.

Dr Marko Sjoblom, CEO of Fiinu plc, commented:

"We believe our Plugin Overdraft® platform is a valuable asset, and we remain
committed to unlocking the full value of our proprietary intellectual property
and AI offerings in a manner that aligns with the market's needs and long-term
objectives. We are firm believers in Open Banking-enabled technology for
unbundling financial services through the innovative application of AI. By way
of example, our Plugin Overdraft AI underwriting agent benefits from
artificial neural networks (ANN) and Markov chains (MC), which has led to the
development of a new ANN-MC underwriting model.

From a strategic perspective, we maintain conversations with other banks
outside the UK. We are also continuing discussions to secure Fiinu Bank's
regulatory capital.

This strategic collaboration marks a pivotal step in Fiinu's journey. The
partnership is a testament to the innovation and value of our BaaS platform
and its potential to transform the banking experience. We look forward to
working closely with our partner as we work towards delivering groundbreaking
banking solutions to customers across the UK."

Forward-Looking Statements:

This announcement contains forward-looking statements. Actual results may
differ materially due to various factors, including but not limited to delays
in regulatory approval, unforeseen difficulties in the integration process,
and changing market conditions.

 

 Enquiries:

 Fiinu Plc

 Dr. Marko Sjoblom, marko@fiinu.com (mailto:marko@fiinu.com)   Tel: +44 (0)1932 629 582

 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 Investments Ltd (Joint Broker)                         Tel: +44 (0) 20 3179 5355

 Nick Lovering

About Fiinu

 

Fiinu, founded in 2017, is a fintech group that has developed the Plugin
Overdraft®, an unbundled overdraft solution that allows customers to have an
overdraft without changing their existing bank. The underlying bank
Independent Overdraft® technology platform is bank agnostic, enabling it to
serve all other banks' customers. The Plugin Overdraft® platform can
technically access over 100 million bank accounts in the UK. Open Banking
allows Fiinu's Plugin Overdraft® to attach ("plugin") to the customer's
existing primary bank account, no matter which bank they may use. Fiinu's
vision is built around Open Banking, and it believes it increases competition
and innovation in banking.

 

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

 

 

 

 

 

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