Stock listing resumes for Fiinu on AIM following successful reverse merger

Fiinu Makes Strides in FinTech Sector with Everfex Acquisition

Fiinu, a British FinTech company, has made significant strides in the financial technology industry with its acquisition of Everfex P.S.A. The deal, which was finalised recently, has expanded Fiinu's reach and capabilities, particularly in the overdraft and foreign exchange markets.

The acquisition of Everfex, a foreign exchange trading platform, strengthens Fiinu's position in the foreign exchange market. With Everfex's expertise, Fiinu is expected to broaden its services, offering more competitive foreign exchange solutions to its clients.

In addition, the acquisition strengthens Fiinu's capabilities in serving Small and Medium Enterprises (SMEs) across Europe. Everfex's expansion of its SME client base by more than 1,300% to around 2,500 is a testament to its success in this area.

Fiinu is building a banking-as-a-service (BaaS) platform for third-party financial institutions to launch products using its infrastructure. The Plugin Overdraft solution, an open banking-enabled platform for overdraft facilities without bank account switching, is a key component of this platform. According to reports, the Plugin Overdraft solution can integrate with more than 95% of UK current accounts, potentially serving around 29 million consumers.

The Everfex transaction complements Fiinu's technology-led strategy, particularly as it expands the reach of its Plugin Overdraft and BaaS offerings. Fiinu's market cap is currently £57.68m, reflecting the market's confidence in the company's future prospects.

Fiinu has undergone a significant transformation over the past 18 months. In 2023, the company surrendered its banking licence and undertook cost-cutting measures, reducing its monthly expenditure from £600,000 to just £45,000. These efforts have paid off, as Fiinu narrowed its operating loss for FY24 to £700,000, down from £7.2m the previous year.

Fiinu has also made key appointments to its leadership team. Mark Wallace joined as independent non-executive director and chair of Everfex, while Sami Kalliola was added as chief strategy officer of Fiinu. Notably, Dr. Feyzullah Egriboyun was appointed as CFO of Fiinu in March, after Fiinu raised £1.25m in equity funding in February.

The company has also made progress in its business operations. In February, Fiinu raised £1.25m in equity funding. Moreover, Fiinu has announced an outline agreement for its first white-label deal with a UK bank, with a launch expected in Q4 2025.

Finally, Fiinu's shares have been readmitted to AIM following the completion of its reverse takeover of Everfex P.S.A. As of writing, Fiinu's shares are currently trading at 19.72p.

In conclusion, Fiinu's acquisition of Everfex marks a significant milestone in the company's journey towards becoming a leading player in the FinTech sector. With its innovative Plugin Overdraft solution, expanding SME client base, and strategic leadership appointments, Fiinu is well-positioned to capitalise on the opportunities in the FinTech industry.