Fiinu Plc has taken legal action against the former leaders of Everfex, which it acquired last year, after replacing them.
Surrey-based Fiinu has been developing its Plugin Overdraft, an open banking-enabled platform which allows customers to access overdraft facilities without switching bank accounts.
The group is also building a banking-as-a-service (BaaS) platform which enables third-party financial institutions to launch their own products using Fiinu’s infrastructure, alongside an AI-driven underwriting system designed to deliver faster and more accurate credit assessments.
In August the firm returned to the junior AIM market in London after completing a reverse takeover of Everfex P.S.A., the owner of Polish currency-hedging specialist Stały Kurs, which reported an unaudited operating profit of around £1.3 million in 2024.
However it has since replaced its leaders Karol Oleksa and Marta Oleksa, with Fiinu CEO Marko Sjoblom (pictured) appointed to the same position within the new Polish subsidiary and Adam Narczewski as a senior executive officer, acting under delegated authority from Sjoblom.
Fiinu said its board ‘considers these appointments to represent a material strengthening of the subsidiary’s executive capability, governance standards, and operational oversight relative to the former management’.
The company has served formal non-compete breach notices against Karol Oleksa and Marta Oleksa, in respect of the non-compete obligations under the share purchase agreement relating to the acquisition of Everfex. The case is currently at the pre-trial stage.
These actions form part of a wider governance enhancement and regulatory compliance programme, the firm said, adding that ‘the board believes these measures are necessary to protect shareholder value, enforce contractual and regulatory obligations, and ensure the group is appropriately positioned for its next phase of growth under strengthened leadership’.
David Hopton, chair of Fiinu Plc, said: “Fiinu completed the reverse takeover of Everfex with our re-admission to AIM in August 2025. The board and executive then were able to move quickly to review the systems and controls in place at Everfex in the final quarter of the year, seeking to ensure consistency with our high group governance standards and with local laws and regulations in Poland.
“As the executive and board undertook this work it became apparent that changes in the management structure were likely to accelerate the integration of Everfex into the group culture and discipline. This resulted in the decisions outlined above.
“Following on from these decisions, regrettably, we have had to take action to address breaches of the non-compete clauses in the SPA mentioned above.”
In a notice to the London Stock Exchange this morning, Fiinu also said it achieved its first ever unaudited, group-wide net profitable month in November 2025.
“What a fantastic way of starting the new year. We replaced the CEO in Poland and the group achieved its first profitable month,” Sjoblom wrote on LinkedIn. “Onwards and upwards.”
Fiinu expects to launch the Fiinu Plugin Overdraft, in association with its first partner Manx Financial Group, in Q1 2026.
The firm has undergone a significant transformation over the past two years. Having scaled back its original ambition to launch a fully licensed challenger bank, the company surrendered its banking licence in 2023 and reduced costs to preserve cash, while focusing on its core technology.
The move looks to have led to some stabilisation, with the business announcing in May 2025 that it had narrowed its operating loss for FY24 to £700,000, down from £7.2m the previous year.
It also cut its monthly expenditure from £600,000 to just £45,000.
In February 2025, it raised £1.25m in equity funding, which was followed by the appointment of international finance veteran Dr Feyzullah Egriboyun as CFO in March.