Listed FinTech Fiinu has had its shares readmitted to AIM following the completion of its reverse takeover of Everfex P.S.A., the owner of Polish currency-hedging specialist Stały Kurs.
The Surrey-based business has been developing its Plugin Overdraft, an open banking-enabled platform which allows customers to access overdraft facilities without switching bank accounts.
The solution can integrate with more than 95% of UK current accounts, giving the firm access to a potential market of around 29m consumers.
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.
The business announced earlier this year that it had signed an outline agreement for its first white-label deal with a UK bank, with a launch expected in Q4 2025.
Fiinu has undergone a significant transformation over the past 18 months. 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 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, it raised £1.25m in equity funding, which was followed by the appointment of international finance veteran Dr Feyzullah Egriboyun as CFO in March.
Everfex, which continues to trade as Stały Kurs in Poland, is aiming to bring an immediate injection of growth and profitability to the group.
The currency hedging business, serving SMEs exposed to fluctuations in the Polish Zloty, reported its first full year of profit in 2024 with an unaudited operating profit of around £1.3m.
It executed more than $1bn in trades during the year and expanded its SME client base by more than 1,300% to around 2,500.
Alongside the deal, Fiinu has added Sami Kalliola as chief strategy officer, whilst Mark Wallace joins as independent non-executive director and chair of Everfex.
Its shares are currently trading at 19.72p, while it has a market cap of £57.68m.
“The completion of the Everfex acquisition is a significant step in Fiinu’s strategic journey, broadening our presence in the foreign exchange market and strengthening our capabilities in serving SME customers across Europe,” said Marko Sjoblom, CEO of Fiinu.
“This transaction not only delivers a profitable and scalable business into the group but also complements our technology-led strategy, particularly as we expand the reach of our Plugin Overdraft and BaaS offerings.
“As well as the Everfex team, we are also delighted to welcome two new directors to the company’s board.
“Sami Kalliola and Mark Wallace add significant, relevant experience and knowledge to the Board as we look to integrate Everfex and continue to expand the group.”