16th Sep 2025 14:47
(Alliance News) - Fiinu PLC on Tuesday said it has partnered with Conister Bank Ltd to launch its Plugin Overdraft platform in the UK.
Conister is a subsidiary of Douglas, Isle of Man-based Manx Financial Group PLC, a holding company for financial services firms. It has signed a master services agreement for Fiinu's overdraft technology with a minimum three-year exclusivity period.
"This collaboration aims to enhance the bank's short-term lending products, including Buy Now Pay Later and insurance premium finance offers," Conister noted.
Fiinu explained said the deal "enables customers of any UK bank to 'plugin' a Conister Bank overdraft to their primary current account". The Weybridge, Surrey-based provider of digital financial services called this a "major milestone" in unbundling overdraft services from current accounts, without requiring customers to change banks.
The initial roll-out will be to another Manx subsidiary, Payment Assisted Ltd, before an expansion to Conister's customers in the UK and Isle of Man, Fiinu said, with Plugin Overdraft "on track" for its scheduled launch in the fourth quarter of 2025.
The partners will jointly manage the programme and share annual product profits, with Fiinu operating the platform and invoicing the bank on an agreed charging structure.
"Conister Bank, with its 90-year history and forward-looking approach, is the ideal partner to help us deliver the Plugin Overdraft at scale," commented Fiinu Chief Executive Marko Sjoblom.
"Their regulatory expertise and distribution strength perfectly complement Fiinu's proprietary, bank-agnostic platform, which was originally designed during my PhD research in AI focused on overdrafts and affordability."
The bank said it is "leveraging UK banking permissions to serve the underserved". Conister Chief Executive Douglas Grant added: "Our focus continues to be on offering market leading customer focused short term products and Fiinu's plugin overdraft will address a known market need...thereby reinforcing our premier position as the specialist deposit taker and lender in the Isle of Man and UK."
News of the collaboration follows Fiinu's announcement on Monday that it has raised GBP900,000 via subscriptions for 4.5 million shares priced at 20 pence. Admission of the shares is expected on September 22, and proceeds will offer further working capital, Fiinu said.
Separately on Tuesday, Manx forecast a 16% increase in first-half pretax profit. The holding company expects pretax profit for the six months ended June 30 to be around 4.1 million, compared to GBP3.5 million the year prior. Its interim results are due September 22.
Fiinu shares were down 14% at 13.40p on Tuesday afternoon in London, while Manx rose 4.5% to 37.10p.
By Holly Munks, Alliance News reporter
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