11th Sep 2026 11:55
(Alliance News) - Fiinu PLC on Friday reported widening loss for the first half of the year but said it made "substantial progress" towards the launch of its flagship Plugin Overdraft platform.
Shares in the Surrey, England-based fintech group rose 7.7% to 3.50 pence on Friday morning.
The Plugin Overdraft platform, developed by Fiinu in partnership with Conister Bank Ltd, a subsidiary of Douglas, Isle of Man-based Manx Financial Group PLC, separates the overdraft facility from customers' primary bank account, allowing Fiinu's partner banks to provide a credit line for overdrafts without requiring customers to switch primary bank accounts.
Fiinu said the technology had been developed further during the period to "support deployment across European open banking architectures and to integrate alongside partners' existing banking infrastructure."
The expected launch of the platform is around the end of 2026, the company reiterated, as previously announced earlier this month.
The company reported revenue of GBP371,086 for the first six months, up from zero a year earlier.
However, pretax loss widened to GBP2.3 million from GBP980,338 a year earlier, due to increased administrative costs which reached GBP2.5 million from GBP980,338.
The company said it is now focused on a first implementation of the Plugin Overdraft which will be a foundation for securing additional partnerships in the UK and Europe.
The company also commented on Everfex PSA, saying it "took decisive steps" to strengthen its governance and was aiming to transition the Polish subsidiary towards a "leaner and increasingly self-funded operating model" by managing excess costs.
Fiinu said Everfex had reduced monthly overheads by 55% in August 2026 compared with a year earlier, when Fiinu bought it from Granicus Holdings OU.
On Thursday, Fiinu said it had received petitions from two creditors seeking Everfex's bankruptcy. Fiinu disputed that Everfex incurred losses because of its unwillingness to provide more funds to repay old shareholder loans and said it was investigating the extent of the creditors' knowledge of Everfex's financial condition prior to its acquisition.
"Following Fiinu's acquisition of Everfex in August 2025, information subsequently identified through reviews of Everfex's historic activities raised material questions concerning the accurate recording and disclosure of certain pre-acquisition transactions, anti-money laundering compliance, data manipulation, financial positions, liabilities and creditor arrangements," Fiinu said.
By Camilla Borri, Alliance News reporter
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