8th Sep 2025 14:33
(Alliance News) - Fiinu PLC on Monday reported a wider loss in the first half of 2025, with administrative expenses climbing amid the firm's readmission to trading on London's AIM.
The Weybridge, Surrey-based provider of digital financial services rejoined the junior venue at the end of August after completing a reverse takeover of foreign exchange brokerage Everfex PSA, which Fiinu bought for GBP12.0 million.
For the six months that ended June 30, Fiinu posted no revenue, unchanged from a year earlier. Pretax loss widened to GBP 980,338 from GBP238,173, while administrative expenses jumped to GBP1.5 million from GBP238,606.
Cost increases were driven by the development of a white-label product, alongside the Everfex buyout and trading readmission, according to Fiinu. Still, the firm hailed its first white-label deal with a UK bank, agreed back in January via a non-binding head of terms. Fiinu will provide banking-as-a-service, with its Plugin Overdraft tool as part of the platform.
Since the half-year ended, the firm said it has raised GBP800,000 through a conditional cash subscription, related to its acquisition of Everfex, plus GBP1.4 million via further subscription agreements.
The fintech company has also agreed to terminate a loan agreement with investors GEM Global Yield LLC SCS and GEM Yield Bahamas Ltd. Fiinu has paid GBP1.15 million in termination costs by issuing new shares, it said.
As of June 30, Fiinu had a cash balance of GBP643,490, up from GBP355,932 on-year.
"Despite the challenges of operating with limited capital and human resources...we continued to make tangible progress across key initiatives. This resilience demonstrates our determination to build a scalable and sustainable business for the future," commented Chief Executive Mark Sjoblom.
"Looking ahead, my overriding objective - aligned with my proposed long-term incentive arrangements - is to deliver a step-change in shareholder value by increasing our share price to 110 pence and market capitalisation to GBP440 million over the next 36 months. While ambitious, this target reflects my confidence in the strategic path we have set and our ability to execute the initiatives required to unlock meaningful value creation for our shareholders," he added.
Fiinu shares were down 1.3% at 14.80 pence on Monday afternoon in London.
By Holly Munks, Alliance News reporter
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