The
London-listed fintech Fiinu (LSE: BANK) secured £1.41
million in fresh funding through agreements to issue 9.4 million new
shares at 15 pence each, the company announced today (Tuesday).

It is issuing the new shares to
institutional and other investors following market demand. The
funds will boost working capital as Fiinu continues developing
its Plugin Overdraft technology.

Fiinu Secures £1.4M to
Fund Working Capital Growth

A major
chunk of the fundraise comes from QVP, a Luxembourg-based investment fund
that backs businesses across Europe. The fund has been particularly active in
Poland and focuses on helping companies scale internationally.

The
15-pence share price represents a 50% jump from Fiinu’s August fundraising connected
to its takeover of Polish forex brokeerage Everfex. That deal,
announced last month, saw Fiinu pay £12 million for the brokerage in a
move CEO Dr. Marko Sjoblom described as “a significant step
forward”.

From Banking License to
Tech Platform

Fiinu has
been busy reshaping itself after surrendering its UK banking license
in 2023. The company now concentrates on banking technology,
particularly its Plugin Overdraft platform that lets
consumers access overdraft credit through their existing bank
apps without switching accounts.

The latest
funding follows a £1.25 million raise in February, when Fiinu issued 12.5
million shares at 10 pence each to develop its Plugin Overdraft as a
white-label service. That deal showed how the company has steadily
increased its share price through successive fundraises.

Market Response and
Trading Update

Trading in
Fiinu shares resumed in late August after being suspended
during the Everfex acquisition process. The stock had
climbed 31% to 18.66 pence by that point, up sharply from less than a
penny twelve months earlier.

The new
shares will trade alongside existing ordinary shares once they’re
admitted to AIM, expected around September 17. Fiinu received shareholder
approval for the share issuance at its annual meeting in June.

Fiinu’s
ambitious plans include targeting the UK’s 29 million potential retail
customers who might add Plugin Overdraft to their bank accounts. The
company is also developing banking-as-a-service applications for
third-party financial institutions.

This article was written by Damian Chmiel at www.financemagnates.com.

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