U.K. Fintech Receives £1.4M Investment from Luxembourg Fund Following Polish FX Acquisition

Fiinu Secures £1.41 Million in Fresh Funding for Plugin Overdraft Development

Fiinu, a London-listed fintech company, has announced that it has secured £1.41 million in fresh funding. This latest round of funding follows a £1.25 million raise in February, and it will be used to boost working capital as Fiinu continues developing its Plugin Overdraft technology.

The funding was secured through agreements to issue 9.4 million new shares at 15 pence each. This represents a 50% jump from Fiinu's August fundraising, which was connected to its takeover of Polish forex brokerage Everfex. The share price increase occurred after the suspension during the Everfex acquisition.

Fiinu's shares resumed trading in late August, climbing 31% to 18.66 pence. The new shares issued will trade alongside existing ordinary shares once readmitted to AIM, expected around September 17.

The significant portion of the fundraise came from QVP, a Luxembourg-based investment fund that backs businesses across Europe. QVP has been particularly active in Poland and focuses on helping companies scale internationally. Besides QVP, the institutions that participated in financing Fiinu in September 2023 include Creandum, EQT Ventures, and Norrsken VC.

Fiinu has been reshaping itself after surrendering its UK banking license in 2023 and now concentrates on banking technology, particularly its Plugin Overdraft platform. The company aims to target the UK's 29 million potential retail customers for its Plugin Overdraft service.

Fintech, a term that originated in the 1990s, was initially used as a back-end system technology for financial institutions. However, fintech has since expanded outside the business sector to focus on consumer services. Fiinu is developing banking-as-a-service applications for third-party financial institutions.

The Plugin Overdraft service is a white-label service that Fiinu developed in February 2023, following a £1.25 million raise. This service allows third-party financial institutions to offer overdraft facilities to their customers without the need for significant investment in technology or infrastructure.

Fiinu's Plugin Overdraft service is set to revolutionise the UK's retail banking sector by providing a more accessible and affordable overdraft service to millions of customers. With the fresh funding, Fiinu is well-positioned to continue developing this innovative technology and bring it to market.