The
information contained within this announcement is deemed by the
Company to constitute inside information under the UK Market Abuse
Regulations. Upon the publication of this announcement via a
Regulatory Information Service, this inside information is now
considered to be in the public domain.
15 January 2025
Fiinu
Plc
("Fiinu",
the "Company" or the "Group")
Fiinu signs heads of terms for its first white-label BaaS deal
with a UK Bank
Fiinu, a fintech group and creator
of the Plugin Overdraft®, announced today that it has entered into
non-binding heads of terms for its first white-label deal for its
flagship Plugin Overdraft® product with an independent UK
bank. This collaboration will see Fiinu
provide the bank with its AI advanced white-label
Banking-as-a-Service (BaaS) platform, incorporating its Plugin
OverdraftÒ product.
The Bank Independent OverdraftÒ
platform will fully integrate into the bank's
existing treasury, regulatory reporting and accounting systems.
Initially documented in Heads of Terms, this agreement represents a
key milestone in Fiinu's growth strategy and is the culmination of
nearly 12 months of discussions between the parties.
Conditions and Next
Steps:
The Heads of Terms are subject to
contract, including any necessary regulatory approvals, executing a
Master Service Agreement (MSA) and Service Level Agreement (SLA)
for Fiinu to provide a turnkey technology solution including, but
not limited to, ongoing customer support. The partnership's success
is contingent upon the timely completion of these prerequisites and
testing of the systems and interfaces. The parties have agreed to
an exclusivity period of 12 months for the UK from the go-live
date. The final product specifications must also be confirmed
before any formal agreement is entered into. The UK bank is
expected to launch the product during Q4 2025. Once launched, Fiinu
will receive royalty fees from the bank's audited profits from the
Plugin Overdraft®.
Further announcements will be made
as appropriate.
Dr
Marko Sjoblom, CEO of Fiinu plc, commented:
"We believe our Plugin Overdraft® platform is a valuable
asset, and we remain committed to unlocking the full value of our
proprietary intellectual property and AI offerings in a manner that
aligns with the market's needs and long-term objectives. We are
firm believers in Open Banking-enabled technology for unbundling
financial services through the innovative application of AI. By way
of example, our Plugin Overdraft AI underwriting agent benefits
from artificial neural networks (ANN) and Markov chains (MC),
which has led to the development of a new
ANN-MC underwriting model.
From a strategic perspective, we maintain conversations with
other banks outside the UK. We are also continuing discussions to
secure Fiinu Bank's regulatory capital.
This strategic collaboration marks a pivotal step in Fiinu's
journey. The partnership is a testament to the innovation and value
of our BaaS platform and its potential to transform the banking
experience. We look forward to working closely with our partner as
we work towards delivering groundbreaking banking solutions to
customers across the UK."
Forward-Looking
Statements:
This announcement contains
forward-looking statements. Actual results may differ materially
due to various factors, including but not limited to delays in
regulatory approval, unforeseen difficulties in the integration
process, and changing market conditions.
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Enquiries:
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Fiinu Plc
Dr. Marko Sjoblom,
marko@fiinu.com
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Tel: +44
(0)1932 629 582
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SPARK Advisory Partners Limited (Nomad)
Mark Brady / Jade Bayat
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Tel: +44
(0) 203 368 3550
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SP
Angel Corporate Finance LLP (Joint Broker)
Bruce Fraser / Ezgi
Senturk
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Tel: +44
(0) 207 470 0470
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Oberon Investments Ltd (Joint
Broker)
Nick Lovering
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Tel: +44 (0) 20 3179 5355
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About Fiinu
Fiinu, founded in 2017, is a fintech
group that has developed the Plugin Overdraft®, an unbundled
overdraft solution that allows customers to have an overdraft
without changing their existing bank. The underlying bank
Independent Overdraft® technology platform is bank agnostic,
enabling it to serve all other banks' customers. The Plugin
Overdraft® platform can technically access over 100 million bank
accounts in the UK. Open Banking allows Fiinu's Plugin Overdraft®
to attach ("plugin") to the customer's existing primary bank
account, no matter which bank they may use. Fiinu's vision is built
around Open Banking, and it believes it increases competition and
innovation in banking.
For more information, please
visit www.fiinuplc.com
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