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.
