Fiinu H1 2025: No Revenue Yet, Big Moves Made – White-Label Deal, Everfex Reverse Takeover, and Balance Sheet Cleanup
Fiinu PLC has reported its half-year results to 30 June 2025, and while the numbers show a business still in build mode, the strategic moves are substantial. There’s still no revenue, but the company is lining up a first white-label bank launch for Q4 2025, has completed a reverse takeover of FX business Everfex P.S.A., and has raised fresh capital at improving prices. It has also tackled a legacy warrant overhang.
For retail investors, this update is about execution and timing. The platform is being readied, the product is being commercialised via a partner bank, and the group is diversifying with FX. The trade-off is dilution and ongoing losses until commercial revenues land.
White-Label Plugin Overdraft®: First UK Bank Expected to Launch in Q4 2025
Back in January, Fiinu announced non-binding heads of terms for its first white-label deal with a UK bank. “White-label” means Fiinu provides the tech and the bank brands the product for its own customers. The product is the Plugin Overdraft® delivered via an AI-driven Banking-as-a-Service (BaaS) platform, designed to integrate with the bank’s existing systems.
That expected Q4 2025 launch is the key near-term catalyst. It is still non-binding, so there’s execution risk. But reactivating core banking services with Tuum in March and building in-house developer capacity are the operational steps that make a launch more credible.
Everfex P.S.A. Acquisition: A Reverse Takeover to Add FX Capability
Post period end in August, Fiinu completed the acquisition of Everfex P.S.A. from Granicus Holdings OU in a reverse takeover under AIM Rules. Initial consideration is £8.0 million in shares (80,000,000 new ordinary shares at 10p each). There’s an additional earn-out of £4.0 million payable in shares after 1 January 2026 if performance criteria are met (20,000,000 shares at 20p).
The deal brings an FX arm into the group, aiming to broaden the product set and revenue options. The upside is diversification and potential cross-sell; the downside is integration risk and dilution. The earn-out structure aligns incentives and signals confidence with the 20p issue price if targets are met.
Capital Raises and Warrant Settlement: Strengthening the Capital Structure
Fundraising across H1 and after the period
- February 2025: £1.25 million raised via 12.5 million new shares at 10p to fund white-label development and working capital.
- August 2025: Approximately £0.8 million raised via 8,010,000 new shares at 10p as part of the Everfex transaction.
- September 2025: Subscription agreements to raise £1.4 million at 15p per share, a 50% premium to the 6 August 2025 subscription price. (Number of shares not disclosed.)
Removing the warrant overhang
In September, Fiinu terminated the GEM Facility and associated warrants via the issue of “Settlement Shares,” a £1.15 million termination satisfied by issuing 7,666,667 shares at 15p. Clearing this overhang simplifies the capital structure and can reduce technical selling pressure – a positive for sentiment.
H1 2025 Financials: Losses Widen as Build-Out Continues
Fiinu reported no revenue and a larger loss, reflecting investment into the platform, re-admission costs, and acquisition preparation. Other income of £517,406 supported the P&L, while administrative expenses stepped up as expected during a scale-up phase.
Cash increased to £643,490 at 30 June 2025, primarily due to the February fundraising. Operating cash outflow was £964,822 for the half year. Roughly speaking, that’s about £160,000 per month of operating burn in H1. The subsequent August and September equity raises bolster liquidity, though one September raise was noted as subscription agreements rather than funds received on the day of this RNS.
| Metric | H1 2025 | H1 2024 | FY 2024 |
|---|---|---|---|
| Revenue | £0 | £0 | £0 |
| Administrative expenses | £1,501,429 | £238,606 | £700,645 |
| Other income | £517,406 | £0 | £0 |
| Loss before tax | £980,338 | £238,173 | £700,068 |
| Cash and cash equivalents (period end) | £643,490 | £691,280 | £355,932 |
| Operating cash outflow | £964,822 | £585,841 | £897,626 |
| Basic EPS | (0.0035) | (0.001) | (0.25) |
| Shares in issue (30 June 2025) | 287,247,246 | 274,747,246 | 274,747,246 |
What It Means for Shareholders
The good
- First bank partner lined up with a targeted Q4 2025 launch for the white-labelled Plugin Overdraft® – a clear commercial milestone to watch.
- Re-admission to AIM and the Everfex reverse takeover broaden the platform into FX, adding new potential revenue streams.
- Capital raised at improving prices (10p in February and August; 15p in September) suggests strengthening investor appetite.
- Termination of the GEM Facility and warrants removes a long-discussed overhang, which can be supportive for the share price over time.
The risks
- Still no revenue in H1 2025. Execution and timing of the bank launch are critical.
- The January white-label agreement is non-binding. Delays or changes remain possible.
- Dilution from multiple share issues and the Everfex consideration is meaningful, with further potential if the earn-out is achieved.
- Integration risk with Everfex and the shift from development to commercial operations.
Strategy and Targets: Ambitious, But Execution Will Decide
CEO Dr Marko Sjoblom emphasises a “scalable and sustainable” business, with an ambitious personal objective to lift the share price to 110 pence and market capitalisation to £440 million within 36 months. That is aspirational and forward-looking rather than guidance, but it signals intent.
Pragmatically, the next 6–12 months hinge on converting the white-label partnership into live usage and proving revenue traction, while integrating Everfex and maintaining cost discipline.
My Take: A Cleaner Story, Clear Near-Term Catalyst
Fiinu has done the hard yards of recapitalising, de-overhanging, and bolting on FX via a reverse takeover. The white-label bank launch, if delivered in Q4 2025, is the moment of truth for the Plugin Overdraft® thesis. If it onboards customers and shows attractive unit economics, the narrative moves from “promise” to “proof”.
Until then, there’s no escaping the lack of revenue and dilution. For investors comfortable with early-stage fintech risk, the risk-reward pivots on that first bank launch and the pace at which additional partners can be signed. Keep an eye on delivery timelines, post-launch KPIs, and any updates on Everfex performance against its earn-out criteria (not disclosed in detail).
Key Dates and Watch-List
- Q4 2025: Expected launch of white-label Plugin Overdraft® with a UK bank.
- Ongoing: Integration and growth plans for Everfex P.S.A. within the group.
- September 2025: Subscription agreements for £1.4 million at 15p – look for completion updates.
- Post-1 January 2026: Everfex earn-out assessment based on performance criteria (not disclosed).
