TheLondon-listed
Fiinu (LSE: BANK) reported an unaudited group-wide net profit for November
2025, including exceptional items, marking its first time in the black since
the fintech launched operations. The company cautioned that monthly performance
will likely fluctuate as it works toward sustained profitability.
Fiinu Posts First
Profitable Month as Polish Unit Sheds Management
The
milestone comes after Fiinu acquired
Everfex for up
to £12 million in a reverse takeover that doubled down on the fintech’s
expansion beyond its core Plugin Overdraft product. Everfex, which handled over
$1 billion in FX transactions for Polish small and medium-sized enterprises,
brought immediate revenue but also management headaches that Fiinu’s board
moved quickly to address.
Within
months of closing the deal, Fiinu replaced Karol Oleksa and Marta Oleksa with
Dr. Marko Sjoblom, the company’s founder and group CEO, who took direct control
of Everfex alongside Adam Narczewski, a senior executive officer. The board
said the appointments represent a “material strengthening” of
executive capability and governance standards compared to the previous
management.
Fiinu then
served formal non-compete breach notices against both former executives,
alleging violations of restrictions in the share purchase agreement. The case
is now in pre-trial proceedings. The company framed the action as necessary to
protect shareholder value and enforce contractual obligations, though it did
not disclose specifics of the alleged breaches.
David
Hopton, Fiinu’s chairman, said the management changes emerged from a governance
and compliance review conducted in the fourth quarter.
“As
the Executive and Board undertook this work it became apparent that changes in
the management structure were likely to accelerate the integration of Everfex
into the Group culture and discipline,” he stated in the announcement.
Cash Position Tightens
Ahead of Product Launch
Fiinu ended
2025 with approximately £5.34 million in cash, burning under £200,000 per month
excluding exceptional items. The burn rate reflects cost cuts and operational
changes implemented across the group, including the Polish subsidiary
restructuring.
The company
is racing to launch its Plugin Overdraft product in partnership with Conister
Bank, a unit of Manx Financial Group, in the first quarter of 2026. The open
banking-enabled platform allows customers to attach an overdraft facility to
their existing bank account without switching providers.
Fiinu secured £1.4
million from
Luxembourg-based QVP Fund in September to support working capital as it
prepares the rollout.
The Plugin
Overdraft represents Fiinu’s most significant commercial bet, aiming to
unbundle credit services from traditional current accounts. Conister will
initially offer the product to Payment Assist Limited’s one million existing
customers before expanding to its broader UK and Isle of Man client base.
Polish Acquisition Adds
Revenue but Brings Risk
Everfex
contributed over £600,000 in pre-tax profit during the four months ending April
2025, according to Fiinu’s acquisition disclosures. The brokerage specializes
in currency risk management for Polish import and export companies, offering
competitive spreads and rapid response times that helped it grow its SME client
base by 1,300% in 2024.
The
acquisition gave Fiinu immediate exposure to Poland’s growing economy and a
platform to cross-sell its banking technology. But the subsequent management
overhaul suggests integration challenges that the board deemed serious enough
to warrant immediate leadership changes and legal action.
Hopton
acknowledged the governance issues but emphasized the profitability milestone.
“Together with the acquisition of Everfex, and our careful management of
the cost base, Fiinu has achieved a major milestone in 2025 in recording its
first profitable month,” he said.
This article was written by Damian Chmiel at www.financemagnates.com.
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