Fiinu shares fall as plugin overdraft service launch postponed

(Alliance News) - Fiinu PLC on Tuesday said new requirements by one of its partners for its plugin overdraft product, which provide overdrafts to bank accounts which do not provide one, will delay its launch into the second quarter.

Fiinu shares dropped 6.1% to 7.75 pence each on Tuesday afternoon in London.

The Weybridge, England-based fintech said Conister Bank, a subsidiary of its partner Manx Financial Group PLC, did receive regulatory approval for the product, and that user acceptance testing is underway, while the minimum viable product is still set to be delivered within the quarter.

In addition to these deliverables, Fiinu said it now intends to develop an outbound third-party payment interface for Conister.

While core banking, artificial intelligence-driven underwriting, and servicing are all operational functions in test environments, Fiinu said, the final requirements "mean that Conister is unlikely to launch until Q2 2026".

Fiinu noted that "more than 20 million people" have lost access to overdraft credit "in recent years" due to regulatory reform in the UK, and said it "continues to see significant unmet demand in the UK, US and EU overdraft markets."

By Martin Miraglia, Alliance News reporter

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