Fiinu (LSE:BANK), the Fintech behind the Plugin Overdraft product, has spent 2026 waiting for its first bank partner to bring the overdraft to market. In an operational update on 24 February 2026, the company said the planned first-quarter launch with Conister Bank was now unlikely until the second quarter.

What the company does

Fiinu was founded in 2017 and offers a white-labelled, Bank Independent Overdraft platform to banks and lenders. The idea is that customers can access an overdraft without switching their current account, with AI-driven Underwriting and servicing supplied by Fiinu. The company points to more than 20 million UK people who have lost overdraft access in recent years following regulatory reforms as the market it hopes to serve. It also owns Everfex, a Polish Business acquired through a reverse Takeover that completed with readmission to AIM in August 2025.

The Conister partnership

The February update said Conister Bank, a Subsidiary of Manx Financial Group, had regulatory approval for the product, and that both sides were running user acceptance testing on an agreed minimum viable product. Fiinu's final configuration deliveries were due in the first quarter, and the company planned to build an outbound third-party payment interface for Conister. Core banking, underwriting and servicing functions were already running in a test environment. Fiinu said it would report launch progress and early performance data later. The Partnership dates back to 16 September 2025, and a £2m convertible Loan agreement with Conister was announced on 22 September 2025.

Financial position

In a year-end update on 5 January 2026, LSE:BANK reported unaudited group cash of about £5.34m at the end of 2025, with average monthly burn under £200,000 excluding unplanned one-off items. It also reported its first profitable month, November 2025, a result that was unaudited and included one-off items, and the board cautioned that performance may vary month to month. Management attributed the improvement to cost discipline, new business and management changes at Everfex.

The 2025 Annual Report and notice of Annual General Meeting were published on 29 June 2026, with the meeting scheduled for 24 July 2026. The company has bought shares through an employee benefit trust, with announcements in January and March 2026. No Dividend has been reported.

Everfex and legal dispute

Following the Everfex acquisition, the former executives were replaced, and Dr Marko Sjoblom became chief executive. Fiinu has served non-compete breach notices on the former executives, and LSE:BANK describes the matter as being at the pre-trial stage. An earn-out update followed on 22 January 2026.

Sector and index context

Fiinu's adviser group includes SPARK Advisory Partners as nominated adviser, with Marex and Oberon as joint brokers.

Overdraft provision has narrowed as banks tightened lending, and partnerships between fintechs and regulated lenders are one route to restoring supply. Within the FTSE AIM All Share Index, Fiinu (LSE:BANK) is a small financial technology constituent whose value depends largely on the success of one product.

Key risks

The key risk is dependence on a launch timetable controlled partly by a partner. Delays have already occurred, and Credit risk will fall on the lender and shape how attractive the product is. The legal dispute at Everfex, the need for further funding if burn rises, and regulatory change are additional factors that could affect the timetable.

What to watch next

Investors will watch for confirmation that Plugin Overdraft has gone live with Conister, early performance metrics, further white-label agreements and any update on the Everfex dispute.