Fiinu to Acquire Profitable FX Brokerage Ahead of Plugin Overdraft® Launch

Fiinu Plc (AIM: BANK), the London-listed fintech behind the Plugin Overdraft® platform, has announced a proposed reverse takeover of Everfex, a profitable foreign exchange brokerage. 

The acquisition of up to £12 million will mark a major milestone on Fiinu’s path to profitability, ahead of the planned Q4 2025 launch of its flagship Plugin Overdraft® with a UK bank.

The proposed acquisition of Everfex, which executed over $1 billion in spot, swap, and forward contracts traded in 2024, represents a transformational deal for Fiinu, that will move the business from pre-revenue to revenue. Everfex is already a profitable and scalable business, with unaudited figures showing over £600,000 profit before tax from January–April 2025, with its SME client base growing 1,300% in 2024. 

Everfex has a significant market presence in Poland—Europe’s fastest-growing economy, with 2,500 clients ready to use the platform. The deal also includes a possible earnout for the owners of Everfex, conditional on its order book surpassing £650 million by year-end, payable in new equity at 20 pence per new ordinary share.

The business will broaden Fiinu’s fintech portfolio beyond its Banking-as-a-Service platform and add immediate commercial momentum via Everfex’s established regional operations.

Plugin Overdraft® On Track for Q4 Launch

Fiinu’s exclusive UK rollout of the Plugin Overdraft® with a third-party bank remains on schedule for Q4 2025. The company is also in active discussions with a number of other banks to white-label its proprietary AI-powered underwriting engine, which enables its Bank Independent Overdraft® model.

Fiinu CEO Dr Marko Sjoblom commented:

“The proposed acquisition of Everfex represents a significant step forward in Fiinu’s strategic journey, broadening our presence in the foreign exchange market and strengthening our capabilities in serving SME customers across Europe. This transaction not only delivers a profitable and scalable business into the Group but also complements our technology-led strategy, particularly as we expand the reach of our Plugin Overdraft® and BaaS offerings. My objective, which is linked to my proposed new long-term incentive arrangements, is to increase the Company’s valuation and share price by 1,000% within the next 36 months. The acquisition of Everfex is the first step toward achieving it.”

Karol Oleksa, CEO of Everfex, commented:

“Joining Fiinu will mark an exciting new chapter for Everfex. I’m personally thrilled to be part of a company with bold growth ambitions. Like Marko, I come from a background as a former elite athlete, and I’m driven by clear objectives and persistent in achieving them.

“Our rapid expansion in Poland and strong profitability are a testament to the strength of our brokerage model. Now, with Fiinu’s visionary approach and cutting-edge technology, we see immense potential to scale even further. This partnership isn’t just about expanding our service portfolio, it’s about building the infrastructure for the next generation of accessible and intelligent financial services. I’m especially proud that together we’ll empower both businesses and consumers across Europe with more transparent, inclusive financial tools and products.”

A Mission of Financial Inclusion

Fiinu’s Open Banking-enabled, bank-agnostic Plugin Overdraft® lets users access regulated third-party overdraft services without changing banks—while building their credit scores. The product is well-positioned to benefit from the UK FCA’s proposed BNPL reforms, which are expected to raise awareness of the negative credit impact of non-bank payday alternatives.

While Fiinu Bank completed its Bank of England mobilisation process, it remains on pause due to capital requirements. However, the banking ambition remains part of the group’s long-term strategy.

Leadership Strengthened for Next Phase

Two senior appointments, who will come on board with the Everfex acquisition, signal Fiinu’s readiness for the next stage of growth:

• Mark Wallace, former Chief Risk Officer at UBS Investment Bank, joins as Independent Non-Executive Director of Fiinu Plc, and Chair of both Everfex and the Group Risk Committee.
• Sami Kalliola is appointed Chief Strategy Officer, joining both the executive team and Fiinu Plc board as executive director.