Fiinu shares skyrocket on first white-label deal for flagship product

(Sharecast News) - Shares in fintech firm Fiinu skyrocketed on Wednesday after announcing it had entered into non-binding heads of terms for its first white-label deal for its flagship Plugin Overdraft product with an independent UK bank.

Fiinu said the collaboration will see it provide the bank with its AI advanced white-label Banking-as-a-Service platform, incorporating its Plugin OverdraftĂ' product.

The London-listed group stated its OverdraftĂ' platform will fully integrate into the bank's existing treasury, regulatory reporting and accounting systems. Fiinu also highlighted that the deal represented "a key milestone" in its growth strategy and was the culmination of nearly 12 months of discussions between the parties.

Chief executive Dr Marko Sjoblom said: "We believe our Plugin Overdraft platform is a valuable asset, and we remain committed to unlocking the full value of our proprietary intellectual property and AI offerings in a manner that aligns with the market's needs and long-term objectives.

"This strategic collaboration marks a pivotal step in Fiinu's journey. The partnership is a testament to the innovation and value of our BaaS platform and its potential to transform the banking experience. We look forward to working closely with our partner as we work towards delivering groundbreaking banking solutions to customers across the UK."

As of 1055 GMT, Fiinu shares had surged 666.15% to 4.98p.

Reporting by Iain Gilbert at Sharecast.com