London-listed FinTech company Fiinu, best known for its Plugin Overdraft® platform, has launched a targeted fundraising effort to strengthen its growth ambitions and expand its market presence.
The company is raising up to £1.41m in gross proceeds through the issue of 9.4 million new ordinary shares at 15p per share. Among the participants, Luxembourg-based fund QVP is emerging as a key investor, alongside institutional and individual backers.
Fiinu specialises in developing financial products aimed at supporting consumers and businesses with innovative credit solutions. Its flagship Plugin Overdraft® product enables customers to seamlessly access overdraft facilities without switching their existing bank accounts. The firm also provides banking-as-a-service offerings to partners across Europe.
The capital raised will be used to provide additional working capital.
QVP director David Luksenburg said, “We are delighted to support Fiinu at this exciting stage of its journey. We believe Fiinu is well-positioned to capture significant growth opportunities across Europe, and our investment reflects our confidence in the Company’s strategy and management team. We look forward to being a long-term partner in its success.”
Fiinu CEO Marko Sjoblom said, “We are deeply grateful to QVP and all participating investors for their confidence in Fiinu. Their support enables us to accelerate our growth strategy and deliver value for all shareholders. Having long-standing clients such as Mikobud and Tomasz Sztuder (owner of Modern Hatch & ZWD Sztuder) also choose to invest is a strong endorsement of the quality and trust we have built through Fiinu Brokerage, which already supports over 4,000 import and export businesses in Poland. It demonstrates the strength of our products and our ability to act as true partners to our clients.”
He added, “We have set a clear path toward profitability, powered by our two core products: the Plugin Overdraft® and Banking-as-a-Service offerings. My objective, which is tied to my long-term incentive plan, is to increase Fiinu’s valuation to £440 million and our share price to 110p within the next 36 months.”
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