Fiinu (AIM:BANK), the AIM-listed fintech behind the Plugin Overdraft, reported a loss after tax of £2.147m for the six months to 30 June, against £9.745m in the same period last year, when the figure included an £8.553m exceptional charge.
Cash stood at £2.704m at period end.
The company said the reduced loss reflected tighter cost control across the group, including efforts to shrink overheads at subsidiary Everfex, whose reported monthly costs fell approximately 55% by August compared with August 2025.
After the period ended, Fiinu and Conister Bank agreed an addendum to their partnership agreement, moving the Plugin Overdraft platform into the production environment and targeting first commercial deployment around the end of 2026.
The initial rollout is intended to support Conister Bank in extending overdrafts to Payment Assist Limited's around 1.5m existing customers, ahead of wider market expansion.
At Everfex, a post-acquisition review uncovered legacy operational, financial and governance issues, prompting the board to strengthen risk oversight, compliance and credit controls while reviewing historical creditor claims.
"Although 2026 has presented challenges, the actions taken during the period and subsequently have created a clearer operational and financial framework for both businesses," said chief executive Dr Marko Sjoblom.
The company flagged material uncertainty around its going concern status, citing the inherent unpredictability of forecasting revenues from financial services products still in early commercial deployment.
Management said its immediate priorities are completing the first Plugin Overdraft deployment and progressing Everfex's restructuring toward a self-funded operating model.
News Intelligence what this means for the company
Fiinu narrowed its H1 loss to £2.147m from £9.745m a year earlier, driven by cost cuts including a 55% reduction in Everfex's monthly overhead by August. The Plugin Overdraft platform has moved into production with Conister Bank, targeting commercial launch around year-end 2026 to serve Payment Assist Limited's ~1.5m customers. However, the company flagged material going-concern uncertainty and disclosed legacy operational and governance issues at Everfex requiring strengthened controls—a sign the acquisition integration remains troubled despite the headline loss improvement.
- Conister Bank's ability to deploy the platform at scale and retain Payment Assist Limited's customer base will be critical to validating the Plugin Overdraft's commercial viability and Fiinu's path to revenue growth.
- Everfex's restructuring toward a self-funded model is now a near-term operational priority; failure to stabilize it could accelerate cash burn beyond the ~£220k monthly estimate and compress the estimated 18-month runway.
The platform's entry into production is a material milestone, but material going-concern risk and unresolved Everfex governance issues mean execution risk remains high. At £2.704m cash, the company is dependent on near-term revenue from the Conister deployment and Everfex stabilization to extend runway beyond current estimates.
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