Shares in AIM-listed fintech tiddler Fiinu Plc (AIM:BANK) leapt almost 800% as it entered into a non-binding, white-label deal for its Plugin Overdraft product with an independent but unnamed UK bank.
The deal, the first for the Plugin product, will see Fiinu provide its AI white-label Banking-as-a-Service (BaaS) platform, which will be incorporated into the bank's existing treasury, regulatory reporting and accounting systems.
Fiinu added the heads of terms require regulatory approvals and finalised service agreements including ongoing customer support.
An exclusivity period of 12 months from the go-live date has been agreed with the bank, which is expected to launch the product during the fourth quarter of 2025.
Once launched, Fiinu will receive royalty fees from the bank's audited profits from Plugin Overdraft.
Marko Sjoblom, chief executive, said the strategic collaboration marked "a pivotal step" in Fiinu's journey and 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."
“From a strategic perspective, we maintain conversations with other banks outside the UK. We are also continuing discussions to secure Fiinu Bank's regulatory capital.”
Shares jumped 4.85p to 5.5p.