Manx Financial Group (AIM:MFX) has announced that its banking subsidiary, Conister Bank, has signed a three-year exclusive partnership with fintech firm Fiinu to deliver a new overdraft product in the UK, pending regulatory approval.
The deal will integrate Fiinu’s “plugin overdraft” technology into Conister’s lending portfolio.
It is one part of Conister’s wider strategy to expand its short-term lending products, which include Buy Now Pay Later and insurance premium financing.
"This investment and partnership underline our commitment to delivering customer-driven products in this challenging economic environment where we can leverage our United Kingdom banking permissions where others cannot," said Conister managing director Douglas Grant.
Marko Sjoblom, Fiinu's chief executive, meanwhile, commented: "We are delighted to secure this partnership with Conister Bank. It validates our technology and accelerates our mission to provide flexible credit solutions to consumers and businesses."