Shares in Fiinu (LSE:BANK) fell 15% to 5p after the fintech group booked a £7.3 million impairment charge against its Everfex acquisition in its full-year results.
The non-cash goodwill charge followed an annual review of carrying values and overshadowed the group's first revenues and a strengthened balance sheet.
Fiinu, the AIM-listed company behind the Plugin Overdraft platform, stressed that the impairment had no impact on its cash position, liquidity or ongoing operations.
It added that no account had been taken of any recovery or damages that might ultimately be realised through ongoing legal proceedings.
The charge relates to Everfex, the business that delivered Fiinu's maiden revenues and gave it a foothold in Central Europe.
Group cash balances rose sharply to £3.94 million at 31 December 2025, up from £0.36 million a year earlier.
That reflected equity fundraising of £1.25 million in February 2025 and a further £2.91 million raised across two rounds in August and September.
On the commercial front, Fiinu pointed to a landmark white-label partnership with Conister Bank, part of Manx Financial Group (AIM:MFX).
Conister is expected to become the first bank globally to deploy the Plugin Overdraft platform, with launch now anticipated by the end of summer 2026.
Fiinu said it had also held initial discussions with more than ten banks across Europe about potential deployment.
Separately, the company announced that Sami Kalliola had resigned as chief strategy officer and director with effect from 26 June 2026.
Kalliola will continue to support the business development of European white-label licensing opportunities.
Chief executive Marko Sjoblom called 2025 a transformational year, citing the stronger balance sheet, first revenues and the Conister deployment partner.
He described the impairment as disappointing but said it did not affect the group's cash resources, operational performance or the rationale for the Everfex deal.
Chairman David Hopton acknowledged that integrating Everfex had presented operational and governance challenges requiring management attention during the year.
He said significant progress had been made in strengthening controls and oversight, leaving Fiinu well-positioned for its next stage of development.
