Fiinu (AIM: BANK), the UK fintech group, rose over 6% to 4p on Friday after its Plugin Overdraft platform moved into production ahead of a planned year-end launch.
The move followed an agreement with Conister Bank, the Isle of Man lender, to update arrangements governing the implementation and commercialisation of Fiinu’s overdraft technology.
The revised agreement sets out an updated implementation timetable and longer-term commercial framework as the partnership moves towards a year-end proof-of-concept launch.
Fiinu’s technology allows banks to offer overdrafts to customers without requiring them to move their primary current account, separating borrowing from traditional banking relationships.
The initial application is intended to support Conister Bank in offering overdrafts to customers of Payment Assist Limited, which has a customer base of about 1.5 million.
The arrangement could allow Conister Bank to extend the service to its existing customers and the wider market, creating new banking relationships without requiring customers to switch their main bank.
Fiinu is also progressing discussions with financial services organisations outside the UK and Isle of Man about potential deployments of its technology.
