Fiinu Shares Slide Despite Widening Loss as Overdraft Rollout Nears

Fiinu Plc (LON: BANK), the AIM-listed fintech behind the Plugin Overdraft product, saw its shares fall sharply today after half-year results showed a widening loss and a shrinking cash pile.

Shares dropped 13.85% to 2.8p in early trade, close to the stock’s 52-week low of 2.5p, having opened at 3p and topped out at the same level. The stock last closed at 3.25p.

The unaudited results, published this morning, showed revenue of £371,086 for the six months to 30 June, against nil a year earlier. The loss after tax more than doubled to £2.147m from £980,000 in the same period last year. Cash fell to £2.704m from £3.944m at the end of December, while total equity dropped to £552,023 from £2.89m. Directors disclosed a “material uncertainty” over the group’s ability to continue as a going concern, an accounting statement flagging real doubt the company can keep operating without more cash, contingent on cost control and future capital raises.

Management’s counter-narrative centres on banking partner Conister Bank, which is preparing to deploy the Plugin Overdraft commercially. The two firms have agreed an addendum to their services contract, and the platform has moved into a production environment, with first commercial deployment targeted around the end of the year, initially serving roughly 1.5 million existing customers of Payment Assist Limited.

Chief executive Dr Marko Sjoblom said: “Although 2026 has presented challenges, the actions taken during the period and subsequently have created a clearer operational and financial framework for both businesses.”

The scale of today’s sell-off suggests the market is weighting the deteriorating cash position and going-concern warning more heavily than management’s launch-timeline assurances, leaving the year-end deployment as the next concrete test of that narrative.