Fiinu and Manx Financial rise as Plugin Overdraft nears launch

Fiinu PLC shares fluctuated on Friday after the fintech group said it had agreed with Conister Bank Ltd on updated terms for their Plugin Overdraft platform deal, and that it was moving the platform to the production stage.

Fiinu surged 20% to 4.50 pence around noon in London, after having fallen 5.1% in earlier trading.

Surrey, England-based Fiinu said it had agreed with Conister Bank, a subsidiary of Douglas, Isle of Man-based Manx Financial Group PLC, to update the terms of its pre-existing agreement governing the implementation, deployment and production environment of the Plugin Overdraft platform.

The technology, developed by Fiinu, separates the overdraft facility from customers' primary bank account, allowing Fiinu's partner banks to provide a credit line for overdrafts without requiring customers to switch primary bank accounts.

Fiinu also said the platform was moving into the production environment ahead of the planned year-end launch.

Separately on Friday, Conister Bank's parent, Manx Financial, said its management expected the Plugin Overdraft platform to be delivered in mid-December.

Delivering an operational update on its first half of 2026, financial services group Manx attributed its progress to Conister Bank's efficient use of liquidity, the growth of Payment Assist Ltd and the implementation of the group's artificial intelligence strategy.

Payment Assist, which offers buy-now-pay-later services to automotive businesses and is also fully owned by Manx, reported a 32% increase in lending volume during the period to £71.2 million from £54.0 million a year earlier, said Manx.

Regarding Conister Bank, Manx said it delivered a "resilient performance" in the second quarter. Manx reported that Conister Bank's loan-to-deposit ratio increased in the second quarter to 93.1% from 90.1% in the first quarter. Tier 1 capital rose to £47.3 million in the second quarter from £44.0 million in the first quarter.

Looking ahead, Manx said the group would "continue to focus on disciplined loan growth, improved operating efficiency and the development of scalable products across Conister Bank and its other core subsidiaries."

Manx added that it was evaluating suitable targets for possible acquisition.

Manx shares jumped 9.2% to 26.20 pence on Friday in London.

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