ALRiM: Luxembourg Association
of Risk Management

TheLondon-listed Fiinu (LSE: BANK) reported an unaudited group-wide net profit for November 2025, including exceptional items, marking its first time in the black since the fintech launched operations. The company cautioned that monthly performance will likely fluctuate as it works toward sustained profitability.Fiinu Posts First Profitable Month as Polish Unit Sheds ManagementThe milestone comes after Fiinu acquired Everfex for up to £12 million in a reverse takeover that doubled down on the fintech's expansion beyond its core Plugin Overdraft product. Everfex, which handled over $1 billion in FX transactions for Polish small and medium-sized enterprises, brought immediate revenue but also management headaches that Fiinu's board moved quickly to address.Within months of closing the deal, Fiinu replaced Karol Oleksa and Marta Oleksa with Dr. Marko Sjoblom, the company's founder and group CEO, who took direct control of Everfex alongside Adam Narczewski, a senior executive officer. The board said the appointments represent a "material strengthening" of executive capability and governance standards compared to the previous management.Fiinu then served formal non-compete breach notices against both former executives, alleging violations of restrictions in the share purchase agreement. The case is now in pre-trial proceedings. The company framed the action as necessary to protect shareholder value and enforce contractual obligations, though it did not disclose specifics of the alleged breaches.David Hopton, Fiinu's chairman, said the management changes emerged from a governance and compliance review conducted in the fourth quarter. "As the Executive and Board undertook this work it became apparent that changes in the management structure were likely to accelerate the integration of Everfex into the Group culture and discipline," he stated in the announcement.Cash Position Tightens Ahead of Product LaunchFiinu ended 2025 with approximately £5.34 million in cash, burning under £200,000 per month excluding exceptional items. The burn rate reflects cost cuts and operational changes implemented across the group, including the Polish subsidiary restructuring.The company is racing to launch its Plugin Overdraft product in partnership with Conister Bank, a unit of Manx Financial Group, in the first quarter of 2026. The open banking-enabled platform allows customers to attach an overdraft facility to their existing bank account without switching providers. Fiinu secured £1.4 million from Luxembourg-based QVP Fund in September to support working capital as it prepares the rollout.The Plugin Overdraft represents Fiinu's most significant commercial bet, aiming to unbundle credit services from traditional current accounts. Conister will initially offer the product to Payment Assist Limited's one million existing customers before expanding to its broader UK and Isle of Man client base.Polish Acquisition Adds Revenue but Brings RiskEverfex contributed over £600,000 in pre-tax profit during the four months ending April 2025, according to Fiinu's acquisition disclosures. The brokerage specializes in currency risk management for Polish import and export companies, offering competitive spreads and rapid response times that helped it grow its SME client base by 1,300% in 2024.The acquisition gave Fiinu immediate exposure to Poland's growing economy and a platform to cross-sell its banking technology. But the subsequent management overhaul suggests integration challenges that the board deemed serious enough to warrant immediate leadership changes and legal action.Hopton acknowledged the governance issues but emphasized the profitability milestone. "Together with the acquisition of Everfex, and our careful management of the cost base, Fiinu has achieved a major milestone in 2025 in recording its first profitable month," he said. This article was written by Damian Chmiel at www.financemagnates.com.

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