Final Results

Fiinu, a fintech group, creator of the Plugin Overdraft®, announces its final results for the year ended 31 December 2024.

Commenting, Dr. Marko Sjoblom, Chief Executive Officer said:

"2024 was a year of strategic transformation for Fiinu, defined by the return of our UK banking licence in 2023 and a shift toward a leaner, tech-focused business model. We reduced our monthly burn rate from £600,000 to £45,000, safeguarded our core capabilities, and advanced our Plugin Overdraft® technology licensing strategy. A key milestone was the signing of non-binding Heads of Terms with an independent UK bank in January 2025 to white-label our solution. Additional discussions are ongoing with other institutions exploring our software for retail and SME segments. These moves affirm growing market interest in our platform's commercial potential.

Our strategic lens has expanded to include digitally underserved SMEs and financial institutions across Europe, where our technology can enhance liquidity and customer engagement. Alongside this, we completed a £1.25m equity raise in February and secured a £511k R&D tax credit in May 2025, bolstering our financial runway to at least mid-2026. Strong governance remains a cornerstone, underscored by a positive board effectiveness review and key leadership appointments, including a new Executive Director and CFO in March 2025.

With product readiness, licensing momentum, and funding in place, we are well-positioned to pursue revenue generation in 2025. We remain committed to building a resilient, innovation-led business that delivers long-term value."

In my last report to Shareholders and other stakeholders, I noted that "we remain steadfast in our commitment to playing our part in revolutionising banking services by providing the underserved with our Plugin Overdraft®". Despite the setback of returning our banking licence, having failed to raise the required exit capital, and having to consequently scale back the business including the staff and board headcount to preserve funds, we continued to seek funding opportunities to re-apply for our own banking licence and to fund updating and operationalising our AI-enabled software.

Resilience in Uncertainty: Strengthening Our Foundations Through Partnerships and Prudent Funding

This has met with some success and as, already announced, we are working with an independent UK bank to launch the Plugin Overdraft® under its banking licence. Given the current market uncertainty and its impact on the funding of start-up businesses, the board took the view that licensing our product to other banks would not only provide a revenue stream, but it would also raise Fiinu's attractiveness to potential investors, and was always part of Fiinu's stated strategy. This has been the case, and I am pleased to report that initial, exploratory conversations are underway with other banks although these are not yet contractual. The board has also had some success on fundraising and Fiinu's board is able to confirm that the business remains healthy as a going concern.

Clearly the past financial year has not been an easy one for Fiinu but, with the recent fundraise and the plan to launch a white-labelled version of the Plugin Overdraft® before the end of 2025, together with several initial and ongoing meetings with potential investors and with banks interested in licensing our product, the outlook has improved considerably since my last report.

Expanding Our Strategic Horizon: Broadening Market Focus and Reinforcing Governance

The board has also been reviewing our strategy given that it will likely take time, and a large fundraise to re-acquire a UK banking licence. Based on conversations with financial institutions and potential investors in Europe, the board is considering adapting its technology to service SMEs as well as retail customers and potentially to offer other financial services to this sector. We believe Fiinu has the technology and expertise which can be used by some financial institutions in Europe that have customers but lack the nimbleness and expertise to speedily adapt their legacy systems to retain their customer base and compete effectively in the markets in which they operate. For Fiinu this presents us with opportunities in the form of licensing our intellectual property, co-operation and perhaps even opportunities for some form of M&A. Consequently, the board will continue to seek opportunities to work with revenue generating businesses which will help us shift our evolution from a pre-revenue start up to a revenue generator pursuing rapid and profitable expansion both within the UK and elsewhere in Europe.

During the past year the board has sought to comply with the UK Corporate Governance Code and, in compliance with good governance, the board commissioned an external board effectiveness review. The review recognised that Fiinu had undergone a serious scale back at board, management and staff levels but concluded that it retained the skills to broadly and proportionately comply with the Code. In this context, I was pleased to welcome Dr Feyzullah Egriboyun to the board as an Executive Director and Chief Financial Officer in March 2025. I am also pleased to say that we have begun a process to appoint another Independent Non-Executive Director to the Board. The board effectiveness review made a number of recommendations which, together with the Company Secretary, I will be working with board members to address.

Looking Ahead

As we enter 2025, Fiinu stands at the threshold of a new phase, leaner, more focused, and strategically aligned to capitalise on emerging opportunities. With the groundwork laid through product partnerships, renewed investor engagement, and a broader commercial vision, we are cautiously optimistic about what lies ahead. Our efforts in licensing, governance, and strategic exploration have positioned us to shift from survival mode to sustainable growth. Finally, I would like to take the opportunity to thank all our shareholders for their patience and support and to reassure them that the Board will be working hard to make Fiinu a successful and profitable business whose performance will be reflected in its share price.

David Hopton

Chairman of the Board, Fiinu Plc

CHIEF EXECUTIVE'S STATEMENT

FOR THE YEAR ENDED 31 DECEMBER 2024

As we look back on 2024, it has been a year marked by transformation and cautious optimism for Fiinu. While the decision to return our UK banking licence in 2023 was a significant inflection point, it also served as a catalyst for redefining our operational focus, financial resilience, and long-term ambitions.

Strategic Reset, Renewed Focus, Licensing Momentum and Investor Engagement

The past year demanded difficult decisions, scaling back Fiinu's operations from 2023, with an average monthly burn rate of approximately £600,000, to restructuring the team and cost-cutting to an average monthly burn rate of approximately £45,000 in 2024, as part of re-prioritising our capital deployment. These actions, though challenging, were essential in preserving our core capabilities and reaffirming our belief in the transformative potential of our proprietary Plugin Overdraft® technology. Despite broader macroeconomic headwinds and ongoing pressures in the funding landscape, our team has remained focused on unlocking value through partnership. We were in active talks with different banks in 2024 to white-label our technology and were pleased to announce the signing of non-binding Heads of Terms with an independent UK bank in January 2025, to launch the Plugin Overdraft® using their banking licence. This partnership, subject to final contract and any necessary regulatory approvals, not only would bring our solution to market, but would also serve as a critical proof point of the commercial and regulatory viability of our platform. Since then, we have intensified efforts to license our AI-enabled software to other financial institutions. While these talks are still exploratory, they signal growing interest in our proprietary offering, particularly from institutions looking to unbundle and modernise their retail and SME customer experience without overhauling legacy systems. Our white-label licensing approach, combined with prudent financial management and a successful £1.25m equity funding round, announced on 14 February 2025, has demonstrated management's ability to develop the product and work towards generating revenue from it in the current financial year to 31 December 2025. At the date of signing, the Company's unaudited cash resources were in excess of £1m which, with anticipated current burn rates, including increased spending on white-label deliverables, should last for at least 12 months from now.

Evolution Beyond Retail: New Markets, New Horizons and Governance and Leadership

In parallel, we have spent considerable time this year exploring how our technology can serve not just retail consumers, but also SMEs, especially those operating across borders. Increasingly, we are recognising the potential for our platform to be leveraged within other financial services and liquidity support solutions, particularly for underserved businesses in European markets. This broader commercial lens is shaping how we evaluate future strategic moves, including deeper collaborations with institutions that are profitable but digitally underserved. We see value not only in licensing arrangements, but also in more integrated opportunities where our technology, product expertise, and strategic agility can complement the strengths of established players.

While we have streamlined the organisation, we have also strengthened its foundation. The external board effectiveness review conducted in March 2025, affirmed that Fiinu continues to meet the UK Corporate Governance Code proportionately and with integrity. We welcomed Dr Feyzullah Egriboyun as Executive Director and CFO in March 2025 and are in the process of looking to appoint a new Independent Non-Executive Director. These additions to our leadership will ensure we remain accountable and well-governed as we embark on the next stage of growth.

Looking Ahead

As we progress through 2025, we do so with a renewed sense of purpose. The foundations laid this past year, product licensing, strategic focus, fundraising, and new partnerships position us to pursue generating revenue with greater confidence. On behalf of the entire executive team, I want to thank our shareholders for their continued belief in Fiinu's vision. The road has not been without its challenges, but we remain committed to delivering meaningful, long-term value by building a business that is both innovative and resilient.

Marko Sjoblom

Chief Executive Officer, Fiinu Plc

GROUP STATEMENT OF COMPREHENSIVE INCOME

FOR THE YEAR ENDED 31 DECEMBER 2024

Profit for the financial year is all attributable to the owners of the parent company.

Total comprehensive income for the year is all attributable to the owners of the parent company.

Earnings per share

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

1 Material accounting policy information Company information

Fiinu Plc is a public company limited by shares incorporated in England and Wales. The registered office is Ibex House, Baker Street, Weybridge, Surrey, KT13 8AH. The group's principal activity is a fintech group, including Fiinu 2 Limited and is the developer of the Plugin Overdraft® which is an unbundled overdraft solution that will allow customers to have an overdraft with Fiinu 2 without changing their existing bank. The underlying Bank Independent Overdraft ® technology platform is bank agnostic, allowing Fiinu 2 to serve all other banks' customers, subject to raising the required investment and being successful in the re-application for a UK banking licence. Open Banking allows Fiinu's Plugin Overdraft® to attach ("plugin") to the customer's primary bank account, no matter which bank they may use. Fiinu's vision is built around Open Banking, and it believes that it increases competition and innovation in UK banking.

This Group consists of Fiinu Plc and all of its subsidiaries.

1.1 Accounting convention

The Group's consolidated and the Company's financial statements are prepared in accordance with UK- adopted international accounting standards and the Companies Act 2006 requirements, except as otherwise stated. Under the Companies Act 2006, s454, on a voluntary basis, the directors can amend these financial statements if they subsequently prove to defective. On publishing the parent company financial statements here together with the consolidated financial statements, the company is taking advantage of the exemption in s408 of the Companies Act 2006 not to present its individual statement of profit and loss. Profit and loss and other comprehensive income and related notes form a part of these approved financial statements.

Reverse takeover transactions

Where there has been a reverse takeover, the coming together of the entities does not constitute a business combination and as such the transaction is accounted for as, in substance, a capital reorganisation. The accounting acquirer is different from the legal acquirer. As such, from an accounting perspective, the previous comparatives and any results prior to the reverse takeover have not been presented and the assets and liabilities of the accounting acquirer are recorded in the consolidated financial statements at their pre- combination amounts. The share capital in the consolidated financial statements however, reflects that of the legal acquirer.

1.2 Basis of consolidation

1.3 Going concern

The financial statements have been prepared on a going concern basis. In assessing going concern, the Directors have considered the current statement of financial position, the financial projections, longer-term strategy of the business and the capital and liquidity plans, including stress tests and plans for future capital injections.

As at 31 December 2024 the group had available cash resources of £356k (2023: £1.311m). After a successful £1.25m gross equity funding round in February 2025, at the date of signing of these financial statements the Company's cash resources were over £1m which, with current burn rate including increased spending on white-label deliverables will last for more than 12-months. The Directors have prepared forecasts for a period of at least 12 months from the date of signing of these financial statements. Based on the current projection, the Directors believe that there are sufficient funds for the forecast expenditure for at least the next 12 months. However, it is anticipated that the group will need to raise capital beyond this period in order to proceed with its operational strategy. This represents a material uncertainty that may cast significant doubt on the group's and company's ability to continue as a going concern. However, the Directors have a reasonable expectation that this uncertainty can be managed to a successful outcome, and based on that assessment, the group and company will have adequate resources to continue in operational existence for the foreseeable future.

The financial statements do not reflect any adjustments that would be required to be made if they were to be prepared on a basis other than the going concern basis.

1.4 Intangible assets other than goodwill

Expenditure on research is recognised as an expense in the period in which it is incurred.

Cost that are directly attributable to the development phase of new customised technologies are recognised as intangible assets provided they meet the following recognition criteria:

• the group intends to complete the intangible asset and use or sell it;
• the group has the ability to use or sell the tangible asset;
• the intangible asset will generate probable future economic benefits. Among other things, this requires that there is a market for the output from the intangible asset or the intangible asset itself, or, if it is to be used internally, the asset will be used in generating such benefits;

Development costs not meeting the criteria for capitalisation are recognised as expenses as incurred.

Amortisation is recognised as an administrative expense in profit or loss on a straight line basis over the estimated useful lives of intangible assets, other than goodwill, from the date that they are available for use. The estimated useful lives for intangible assets are as follows:

Research and development not yet in use

1.5 Non-current investments

1.6 Borrowing costs

Finance costs comprise interest expense on borrowings including leases which are recognised in profit or loss in the period in which they are incurred.

1.7 Cash and cash equivalents

1.8 Financial assets

Financial assets held at amortised cost

Financial assets are classified as at amortised cost only if the asset is held within a business model whose objective is to collect the contractual cash flows, and the contractual terms give rise to cash flows that are solely payments of principal and interest.

Financial assets at fair value through profit or loss

When any of the above-mentioned conditions for classification of financial assets are not met, a financial asset is classified as measured at fair value through profit or loss. Financial assets measured at fair value through profit or loss are recognised initially at fair value and any transaction costs are recognised in profit or loss when incurred. A gain or loss on a financial asset measured at fair value through profit or loss is recognised in profit or loss, and is included within finance income or finance costs in the statement of income for the reporting period in which it arises.

Impairment of financial assets

Financial assets carried at amortised cost are assessed for indicators of impairment at each reporting end date.

Derecognition of financial assets

1.9 Financial liabilities

Other financial liabilities

Derecognition of financial liabilities

1.10 Equity instruments

Share capital represents the nominal value of shares that have been issued. Share premium includes any premium received on issue of share capital.

Retained losses include retained profits and losses relating to current and prior years and purchases and sales of own shares by the Employee Benefit Trust.

All transactions with owners of the parent are recorded separately within equity.

1.11 Taxation

The tax expense represents the sum of the current tax and deferred tax.

Current tax

The current tax is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

1.12 Employee benefits

1.13 Retirement benefits

1.14 Leases

At inception, the group assesses whether a contract is, or contains, a lease within the scope of IFRS 16. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. Where a tangible asset is acquired through a lease, the group recognises a right-of-use asset and a lease liability at the lease commencement date. Right-of-use assets are included within property, plant and equipment, apart from those that meet the definition of investment property and are recognised for all leases except those which are considered to have a fair value below £4,500 and those with a duration of 12 months or less.

1.15 Foreign exchange

1.16 Earnings per share

The group presents basic and diluted earnings per share ("EPS") data for its ordinary shares. Basic EPS is calculated by dividing the profit or loss attributable to ordinary shareholders of the company by the weighted average number of ordinary shares outstanding during the period. Diluted EPS is determined by adjusting the profit or loss attributable to ordinary shareholders and the weighted average number of ordinary shares outstanding for the effects of all dilutive potential ordinary shares, which comprise share options granted to employees.

1.17 New and amended standards

New and amended standards adopted by the Group

The Group has applied the following pronouncements and amendments for the first time for the annual reporting period commencing 1 January 2024:

• IFRS S1 General Requirements for Disclosure of Sustainability-related Financial Information
• IFRS S2 Climate-related Disclosures
• Classification of Liabilities as Current or Non-Current - Amendments to IAS 1
• Lease Liability in a Sale and Leaseback - Amendments to IFRS 16
• Non-current Liabilities with Covenants - Amendments to IAS 1
• Supplier Finance Arrangements - Amendments to IAS 7 and IFRS 7

New standards and interpretations not yet adopted

• Presentation and Disclosures in Financial Statements - Amendments to IFRS 18
• Subsidiaries without Public Accountability: Disclosures - Amendments to IFRS 19
• Lack of Exchangeability - Amendments to IAS 21

2 Earnings per share

Basic earnings per share is calculated by dividing the earnings attributable to ordinary shareholders by the weighted average number of shares outstanding during the year.

For diluted earnings per share, the weighted average number of shares in issue is adjusted to assume conversion of all potentially dilutive warrants and options over ordinary shares. Potential ordinary shares resulting from the exercise of warrants and options have an anti-dilutive effect due to the group being in a loss position. As a result, dilutive loss per share is disclosed as the same value as basic loss per share.

3 Financial information in this Announcement

The financial information presented in this announcement does not comprise the statutory accounts for the Group for the financial years ended 31 December 2024 and 31 December 2023, but extracts from them. The Annual Report and Accounts for the year ended 31 December 2024, together with the Notice of Annual General Meeting, will be dispatched to shareholders shortly and will be available to download from the Company's website at https://fiinuplc.com/annual-and-interim-reports.