Fiinu (LON: BANK) intends to pay up to £12m for Poland-based foreign exchange brokerage Everfex. Fiinu will also raise £800,000 at 10p/share. This is a reverse takeover, and it expands the range of fintech services that are provided. Trading in the shares has been suspended at 9.625p.
The initial payment of £8m will be satisfied by the issue of 80 million shares and the rest will depend on performance and be payable via up to 20 million shares at 20p each.
Everfex handled more than $1bn worth of foreign exchange transactions and it focuses on small and medium-sized businesses. The business was established in Poland in September 2019. Karol Oleksa restructured the business in 2023, and it moved into profit in 2024. He will remain as the subsidiary’s chief executive. Everfex requires additional funding to fully take advantage of opportunities.
Everfex made a pre-tax profit of more than £600,000 for the four months to April 2025. The assets were bought by the company being acquired at the beginning of the year. Volatility will help profitability.
The acquisition will broaden the range of activities of the company. Poland is one of the faster growing economies in Europe and there is potential to expand in other countries. Everfex could promote Fiinu’s Plugin Overdraft product, as well as benefiting from Fiinu’s technology expertise. Longer-term, the group may seek a deposit taking licence in the UK. That will require more funding.
Fiinu has no revenues and is losing money. Cash was £643,000 at the end of June 2025. A licence has been signed with a UK bank for its Plugin Overdraft product, and this boosted the share price making it easier to do the current deal. Everfex expects to continue with its current momentum.