Fiinu Rejects Shareholder Claims as Everfex Legal Actions Top £16 Million (BANK)

Fiinu (LSE:BANK) has responded to a shareholder letter distributed by Granicus Holdings ahead of its annual general meeting on 24 July, stating that the document presents an incomplete account of both the Everfex acquisition and the group’s financial performance for FY2025. The board said a significant proportion of the reported loss relates to non-cash goodwill impairment together with integration, investigation and restructuring costs associated with the Everfex transaction, rather than shortcomings in the company’s underlying operations.

Company Pursues Legal Claims Linked to Everfex Acquisition

Fiinu revealed it is pursuing two significant legal actions arising from the Everfex acquisition. The first involves arbitration proceedings concerning alleged breaches of non-compete obligations by Karol and Marta Oleksa. The second relates to contractual claims against Granicus, with the company alleging warranty breaches and failures to disclose relevant information during the transaction.

Combined, the two legal proceedings seek damages exceeding £16 million as Fiinu aims to recover losses it believes resulted from the acquisition process.

Board Calls for Shareholder Support Ahead of AGM

The board, whose members collectively control 32.3% of the company’s voting rights, has urged shareholders to vote in favour of all resolutions at the 24 July annual general meeting. Directors also reaffirmed their support for Chief Executive Dr Marko Sjoblom and the company’s current strategic direction, stating that management remains focused on delivering its commercial plans while protecting long-term shareholder value.

More about Fiinu Plc

Fiinu Plc is a London-listed fintech company founded in 2017 that develops banking technology for financial institutions. Its flagship Bank Independent Overdraft platform enables banks to offer overdraft facilities to customers without requiring them to switch their existing current accounts.

The company is admitted to trading on AIM under the ticker BANK and provides white-label technology designed to help lenders enhance their retail banking products. By supplying infrastructure directly to banks rather than serving consumers itself, Fiinu seeks to expand the adoption of its lending technology across the financial services sector.