LONDON - Fiinu Plc, a UK-based fintech group, has signed a non-binding agreement with an undisclosed independent UK bank to provide a white-label Banking-as-a-Service (BaaS) platform. Announced today, the deal centers on Fiinu's Plugin Overdraft® product, which will integrate with the bank's systems.
The Heads of Terms, a preliminary agreement, outlines the conditions necessary for a formal contract. These include regulatory approvals, a Master Service Agreement, and a Service Level Agreement. The collaboration is subject to the successful integration and testing of Fiinu's technology with the bank's existing infrastructure.
The parties have agreed to a 12-month exclusivity period in the UK from the product's launch date, which is anticipated to be in Q4 2025. Fiinu will receive royalty fees from the bank's profits generated by the Plugin Overdraft®.
Dr. Marko Sjoblom, CEO of Fiinu, highlighted the importance of the deal as a significant step in the company's growth strategy. He emphasized Fiinu's commitment to leveraging Open Banking technology and AI to enhance financial services. The company's AI underwriting agent, which employs artificial neural networks and Markov chains, represents an innovative approach to credit risk assessment.
While the announcement marks a pivotal moment for Fiinu, it also contains forward-looking statements. The company cautions that actual results may vary due to factors such as regulatory delays, integration challenges, and shifts in market conditions.
This strategic partnership is poised to expand Fiinu's reach in the UK banking sector, with further updates to be provided as the agreement progresses. The information in this article is based on a press release statement from Fiinu Plc.
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