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LONDON - Conister Bank Limited is set to launch the Plugin Overdraft product in the United Kingdom in Q4 2025, following an exclusive strategic partnership with fintech company Fiinu Plc (LON:BANK), according to a press release statement.
The bank-agnostic overdraft platform will allow customers of any UK bank to access a Conister Bank overdraft through their existing current account without switching banks. The solution, which utilizes Open Banking and AI underwriting, can technically connect to over 100 million personal current accounts in the UK and 95% of EU bank accounts.
Conister Bank, a subsidiary of Manx Financial Group Plc (LON:MFX), will initially offer the product to Payment Assist Limited’s customer base of more than one million retail customers before expanding to Conister’s retail and SME customers across the UK and Isle of Man.
Under the Master Services Agreement, Conister will hold exclusive rights to use the Plugin Overdraft in the UK and Isle of Man for a minimum of three years. The product will be branded "Conister Bank Plugin Overdraft, powered by Fiinu" and will be fully integrated into Conister’s infrastructure.
The agreement includes a profit-sharing arrangement between the companies, with Fiinu operating the technology platform and charging Conister based on an agreed structure for development and usage.
Dr. Marko Sjoblom, Fiinu’s Chief Executive Officer, described the partnership as "a true milestone for both companies," while Douglas Grant, Conister Bank and MFG’s Chief Executive Officer, called the Plugin Overdraft "a world-first unbundled overdraft solution."
The launch remains on schedule for the fourth quarter of 2025, subject to regulatory approval.
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