Fiinu selects Tuum to power its Plugin Overdraft®

London, 15 September 2022: Fiinu Plc (AIM: BANK), a UK fintech group including Fiinu Bank, has selected Tuum as the core banking platform to power its Plugin Overdraft®, a solution that will give consumers access to an overdraft facility without the need to switch banks and current accounts.

Using Tuum’s lending module, Fiinu will bring much needed flexibility to the tightly regulated overdraft market. According to the Financial Conduct Authority (FCA), over the past four years the number of current accounts in the UK has increased by 15 per cent from 87 million to over 100 million – 55 per cent of these accounts do not have access to an arranged overdraft.

The Directors believe that Tuum’s solution is an excellent example of how open banking can be used to improve consumer outcomes in the lending sector. Customers will be able to link multiple bank accounts to their dedicated Fiinu overdraft account through open banking application programming interfaces (APIs). The underwriting process is also led by open banking, as opposed to conventional underlying risk-based underwriting methods.

Fiinu went through an extensive selection process including full integration, configuration, and testing between the Plugin Overdraft® and the core banking solution. Tuum’s API-first and cloud-native platform was found to be, in the Company’s opinion, technically most advanced in the market for Fiinu Bank now, whilst also supporting Fiinu’s longer term aspirations to expand internationally.

Rivo Uibo, Co-founder & CBO at Tuum, comments: “Tuum’s mission has always been to empower our customers to bring innovation to the financial services sector, and our work with Fiinu is a perfect example of this. The overdraft market is notoriously rigid, and consumers are in desperate need of a more convenient way to access flexible credit in a secure manner. Through collaboration and cutting-edge technology, this offering will revolutionise the way people manage their finances.”

Chris Sweeney, CEO of Fiinu, comments: “We are starting a new era in banking with our unique bank agnostic Plugin Overdraft®, which offers a gateway to better financial inclusion and a welcome addition of a new product made possible through open banking. With inflation rising, the need for credit has never been greater. Our mission is to give consumers the breathing room they need through access to overdrafts that help to build credit and avoid rejection stress. Working with Tuum, we will be taking our Plugin Overdraft® solution mainstream and increasing financial flexibility for consumers.”

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