Fiinu acquisition misses earn-out share target
By Josh White
Date: Thursday 22 Jan 2026
(Sharecast News) - Fiinu said on Thursday that no additional consideration shares would be issued in connection with its acquisition of Polish subsidiary Everfex after an independently verified review confirmed the business did not meet the earn-out threshold at the end of 2025.
In an update on the earn-out condition linked to the August acquisition of Everfex, Fiinu said an external professional adviser had completed an independent verification of Everfex's SME client order book, applying the same methodology used during pre-acquisition due diligence.
The AIM-traded firm said the review confirmed an aggregate order book of approximately €340m as at 31 December, well below the €750m level required for the earn-out to trigger.
As a result, none of the 20 million additional consideration shares would be issued to Granicus Holdings.
Fiinu said the independent verification process provided positive validation of its governance framework and methodological consistency, as well as its commitment to external assurance.
The group added that the confirmed €340m of contracted and credit-approved SME orders demonstrated meaningful commercial traction and supported the existence of credible demand for its currency hedging and foreign exchange solutions within the Polish SME market.
Since the acquisition, Fiinu said Everfex had continued to strengthen operating controls, enhance client quality and deepen commercial relationships under the group's management.
To support the next phase of growth and accelerate conversion of pipeline opportunities, the company said it had started recruiting an experienced country manager in Poland, a move intended to strengthen local leadership and support sustainable expansion of the order book.
"The independently verified order book confirms a solid commercial foundation and growing demand among Polish SMEs," said chief executive Marko Sjoblom.
"It reflects the disciplined, transparent approach Fiinu has applied since acquiring Everfex and provides a strong platform for future growth."
He added that, with recruitment under way and continued execution across the group, Fiinu believed it was well positioned to build long-term shareholder value.
At 1202 GMT, shares in Fiinu were up 2.74% at 8.35p.
Reporting by Josh White for Sharecast.com.
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