Manx Financial Group impresses with H1 guidance, Fiinu collab

(Sharecast News) - Shares in AIM-listed Manx Financial Group jumped on Tuesday afternoon after the financial services firm guided to a big jump in first-half profits and announced a new collaboration with fintech Fiinu. Manx, which operates FX and international payments outfit MFX and banking group Conister, released a short statement providing advance guidance for its results for the six months to 30 June, which are due out next Monday.

Manx said it expects to report a pre-tax profit of £4.1m for the period, up 16% from the £3.5m reported the year before.

Manx also reported earlier in the day that Conister Bank had entered into an exclusive agreement with Fiinu to introduce an "innovative overdraft product" in the UK.

The deal, which is subject to regulatory approval, will see Conister offer Fiinu's so-called Plugin Overdraft, an open banking technology that will allow customers of any UK bank to 'plugin' a Conister Bank overdraft to their primary current account without the need to switch banks.

"Fiinu's technology complements our strategic vision and will enable us to serve customers who are being overlooked by mainstream banking, thereby reinforcing our premier position as the specialist deposit taker and lender in the Isle of Man and UK," said Manx chief executive Douglas Grant, who also serves as Conister's managing director.

Fiinu's shares were down 13.6% at 13.4p by 1441 BST, while Manx was up nearly 5% at 37.1p.