Exhibit 10.5


 


Finnovate
ACQUISITION CORP.


The White
House,


20 Genesis
Close, George Town


Grand Cayman
KY1 1208,


Cayman Islands


 


November 8,
2021


 


Finnovate Sponsor L.P.


1007 N. Orange St.,


10th Floor, Wilmington,


Delaware 19801


 





Ladies and Gentlemen:


 


This letter will confirm our agreement
that, commencing on the effective date (the “Effective Date”) of the registration statement (the “Registration
Statement”) for the initial public offering (the “IPO”) of the securities of Finnovate Acquisition
Corp. (the “Company”) and continuing until the earlier of (i) the consummation by the Company of an initial
business combination or (ii) the Company’s liquidation (in each case as described in the Registration Statement) (such earlier date
hereinafter referred to as the “Termination Date”), Finnovate Sponsor l.P. (the “Sponsor”)
shall make available, or cause to be made available, to the Company certain office space, utilities and administrative support as may
be reasonably required by the Company from time to time, at 1007 N. Orange St., 10th Floor, Wilmington, DE 19801 (or any successor location).
In exchange therefor, the Company shall pay the Sponsor the sum of $3,000 per month on the Effective Date and continuing monthly thereafter
until the Termination Date. The Sponsor hereby agrees that it does not have any right, title, interest, cause of action or claim of any
kind (each, a “Claim”) in or to any monies that may be set aside in a trust account (the “Trust
Account”) to be established upon the consummation of the IPO for the benefit of the public stockholders of the Company and
hereby waives any Claim it may have in the future as a result of, or arising out of, any negotiations, contracts or agreements with the
Company and will not seek recourse against the Trust Account for any reason whatsoever.


 


This letter agreement constitutes
the entire agreement and understanding of the parties hereto in respect of its subject matter and supersedes all prior understandings,
agreements, or representations by or among the parties hereto, written or oral, to the extent they relate in any way to the subject matter
hereof or the transactions contemplated hereby.


 


This letter agreement may not
be amended, modified or waived as to any particular provision, except by a written instrument executed by all parties hereto.


 


No party hereto may assign either
this letter agreement or any of its rights, interests, or obligations hereunder without the prior written approval of the other party.
Any purported assignment in violation of this paragraph shall be void and ineffectual and shall not operate to transfer or assign any
interest or title to the purported assignee.


 


This letter agreement constitutes
the entire relationship of the parties hereto, and any litigation between the parties (whether grounded in contract, tort, statute, law
or equity) shall be governed by, construed in accordance with, and interpreted pursuant to the laws of the State of New York, without
giving effect to its choice of laws principles.


 


[Signature Page Follows]


 




    	 



    	2	 	 



    

 





	 	Very
    truly yours,
	 	 
	 	FINNOVATE
    ACQUISITION CORP.
	 	 	 
	 	By:	/s/
    Ron Golan
	 	Name:	Ron
    Golan
	 	Title:	Director
    and Chief Executive Officer


 





	AGREED TO AND ACCEPTED BY: 	 
	 	 
	FINNOVATE SPONSOR L.P.


through its General Partner,

 





FINNOVATE SPONSOR LLC


 	 
	 	 	 
	By:	/s/
                                            David Gershon
	 
	Name:	David Gershon	 
	Title:	General Manager	 


 


[Signature Page to Administrative Services Agreement]