Cornerstone Completes Acquisition of FXPress Payment Services Following Consent of the FCA
- M&A Deals
- 18.09.2020 01:10 pm
Cornerstone Brands is pleased to announce the completion of its acquisition of FXPress Payment Services Ltd. (“FXPress”) following the consent of the FCA. FXPress, a regulated Authorised Payment Institution providing cross-border payment services, is now a wholly-owned subsidiary of Cornerstone.
Cornerstone is also pleased to announce that it has received the consent of the FCA for the acquisition of Avila House by FXPress.
Completion of the acquisitions means that Cornerstone will bring together the technology capabilities of FXPress, the e-money assets of Avila House and a strong team with decades of experience of the foreign exchange and payments industry to create a leading cloud-based, multi-currency payments platform for small and medium sized enterprises. Obtaining the consent of the FCA provides the Company’s customers assurancethat they continue todeal with a UK regulated entity that will be able to meet their payment needs of the future.
The Company has convened a General Meeting for 10.00am on 2 October 2020 to approve the re-registration of the Company as a public limited company and the change of its name to Cornerstone FS plc.
Julian Wheatland, Chief Executive Officer of Cornerstone, said: “We are very pleased to have completed the acquisition of FXPress following the consent of the FCA. We are now further developingthe range of products and services we provide for the benefit of our SME customers. Our overarching aim is to decrease the cost and complexity of business finance and treasury functions, thereby easing process workflow. Through the use of our tools, technologies and services, SMEs can be more efficient in the way they conduct international business. We look forward to progressing our operations under the Cornerstone umbrella and becoming a major player in the global payments landscape.”