Cornerstone Brands announced that the UK Financial Conduct Authority (FCA) approved the acquisition of FXPress Payment Services Ltd. The regulatory approval completes the acquisition of the regulated Authorised Payment Institution FXPress and the company is now a wholly-owned subsidiary of Cornerstone.
In addition, the company also received FCA approvals for the acquisition of Avila House by FXPress.
The acquisition enables Cornerstone to bring together the technology capabilities of FXPress, the e-money assets of Avila House and a team with vast experience in the foreign exchange and payments industry to create a cloud-based, multi-currency payments platform for small and medium sized enterprises.
Securing the FCA consent also gives Cornerstone’s clients assurance that they continue to deal with a UK regulated entity that will be able to meet their payment needs of the future.
The re-registration of the Company as a public limited company and the change of its name to Cornerstone FS plc are pending approval during the Company’s General Meeting, scheduled for 2 October 2020.
Julian Wheatland, Chief Executive Officer of Cornerstone, commented:
We are very pleased to have completed the acquisition of FXPress following the consent of the FCA. We are now further developing the 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.
Experienced writer and journalist, working in the global online trading sector, Steffy is the Editor of LeapRate. She has previous experience as a copywriter and has been with the company since January 2020. Steffy has a British and American Studies degree from St. Kliment Ochridski University in Sofia.