The Group acquired Avila in October 2020 to secure a Small Electronic Money Institution. The company’s primary operating subsidiary, Cornerstone Payment Solutions Ltd. (formerly FXPress Payment Services Ltd.) gained approval from the Financial Conduct Authority (FCA) as Authorised Electronic Money Institution in August 2021, which replaced the more limited license of Avila.
According to the official announcement, the deal is pending regulatory approval from the FCA which is expected to happen in the first quarter of next year. Under the terms of the transaction, Cornerstone FS will receive revenues in stages over the 12-month period, with the majority expected to be recognised in H2 2023.
James Hickman, CEO of Cornerstone, said:
This is an excellent deal for Cornerstone and reflects the value of an e-money registration as well as our platform. As we have said previously, we have experienced strong trading momentum throughout the year, and it is great to now be ending 2022 having secured an additional £600,000 for next year. We look forward to reporting on our further progress.
