In October 2020, the Group purchased Avila to create 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.
Officially, the FCA has yet to approve the deal. This approval is expected to occur in the first quarter next year. Cornerstone FS will get revenues in phases over the 12-month period. Most of them will be recognized in H22023 according to the terms.
James Hickman, Cornerstone’s CEO, stated:
Cornerstone is pleased to offer this deal. It reflects the importance of e-money registrations 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 reporting on our progress.
LeapRate’s first article was entitled Cornerstone FS Announces Sale of Avila House