Cornerstone Receives FCA Approval to Purchase FXPress Cost Companies

Following last approval from the Monetary Conduct Authority (FCA) Cornerstone has accomplished the acquisition of FXPress Cost Companies – a regulated Authorised Cost Establishment offering cross-border fee companies. Cornerstone will now function as Cornerstone FS plc.

Moreover, Cornerstone says it has obtained the consent of the FCA for the acquisition of Avila Home by FXPress.

Cornerstone famous that completion of the acquisitions means that it’s going to convey collectively the expertise capabilities of FXPress, the e-money property of Avila Home, in addition to a group with many years of expertise of the overseas trade and funds business to create a number one cloud-based, multi-currency funds platform for small and medium-sized enterprises.

Julian Wheatland, Chief Government Officer of Cornerstone, commented:

“We’re very happy to have accomplished the acquisition of FXPress following the consent of the FCA.  We are actually additional growing the vary of services and products we offer for the good thing about our SME prospects.  Our overarching purpose is to lower the fee and complexity of enterprise finance and treasury features, thereby easing course of workflow. Via using our instruments, applied sciences and companies, SMEs may be extra environment friendly in the way in which they conduct worldwide enterprise. We stay up for progressing our operations underneath the Cornerstone umbrella and turning into a significant participant within the international funds panorama.”

Wheatland was solely lately appointed as CEO of the agency. He lately said that “SMEs are an underserviced section by the banking sector, however with our proprietary expertise we will benefit from the Open Banking Initiative and supply them with a set of merchandise and options that can scale back prices and improve effectivity.”