To secure a Small Electronic Money Institution, the Group bought Avila in October 2020. 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, approval by the FCA is required for the deal to be approved. It is expected that the approval will occur in the first three months of next year. Cornerstone FS will be receiving revenues over a 12-month period. The majority of these revenues will be recognized in H2 2023, according to the agreement.
James Hickman, Cornerstone’s CEO, stated:
Cornerstone is pleased to offer this deal. It demonstrates the importance of e-money registrations and 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 first published the post Cornerstone FS Announces Sales of Avila Home