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Cornerstone FS: Offloads e-money subsidiary

Cornerstone FS: Offloads e-money subsidiary

  • Cornerstone FS is the cloud-based provider of international payment, currency risk management 
  • Announce that it has entered into a share purchase agreement (“SPA”) for the sale of its non-core subsidiary
  • The parties have also entered a software licensing agreement for Aspire to license the Cornerstone platform for a period of 12 months
  • The Company acquired Avila in October 2020 to gain a Small Electronic Money Institution
  • The proceeds from the sale of Avila will be used to strengthen the Company’s existing cash resources
  • For the financial year ended 31 December 2021, Avila generated revenue of £197,996 and profit of £2,418
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Laura M
Laura M
Laura is a financial reporter, editor, and researcher with a particular interest in fintech innovation, capital markets, and the evolving global banking landscape.

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