Summary of Finseta’s Sale of Capital Currencies:
- Transaction Overview:
- Finseta (formerly Cornerstone FS) sold its non-trading subsidiary, Capital Currencies, for £150,000 in cash.
- The buyer’s identity has not been disclosed.
- Background and Rationale:
- Announced the sale in September 2022, citing it as a move to realize value from a non-core asset.
- Initially acquired Capital Currencies in February 2022 for £586,000, with a potential total consideration of £3 million.
- Assets Included in the Sale:
- Capital Currencies’ customers (primarily UK corporates and larger SMEs).
- UK API licence.
- Team and founder, Craig Strong (now Finseta’s director of business development).
- CEO Statement:
- James Hickman, CEO of Finseta, stated the sale strengthens the company’s cash position and enhances its ability to capitalize on current business momentum.
- Previous Sales:
- Sold its e-money institution subsidiary, Avila House, to Aspire Commerce in January 2023 for £600,000.
