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Finseta offloads non-trading subsidiary Capital Currencies to undisclosed buyer for £150,000

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.

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