Cornerstone Brands plans acquisition of FXPress Payment Services
FXPress Payment Services has been acquired by Cornerstone Brands, which is in turn selling its brand to founders Oliver Bridge and Spencer Hill.
FXPress claims to process £600 million worth of foreign exchange transactions per year
The acquisition is awaiting approval from the Financial Conduct Authority (FCA). Cornerstone will acquire the entire issued share capital of FXPress.
Following the completion of the acquisition, the existing business of Cornerstone Brands will be sold to co-founders Oliver Bridge and Spencer Hill.
Cornerstone produces men’s toiletries and healthcare products delivered via a subscription model. It has raised £7.6 million since launch in 2013.
A new company strategy will involve building “a significant business in the provision of international payment services for SMEs”.
FXPress operates a proprietary cloud-based foreign exchange and payments platform. Its customers, mainly small and medium-enterprises (SMEs) can connect between corporate accounting systems and bank accounts.
The new directors of FXPress believe that there are “meaningful opportunities” in building out a broader range of international payments services.
FXPress itself agreed an acquisition last month, taking over electronic money institutions Avila House.
Through Avila House, its customers gain access to multi-currency accounts with individual IBAN numbers.
