The London-based financial services company Cornerstone FS plc announced today that it has signed an agreement with Mastercard to launch a new corporate card product.

Under the terms of the deal, Cornerstone will be able to issue commercial credit and debit cards co-branded with Mastercard for its business customers. The company expects to roll out the new corporate card offering in the third quarter of 2024.

Cornerstone Partners with Mastercard

The partnership represents a move by Cornerstone to expand the payment options it provides to customers. The company aims to enhance its capabilities by establishing relationships with leading financial services providers like Mastercard.

"We are thrilled to have entered this long-term agreement with Mastercard, which will expand our product offer to include commercial cards," said the CEO of Cornerstone, James Hickman. "This additional payment rail will provide our customers with greater choice and flexibility in managing their business expenses."

Hickman added the corporate card scheme is a key step towards Cornerstone's goal of enabling its clients to "pay in or pay out, in any currency, via any payment method anywhere in the world."

The company statement did not provide further financial or operational details about the partnership. Cornerstone FS plc operates a proprietary technology platform offering businesses and individuals multi-currency accounts.

Cornerstone Shares Hit Two-Year High after Mastercard Partnership Announcement

Shares of Cornerstone on the London Stock Exchange (LSE: CSFS) surged to over two-year highs, reaching 40 pence, in response to the morning announcement of the partnership with Mastercard.

At the time of writing, some of these gains had receded to 37.6 pence, yet CSFS still registered an increase of almost 8% today. Following a series of positive financial reports, this marks another strong spike in the company's stock in 2024. As Finance Magnates reported two weeks ago, Cornerstone announced an increase of 100% in revenue for 2023, reaching £9.6 million.

"It has been an excellent year for Cornerstone as we made substantial strategic progress culminating in a set of strong financial results which significantly exceeded the Board's expectations this time last year," Hickman said.

The latest results confirmed the previous report stating that revenues for 2023 will be "materially above current market expectations."