Cornerstone FS Reports a Jump in Revenue during 2020

Cornerstone FS, the cloud-based provider of currency Risk Management Risk Management One of the most common terms utilized by brokers, risk management refers to the practice of identifying potential risks in advance. Most commonly, this also involves the analysis of risk and the undertaking of precautionary steps to both mitigate and prevent for such risk.Such efforts are essential for brokers and venues in the finance industry, given the potential for fallout in the face of unforeseen events or crises. Given a more tightly regulated environment across nearly every asset class, One of the most common terms utilized by brokers, risk management refers to the practice of identifying potential risks in advance. Most commonly, this also involves the analysis of risk and the undertaking of precautionary steps to both mitigate and prevent for such risk.Such efforts are essential for brokers and venues in the finance industry, given the potential for fallout in the face of unforeseen events or crises. Given a more tightly regulated environment across nearly every asset class, Read this Term and international Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term, released its financial results today for the year ended 31 December 2020. The Group’s total revenue reached £1.7 million.

According to an official press release shared with Finance Magnates, Cornerstone onboarded 328 new clients in 2020, compared to 181 in 2019. The total number of clients has increased to 732.

Additionally, Cornerstone highlighted the importance of the Group’s recent acquisitions (FXPress and Avila House) to strengthen its position as a fintech business focused on providing foreign currency management.

Commenting on the latest announcement, Julian Wheatland, Chief Executive Officer of Cornerstone, said: “It is a great pleasure to present Cornerstone’s first annual results as a public company following our IPO in April 2021. Amid a year of global upheaval, 2020 was a milestone period for us; establishing Cornerstone’s foundations, making two key acquisitions, and culminating, post-period, in our admission to AIM. While, along with the rest of the industry, our trading volumes were impacted by COVID-19, we successfully navigated the transition to home working with no disruption to our operations or service provision.”

2020 remained a busy year for Cornerstone as Julian Wheatland joined the Group as CEO in September last year. Wheatland previously served as CEO of Cambridge Analytica in 2018.

Acquisitions

Last year, Cornerstone FS completed the acquisition of FXPress Payment Services Ltd ('FXPress'), a provider of advanced payment systems as platform-as-a-service to SMEs, to expand its portfolio. Cornerstone FS is planning to take advantage of the recent acquisitions to accelerate growth.

“We have come to the market to build a significant business in the provision of technology-enabled international payment services, foreign exchange and currency risk management. While we are still at the beginning of our journey, with our strong team and highly scalable platform, we believe we are well-placed to take advantage of the meaningful organic and acquisition opportunities that will enable us to achieve this. We look forward to reporting on our progress,” Wheatland added.