LONDON: The Board of Thalassa Holdings has agreed to make an equity investment of £300,000 in Fintech company Cornerstone FS Plc, a cloud-based scalable foreign exchange and international payments platform.
Thalassa leads the latest funding round by Cornerstone, which is set to conclude shortly, in which Cornerstone is raising approximately £780,000 to support its operations and capitalise on market growth drivers to rapidly scale up its business.
Key terms:
· £300,000 investment in Cornerstone for 600,000 shares at a subscription price of 50 pence per share
· Following completion of the investment Thalassa will hold approximately 3.65% of the issued capital of Cornerstone (based on 16,425,090 Cornerstone shares issued and outstanding).
Cornerstone has also issued 600,000 warrants with a 5 year term to Thalassa, each warrant carrying the right to subscribe for one Cornerstone share at a price of 50 pence.
Duncan Soukup, Chairman of Thalassa, said: “Cornerstone is an innovative foreign exchange and international payments company pursuing a strategy to consolidate this highly fragmented section of the financial services market using its proprietary technology to deliver scale efficiencies. We believe that its vision to deliver expanded payments solutions to SMEs will provide a high growth opportunity. We are excited to make this initial investment and further increase our exposure to some of the most exciting Fintech companies operating today.”
Julian Wheatland, Chief Executive Officer of Cornerstone, said: “We are delighted to welcome this investment from Thalassa at such an exciting time for Cornerstone. We believe that, in this globally connected world, SMEs represent 50% of the business economy yet are chronically underserved by traditional banks. Our technology platform serves this fast-growing market with a regulated, secure and scalable service. This capital will support our aggressive growth strategy and help us to scale up the business in the international payments market.”
Thalassa Holdings Ltd. is a holding company with various interests across a number of industries which currently include, Fintech, Robotics and Leisure & Entertainment and Security & Access Control. www.thalassaholdingsltd.com
Cornerstone is an SME focused, cloud-based provider of international payment, currency management and electronic account services focused on removing the complexity of international payments for customers.
Its in-house software development team has built its own proprietary cloud-based multi-currency payment services platform through which it provides foreign exchange services to SME clients, giving them access to wholesale foreign exchange rates at prices well below that of the mainstream banks.
Cornerstone also provides a white label solution which can be branded by other payment service providers. In the 9 months to 31 December 2019 it has transacted over £1 billion of foreign exchange transactions . It is authorised and regulated by the FCA and by HM Revenue & Customs in respect of anti-money laundering regulations.
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