Cornerstone FS Reports a Jump in Revenue during 2020

The UK-based group onboarded 328 new clients last year.

Cornerstone FS, the cloud-based provider of currency risk management and international payments, 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.”

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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.

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