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Cornerstone up after receiving licence for operations in Canada

13th Feb 2024 09:18

(Alliance News) - Shares in Cornerstone FS PLC were up on Tuesday, after the company received a licence to operate a payments business from the Canadian government's financial authority.

Cornerstone is a London-based provider of cloud-based payment systems. Shares in the company were up 9.3% at 32.80 pence each in London on Tuesday morning.

This came after Cornerstone announced the receipt of a monetary services business licence from the Canadian government's financial intelligence agency. This permits the company to operate a payments company in the country and provide payment services to Canadian businesses and individuals.

Cornerstone said that receiving this regulatory licence is a step towards its goal of developing a "full-service" office in Canada, which would provide Canadians with the company's "high-touch service-led approach".

Establishing an office in the country would be a "key milestone" in expanding the company's geographic footprint, a strategy which Cornerstone said would "accelerate" its long-term growth ambitions.

Chief Executive Officer James Hickman said: "We are delighted to receive authorisation to operate in Canada. Having received enquiries in Canada for our services through our existing network, the establishment of a regulated business will enable us to fully pursue such opportunities and leverage local payment rails and lower transaction costs. This also forms part of our stated strategy to expand our geographical footprint and regulatory capabilities to deliver sustained growth for the years to come."

By Hugh Cameron, Alliance News reporter

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