Cornerstone FS PLC Agreement with Mastercard (5264A)

TIDMCSFS

RNS Number : 5264A

Cornerstone FS PLC

23 January 2024

Certain information contained within this Announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014 ("MAR") as applied in the United Kingdom. Upon publication of this Announcement, this information is now considered to be in the public domain.

23 January 2024

Cornerstone FS plc

("Cornerstone" or "the Company" or "the Group")

Agreement with Mastercard

Expansion of customer offering to include corporate card scheme

Cornerstone FS plc (AIM: CSFS), a foreign exchange and payments solutions company offering multi-currency accounts to businesses and individuals through its proprietary technology platform, is pleased to announce that it has signed an agreement with Mastercard to launch a corporate card scheme.

Under the agreement, Cornerstone will be able to issue commercial cards co-branded and supported by Mastercard for the Group's corporate customers. The Group expects to launch the corporate card scheme during Q3 2024.

This represents execution on the Group's stated strategy to expand the payment methods offered to customers and to enhance its capabilities through establishing partnerships.

James Hickman, CEO of Cornerstone, said: "We are thrilled to have entered this long-term agreement with Mastercard, which will expand our product offer to include commercial cards. This additional payment rail will provide our customers with greater choice and flexibility in managing their business expenses - and it is a key step towards our goal of offering our clients the ability to pay in or pay out, in any currency, via any payment method anywhere in the world."

Enquiries

 
Cornerstone FS plc                        [phone] 
James Hickman, Chief Executive Officer 
 Judy Happe, Chief Financial Officer 
 
SPARK Advisory Partners Limited (Nomad)   [phone] 
Mark Brady, Adam Dawes 
 
Shore Capital (Broker)                    [phone] 
Daniel Bush, Tom Knibbs (Corporate 
 Advisory) 
 Guy Wiehahn (Corporate Broking) 
 
Gracechurch Group (Financial PR)          [phone] 
Harry Chathli, Claire Norbury 
 

About Cornerstone FS plc

Cornerstone FS plc (AIM: CSFS) is a foreign exchange and payments company offering multi-currency accounts and payment solutions to businesses and individuals. Headquartered in the City of London, Cornerstone combines a proprietary technology platform with a high level of personalised service to support clients with payments in over 150 countries in 58 currencies. With a track record of over 12 years, Cornerstone has the expertise, experience and expanding global partner network to be able to execute complex cross-border payments. It is fully regulated by the Financial Conduct Authority as an Electronic Money Institution through its wholly owned subsidiary company Cornerstone Payment Solutions Limited. www.cornerstonefs.com

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January 23, 2024 02:00 ET (07:00 GMT)