#Payments / Cornerstone Brands plans acquisition of FXPress Payment Services

Following the completion of the acquisition, the existing business of Cornerstone Brands will be sold to co-founders Oliver Bridge and Spencer Hill.

Cornerstone produces men’s toiletries and healthcare products delivered via a subscription model. It has raised £7.6 million since launch in 2013.

A new company strategy will involve building “a significant business in the provision of international payment services for SMEs”.

FXPress operates a proprietary cloud-based foreign exchange and payments platform. Its customers, mainly small and medium-enterprises (SMEs) can connect between corporate accounting systems and bank accounts.

FXPress itself agreed an acquisition last month, taking over electronic money institutions Avila House. [through which] its customers gain access to multi-currency accounts with individual IBAN numbers.