Finseta offloads non-trading subsidiary Capital Currencies to undisclosed buyer for £150,000
Cross-border payments and foreign currency management firm Finseta, formerly known as Cornerstone FS, has completed the sale of its non-trading subsidiary, Capital Currencies, for £150,000 in cash. The identity of the buyer has not been disclosed.
Finseta sells Capital Currencies for £150K
Finseta first announced the sale of Capital Currencies, which provides currency exchange and international payment services to SMEs, last September, stating at the time that the sale was in “the best interests of [Finseta] to realise the value of this non-core asset through its disposal to a non-competing entity”.
It initially acquired the subsidiary in February 2022 for £586,000, with a maximum total consideration of £3 million, to “expand Cornerstone’s presence in its core target market and, in line with the Group’s stated strategy, increase revenue generated by direct clients”.
The deal included all of Capital Currencies’ customers, being primarily UK corporates and larger SMEs, as well as its UK API licence, team and founder, Craig Strong, who now serves as Finseta’s director of business development.
In his latest statement, James Hickman, CEO of Finseta, says the sale of Capital Currencies “allows us to realise value from the sale of a non-trading subsidiary that holds a licence surplus to our requirements”, and that the proceeds generated by the move will be used to “further strengthen our cash position and our ability to capitalise on the excellent momentum that we have been experiencing across the business”.
The group previously sold its e-money institution subsidiary Avila House to UK-based payment accounts and lending services provider Aspire Commerce in January 2023 through a £600,000 deal.
