Thalassa Holdings Limited Thalassa leads investment into Cornerstone FS Plc (9027F)
November 19 2020 - 6:21AM
UK Regulatory
TIDMTHAL
RNS Number : 9027F
Thalassa Holdings Limited
19 November 2020
Thalassa Holdings
Equity Investment in Cornerstone FS Plc
Thalassa Holdings Limited
19 November 2020
.
Thalassa Holdings Ltd
(Reuters: THAL.L, Bloomberg: THAL:LN)
("Thalassa", "THAL" or the "Company")
Thalassa leads GBP780,000 investment in Cornerstone FS Plc
This announcement contains inside information for the purposes
of Article 7 of Regulation 596/2014
The Board of Thalassa is pleased to announce that the Company
has agreed to make an equity investment of GBP300,000 in Fintech
company Cornerstone FS Plc ("Cornerstone"), a cloud-based scalable
foreign exchange and international payments platform.
Thalassa leads the latest funding round by Cornerstone, which is
set to conclude shortly, in which Cornerstone is raising
approximately GBP780,000 to support its operations and capitalise
on market growth drivers to rapidly scale up its business.
Key terms:
-- GBP300,000 investment in Cornerstone for 600,000 shares at a
subscription price of 50 pence per share
-- Following completion of the investment Thalassa will hold
approximately 3.65% of the issued capital of Cornerstone (based on
16,425,090 Cornerstone shares issued and outstanding).
Cornerstone has also issued 600,000 warrants with a 5 year term
to Thalassa, each warrant carrying the right to subscribe for one
Cornerstone share at a price of 50 pence.
Duncan Soukup, Chairman of Thalassa, said:
"Cornerstone is an innovative foreign exchange and international
payments company pursuing a strategy to consolidate this highly
fragmented section of the financial services market using its
proprietary technology to deliver scale efficiencies. We believe
that its vision to deliver expanded payments solutions to SMEs will
provide a high growth opportunity. We are excited to make this
initial investment and further increase our exposure to some of the
most exciting Fintech companies operating today."
Julian Wheatland, Chief Executive Officer of Cornerstone,
said:
"We are delighted to welcome this investment from Thalassa at
such an exciting time for Cornerstone. We believe that, in this
globally connected world, SMEs represent 50% of the business
economy yet are chronically underserved by traditional banks. Our
technology platform serves this fast-growing market with a
regulated, secure and scalable service. This capital will support
our aggressive growth strategy and help us to scale up the business
in the international payments market."
Enquiries:
Thalassa Holdings Ltd
--------------------
+33 (0)6 78 63 26
Duncan Soukup (Executive Chairman) 89
--------------------
Cornerstone FS Plc
--------------------
+44 (0) 203 880
Julian Wheatland 7850
--------------------
WH Ireland Limited (Financial
Adviser) +44 (0)207 220 1650
--------------------
Chris Fielding (Managing Director,
Corporate Finance)
--------------------
Note to Editors:
About Thalassa
www.thalassaholdingsltd.com
Thalassa Holdings Ltd. is a holding company with various
interests across a number of industries which currently include,
Fintech, Robotics and Leisure & Entertainment and Security
& Access Control.
About Cornerstone
www.cornerstonefs.com
Cornerstone is an SME focused, cloud-based provider of
international payment, currency management and electronic account
services focused on removing the complexity of international
payments for customers.
Its in-house software development team has built its own
proprietary cloud-based multi-currency payment services platform
through which it provides foreign exchange services to SME clients,
giving them access to wholesale foreign exchange rates at prices
well below that of the mainstream banks. Cornerstone also provides
a white label solution which can be branded by other payment
service providers. In the 9 months to 31 December 2019 it has
transacted over GBP1 billion of foreign exchange transactions . It
is authorised and regulated by the FCA and by HM Revenue &
Customs in respect of anti-money laundering regulations.
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