London FinTech Cornerstone FS Plc more than doubled revenues in 2022 thanks to a mix of organic growth and acquisitions.
The AIM-listed company, a cloud-based provider of international payment, currency risk management and electronic account services to SMEs, reported total revenue for the year ended 31st December 2022 of £4.8 million.
London-headquartered Cornerstone FS, which acquired Capital Currencies Ltd and Pangea FX Ltd last year, said this represents 109% growth over 2021 and is 12% ahead of market expectations.
Cornerstone was established in 2010 as PlutusFX, which would later become FXPress and then Cornerstone Payment Solutions. The firm appointed an experienced chief executive, James Hickman, last year.
“We are extremely pleased to see our unaudited revenue more than double in 2022,” said Hickman.
“This increase comes across all business areas as we continue to maintain our revenue focus.
“We are excited by the prospects for the group in 2023 and beyond and look forward to updating the market on further developments during the year.”