Cornerstone Strikes Deal with Mastercard for Corporate Card Product

<p>The London-based
financial services company Cornerstone FS plc announced today that it has
signed an agreement with Mastercard to launch a new corporate card product.</p><p>Under the
terms of the deal, Cornerstone will be able to issue commercial credit and
debit cards co-branded with Mastercard for its business customers. The company
expects to roll out the new corporate card offering in the third quarter of
2024.</p><p>Cornerstone Partners with Mastercard</p><p>The
partnership represents a move by Cornerstone to expand the payment options it
provides to customers. The company aims to enhance its capabilities by
establishing relationships with leading financial services providers like
Mastercard.</p><p>"We
are thrilled to have entered this long-term agreement with Mastercard, which
will expand our product offer to include commercial cards," said the CEO of Cornerstone, James Hickman. "This additional payment rail will provide
our customers with greater choice and flexibility in managing their business
expenses."</p><p>Hickman added
the corporate card scheme is a key step towards Cornerstone's goal of enabling
its clients to "pay in or pay out, in any currency, via any payment method
anywhere in the world."</p><p>The company
statement did not provide further financial or operational details about the
partnership. Cornerstone FS plc operates a proprietary technology platform offering
businesses and individuals multi-currency accounts. </p><p>Cornerstone Shares Hit
Two-Year High after Mastercard Partnership Announcement</p><p>Shares of
Cornerstone on the London <a href="https://www.financemagnates.com/terms/s/stock-exchange/">Stock Exchange</a> (LSE: <a href="https://www.financemagnates.com/tag/cornerstone-fs/" target="_blank" rel="follow">CSFS</a>) surged to over two-year
highs, reaching 40 pence, in response to the morning announcement of the
partnership with Mastercard.</p><p>At the time
of writing, some of these gains had receded to 37.6 pence, yet CSFS still
registered an increase of almost 8% today. Following a series of positive
financial reports, this marks another strong spike in the company's stock in
2024. As <a href="https://www.financemagnates.com/" target="_blank" rel="follow">Finance Magnates</a> reported two weeks ago, Cornerstone <a href="https://www.financemagnates.com/fintech/cornerstone-announces-100-revenue-increase-in-2023/" target="_blank" rel="follow">announced
an increase of 100%</a> in revenue for 2023, reaching £9.6 million.</p><p>"It
has been an excellent year for Cornerstone as we made substantial strategic
progress culminating in a set of strong financial results which significantly
exceeded the Board's expectations this time last year," Hickman said.</p><p>The latest
results confirmed the previous report stating that <a href="https://www.financemagnates.com/fintech/cornerstone-predicts-fy23-revenue-above-market-views-shares-surge/" target="_blank" rel="follow">revenues for 2023</a> will be
"materially above current market expectations."</p>

This article was written by Damian Chmiel at www.financemagnates.com.