Cornerstone FS, the cloud-based provider of international payment, currency risk management and electronic account services to SMEs, has acquired Pangea FX.
Pangea was founded in 2017 by Joe Jones and Stuart Plummer and is a specialist FX and treasury consultancy. The deal is set to be worth up to £200,000.
Gareth Edwards, chairman of Cornerstone, said: “We are pleased to have completed this acquisition and welcome the Pangea FX team to Cornerstone. Joe and Stuart have done an excellent job of building the Pangea FX business and we look forward to benefitting from their skills and experience, both in the UK and in Dubai.
“As we stated at the time of our fundraising, our intention was to invest in our sales team to drive growth and we believe this is the optimum means of achieving that as we also gain a book of business in the short term, which we expect to be significantly expanded going forward.”
Prior to establishing Pangea FX, Jones and Plummer worked at Vorto Trading, which is Cornerstone’s largest white label partner, alongside Robert O’Brien, who is now the group’s chief operating officer and general manager APAC and Middle East.
Jones will be based in the company’s London headquarters and Plummer will be located in Dubai, where the group opened an office in September 2021.
Cornerstone was established in 2010 as PlutusFX, which would later become FXPress and then Cornerstone Payment Solutions.
Last month the company announcement the appointment of James Hickman as chief executive.