Cornerstone FS PLC on Tuesday said it has signed an agreement with MasterCard Inc to launch a corporate card scheme.

Shares in the London-based cloud-based payment services provider shares in 6.3% to 37.19 pence each in London on Tuesday morning.

Cornerstone will be able to issue commercial cards co-branded and supported by MasterCard for its corporate customers.

The company expects to launch the corporate card scheme during the third quarter of this year.

Chief Executive James Hickman said: ‘We are thrilled to have entered this long-term agreement with Mastercard, which will expand our product offer to include commercial cards. This additional payment rail will provide our customers with greater choice and flexibility in managing their business expenses - and it is a key step towards our goal of offering our clients the ability to pay in or pay out, in any currency, via any payment method anywhere in the world.’

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