Fintechwerx Enters Letter of Intent to Invest in Gibraltar-Regulated Payment Institution

Executive Summary

• Fintechwerx entered into a non‑binding Letter of Intent to invest £250,000 for a 20% equity stake in a newly formed Gibraltar‑based payment institution together with CardCorp and Stream Innovation Group.
• The proposed entity will seek authorization as a Class C Payment Institution under Gibraltar’s Financial Services Act and operate as a PayFac under Visa and Mastercard sponsorship.
• Fintechwerx will provide an initial £50,000 to cover regulatory, legal and formation expenses, subject to execution of definitive agreements and regulatory approval.

Key Details

• LOI Parties: Fintechwerx International Software Services Inc., CardCorp Limited (U.K.), Nova Business Holdings Ltd (trading as Stream Innovation Group).
• Proposed Capital Structure: Fintechwerx – 20% equity (£250,000); CardCorp – 40%; Stream – 40%.
• Initial Funding Commitment: £50,000 from Fintechwerx for regulatory, legal and formation costs.
• Regulatory Goal: Obtain Gibraltar Financial Services Commission approval to operate as a Payment Institution (Class C) under the Financial Services Act 2019 and Payments Regulations 2020.
• Business Model: Function as a Payment Facilitator (PayFac) with sponsorship from principal Visa and Mastercard member institutions, pending scheme approvals.
• Strategic Rationale: Aligns Fintechwerx with European digital sovereignty initiatives and provides regulated infrastructure for cross‑border payments.
• Non‑Binding Nature: LOI is non‑binding except for confidentiality and the funding commitment; completion depends on definitive agreements, regulatory approval, and customary closing conditions.

Notable Quotes

• “This initiative reflects our focus on building regulated infrastructure in jurisdictions demonstrating structural change.” – George Hofsink, Co‑Founder & CEO, Fintechwerx
• “We understand the strong regulatory framework that Gibraltar offers for the development of a compliant PayFac model.” – Damon Poole, CEO, CardCorp
• “Stream has extensive experience operating regulated fintech infrastructure and settlement operations… we view this PayFac initiative as a logical extension of that experience.” – Jorgen Eriksson, CEO, Stream Innovation Group