Cornerstone FS is now authorised to operate in Canada after receiving a Money Services Business (MSB) licence from FINTRAC, the country's regulator.
The MSB licence allows Cornerstone FS to provide payment services to businesses and individuals in Canada.
Cornerstone FS intends to develop a full-service office in the country, adding the licence represents a key milestone of its strategy to expand its geographic footprint and regulatory capabilities.
James Hickman, Cornerstone's chief executive, said: "We are delighted to receive authorisation to operate in Canada.
“Having received enquiries in Canada for our services through our existing network, the establishment of a regulated business will enable us to fully pursue such opportunities and leverage local payment rails and lower transaction costs.
“We look forward to launching our business in Canada and to continuing our expansion into further markets."