Member Article

London finance firms to benefit from Milestone Group's Nexstar Joint Venture

London tech firm Milestone Group Plc has announced that its subsidiary Black Cactus Holdings, which is in joint venture with Nexstar, has entered into contracts with two finance and investment companies, also based in the city, which will introduce new technologies to boost the banking capabilities of the two.

The agreements, which will take effect in the second quarter of the current calendar year, will provide cloud-based virtual banking with an accompanying prepaid card to clients of the two firms.

The deals expected to generate revenues in excess of £500,000 in the first full year of operation for the Nexstar joint venture, 40% of which would accrue to Milestone.

Deborah White, CEO of Milestone Group, said: “This is an important milestone for the group as we start to see the exciting potential of the Nexstar Joint Venture.

“We are encouraged by the interest that has been shown in the suite of products and expect that this announcement is the first of a number of revenue enhancing deals to be announced.”