Fintechwerx Enters LOI to Establish Payment Institution in Gibraltar
Vancouver, British Columbia — February 20, 2026 — Leads & Copy — Fintechwerx International Software Services Inc. announced on February 19, 2026, its entry into a Letter of Intent (LOI) with U.K.-based CardCorp Limited and Nova Business Holdings Ltd, trading as Stream Innovation Group, to collaborate on establishing a payment institution in Gibraltar.
The parties plan to form a new company in Gibraltar and seek authorization as a Payment Institution (Class C) under Gibraltar’s Financial Services Act 2019 and the Financial Services (Payment Services) Regulations 2020. This requires approval from the Gibraltar Financial Services Commission.
Fintechwerx intends to invest £250,000 for a 20% equity stake in the new entity, pending definitive agreements and regulatory approval. CardCorp and Stream are expected to each hold 40%.
The proposed company is expected to function as a Payment Facilitator (PayFac) under sponsorship arrangements with Visa and Mastercard member institutions, pending regulatory and scheme approvals.
Fintechwerx has committed an initial £50,000 towards regulatory, legal, and formation expenses as part of the LOI. The completion of the transaction and regulatory approval are not assured.
George Hofsink, Co-Founder and CEO of Fintechwerx, stated that the investment aligns with digital sovereignty and economic autonomy initiatives in Europe.
Hofsink added that the initiative reflects their focus on building regulated infrastructure in jurisdictions demonstrating structural change and that platforms that can operate within these new frameworks while maintaining cross-border interoperability follow the global evolution of payments.
Damon Poole, CEO of CardCorp, noted the strong regulatory framework that Gibraltar offers for developing a compliant PayFac model.
Poole stated that the proposed partnership brings together regulatory expertise, merchant distribution capability, and capital support to pursue that objective.
Jorgen Eriksson, CEO of Stream, confirmed that the proposed platform is expected to leverage integrated processing and settlement capabilities to support scalable deployment across European markets.
Eriksson added that Stream has extensive experience operating regulated fintech infrastructure and settlement operations, and that they view this PayFac initiative as a logical extension of that experience, combining strong operational capability with capital support and commercial reach.
The LOI includes confidentiality and funding commitments for preliminary regulatory and legal preparation but is otherwise non-binding. The transaction is subject to definitive agreements, regulatory approval, and customary conditions.
FintechWerx is a Canadian financial technology company providing onboarding, payments, identity verification, fraud mitigation, and data services.
CardCorp is a payments technology and merchant services firm.
Nova Business Holdings Ltd, trading as Stream Innovation Group, is a fintech-focused venture development and infrastructure group.
Source: Fintechwerx International Software Services Inc.
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