StoneX Financial Ltd. Finalizes the Acquisition of Frankfurt based Giroxx

Rhea-AI Summary

StoneX Group Inc. has completed its acquisition of Frankfurt-based Giroxx, effective October 1, 2020. The integration of Giroxx into StoneX's Global Payments Division marks a strategic move to enhance services for small-to-medium enterprises (SMEs) in Germany and globally. This acquisition aims to enable efficient liquidity planning and facilitate international payments, thereby expanding StoneX's offerings. The founders of Giroxx expressed enthusiasm about joining StoneX, anticipating growth and an expanded customer base under the new brand, StoneX Financial GmbH.

Positive

• Acquisition enhances StoneX's service offerings for SMEs in Germany and globally.
• Expected growth in customer base and product range through integration.
• Improved capabilities for efficient liquidity planning and international payments.

Negative

• None.

NEW YORK and FRANKFURT, Germany, Oct. 6, 2020 /PRNewswire/ -- StoneX Group Inc. (formerly INTL FCStone Inc.), a leading provider of execution, post-trade settlement, clearing and custody services across asset classes and markets worldwide, today announced that it has finalized its acquisition of the Frankfurt based Giroxx, and as of October 1^st 2020 will operate under the name StoneX Financial GmbH.

Following the signing of the sale and purchase agreement for the acquisition of the Frankfurt fintech Giroxx GmbH by StoneX's London-based subsidiary INTL FCStone Ltd. – now known as StoneX Financial Ltd. –  at the beginning of 2020, the acquisition became legally effective in May. With the name change to StoneX Financial GmbH, Giroxx is now officially integrated into StoneX's larger Global Payments Division.

Carsten Hils, Global Head of the Global Payments Division of StoneX, commented on today's news, "Giroxx's final transition to StoneX Financial GmbH marks the completion of the acquisition we signed earlier this year. We're excited to incorporate their industry leading SME capabilities as part of StoneX's Global Payments Division's offerings in order to best meet the payments needs of this underserved market segment both in Germany and around the globe. Ultimately furthering StoneX's overall goal of becoming an innovative and digitally focused financial services provider."

With the finalization of this acquisition StoneX's Global Payments Division, in addition to serving a large customer base of NGOs, financial institutions, and corporates, can now extend its business to small-to-medium sized corporations. The services allow SMEs to remain competitive by enabling efficient liquidity planning and  ability to scale their business globally by processing international payments quickly and securely in a cost-effective manner.

Klaus Hoffmann and Jörg Sonnenschein, founders of Giroxx and current Managing Directors of StoneX Financial GmbH, added, "We are proud that Giroxx will be finally integrated into this well-known financial group as StoneX Financial GmbH. Under such a strong international brand we will be able to expand the range and products for our customers in Germany and throughout Europe. We are looking forward to increasing our customer portfolio and expanding together."

About StoneX Group Inc.

StoneX Group Inc. (formerly INTL FCStone Inc.), through its subsidiaries, connects clients with the global markets across all asset classes – providing execution, post-trade settlement, clearing and custody services through one trusted partner. Clients use its global financial services network to pursue trading opportunities, make investments, manage their market risk, and improve their performance. A publicly traded company (NASDAQ: SNEX) headquartered in New York City, StoneX Group Inc. and its 2,000 employees serve more than 30,000 commercial and institutional clients, and more than 125,000 retail clients, from more than 40 offices across five continents.

For further information about StoneX, please visit: https://www.stonex.com/

Media Contact
Jay A. Morakis
M Group Strategic Communications (for StoneX Group Inc.)
+1 646 859 5951  
jmorakis@mgroupsc.com   

SNEX-G

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SOURCE StoneX Group Inc.

FAQ

What is the significance of StoneX acquiring Giroxx?

The acquisition enhances StoneX's capabilities in serving small-to-medium enterprises by providing better payment solutions and liquidity planning.

When did StoneX finalize the acquisition of Giroxx?

The acquisition was finalized and became effective on October 1, 2020.

How will the acquisition of Giroxx impact StoneX's operations?

It will allow StoneX to extend its business to SMEs, improving their competitive standing by facilitating efficient international payments.

What is the new name for Giroxx after the acquisition?

Giroxx is now officially operating under the name StoneX Financial GmbH.

What are the expected benefits for SMEs from this acquisition?

SMEs will benefit from improved payment solutions and the ability to scale globally with cost-effective and secure international payment processing.