INTL FCStone acquires GIROXX in Germany
INTL FCStone's London-based subsidiary, INTL FCStone Ltd, has executed a sale and purchase agreement to acquire GIROXX in Frankfurt, Germany. Closing is conditional upon BaFin approval.
Through its digital platform, GIROXX provides online payment and foreign exchange hedging services to small and medium sized enterprises (SME’s) in Germany, Austria and Switzerland. INTL FCStone offers a wide range of financial services including advisory and execution services in commodities, which will be offered to GIROXX’s corporate client base. This purchase completes a series of acquisitions and company restructuring to ensure that all clients of INTL FCStone Ltd are secure with their continuity of service and market access, and are 100 per cent unaffected by Brexit.
Carsten Hils, Global Head of INTL FCStone’s Global Payments Division, says: “Our objective is to offer SME’s the ability to hedge all parts of their production processes, and to allow these corporates to have access to a digital payments and hedging platform. We are clearly one of the first in this market segment to offer such a comprehensive offering and we are excited about this opportunity.”
INTL FCStone’s Global Payments Division facilitates payments in more than 140 local currencies in over 175 countries. The Division maintains an extensive network of approximately 350 local correspondent banking relationships worldwide and leverages these trusted relationships to ensure efficient and secure cross-border payments in many countries where transparency is otherwise limited.
Klaus Hoffmann and Jörg Sonnenschein, both Founders and Managing Directors of GIROXX, says: “We are very excited about becoming part of such a successful financial group, which we see as essential to expand our product. Additionally, we gain the resources to offer hedging services on a multi assets basis with a balance sheet which will help solidify our client base and to expand at a faster pace.”