StoneX Financial acquires Frankfurt-based Giroxx
StoneX Group, a provider of execution, post-trade settlement, clearing and custody services across asset classes and markets worldwide, has finalised its acquisition of the Frankfurt based Giroxx, and as of 1 October 2020 will operate under the name StoneX Financial.
Following the signing of the sale and purchase agreement for the acquisition of the Frankfurt fintech Giroxx 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, Giroxx is now officially integrated into StoneX’s larger Global Payments Division.
Carsten Hils, Global Head of the Global Payments Division of StoneX, says: “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 finalisation 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, adds: "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."