StoneX Group Acquires Banco Travelex to Boost Brazil FX and Payments Business
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StoneX Group (NASDAQ: SNEX) said Wednesday that it has agreed to acquire Banco Travelex S.A., marking a major step in its push to grow across Brazil's payments and foreign exchange markets. Banco Travelex holds the distinction of being Brazil's first bank focused solely on foreign exchange, regulated by the Central Bank of Brazil. The acquisition is expected to widen StoneX's global payments reach and reinforce its position in one of Latin America's biggest FX markets. It will also let StoneX clients hold both local and foreign currency accounts in Brazil, while expanding the firm's banknote trading services. Once the deal closes, StoneX plans to add new banking products in Brazil, including non-resident accounts, its own PIX instant payment option, online and mobile banking, and additional settlement tools. These additions will sit alongside StoneX's existing FX, payments, and NDF offerings. Glauco Monte, CEO of StoneX Brazil, said the move reflects the company's long-term commitment to the country, while Thiago Vieira, Global Head of StoneX Payments, linked it to StoneX's broader strategy of building licensed payment infrastructure across Latin America, following its recent investment in Bamboo Payments. Banco Travelex CEO Ana Tena called the deal a natural next step after the bank earned approval in December 2024 to operate as a full multiple-service bank. The transaction...
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