StoneX Group Agrees to Acquire Banco Travelex to Strengthen Brazil FX and Payments Operations
Key Takeaways
- •StoneX Group has agreed to acquire Banco Travelex, Brazil's first bank dedicated exclusively to foreign exchange, to accelerate its expansion in the Brazilian FX and payments markets.
- •Following the acquisition, StoneX plans to launch new banking products in Brazil including non-resident accounts, PIX instant payments, online and mobile banking, and additional settlement tools.
- •The transaction aligns with StoneX's broader Latin America strategy of building licensed payment infrastructure, coming after its recent investment in Bamboo Payments.
- •Banco Travelex's retail stores and Confidence-branded outlets are excluded from the deal and will continue to operate independently.
- •The acquisition is expected to close within twelve months, subject to regulatory approval from the Central Bank of Brazil.
StoneX Group Inc. (NASDAQ: SNEX) announced Wednesday that it has entered into an agreement to acquire Banco Travelex S.A., a move designed to accelerate the company's expansion across Brazil's foreign exchange and payments markets.
Banco Travelex holds the distinction of being Brazil's first bank dedicated exclusively to foreign exchange. It is regulated by the Central Bank of Brazil. The acquisition is expected to broaden StoneX's global payments footprint and deepen its presence in one of Latin America's largest FX markets, where the Brazilian real is among the most actively traded emerging-market currencies globally.
Under the planned integration, StoneX clients will gain the ability to hold both local and foreign currency accounts in Brazil. The deal also expands StoneX's banknote trading services.
Following completion of the transaction, StoneX intends to introduce a range of new banking products in Brazil, including non-resident accounts, a PIX instant payment option, online and mobile banking capabilities, and additional settlement tools. PIX is Brazil's instant payment system launched by the Central Bank of Brazil in 2020, which has become a dominant rail for domestic payments, processing billions of transactions monthly and used by over 140 million individuals and businesses. These new offerings will complement StoneX's existing FX, payments, and non-deliverable forward (NDF) products.
Glauco Monte, CEO of StoneX Brazil, said the acquisition reflects the company's long-term commitment to the Brazilian market. Thiago Vieira, Global Head of StoneX Payments, connected the transaction to StoneX's wider strategy of building licensed payment infrastructure throughout Latin America, noting that it follows the firm's recent investment in Bamboo Payments. The approach mirrors a broader pattern of international financial services firms acquiring locally licensed banking entities in the region to access domestic payment rails directly and serve cross-border payment flows more efficiently.
Banco Travelex CEO Ana Tena described the deal as a natural next step following the bank's December 2024 approval to operate as a full multiple-service bank.
The transaction excludes Banco Travelex's retail stores and Confidence-branded outlets, both of which will continue to operate independently. Closing of the acquisition is anticipated within twelve months, subject to regulatory approval.
