StoneX Banco Travelex acquisition will expand the firm’s payments and foreign exchange business in Brazil, StoneX Group said on Wednesday. The company agreed to buy Banco Travelex S.A. as it pushes further into the Brazilian market. Moreover, the deal aims to strengthen StoneX in one of Latin America’s largest FX markets.
Banco Travelex is Brazil’s first bank focused only on foreign exchange. The Central Bank of Brazil regulates the bank. In addition, StoneX said the purchase should broaden its global payments network.
StoneX Banco Travelex Acquisition Expands Services
The transaction will allow StoneX clients in Brazil to hold local and foreign currency accounts. It will also expand the firm’s banknote trading business. Meanwhile, StoneX said it plans to add more banking services after the deal closes.
Those planned services include non-resident accounts and a StoneX PIX instant payment option. The company also plans to offer online banking, mobile banking, and more settlement tools. These products will join StoneX’s current FX, payments, and NDF services in Brazil.
Glauco Monte, CEO of StoneX Brazil, said the agreement shows the firm’s long-term commitment to the country. Thiago Vieira, Global Head of StoneX Payments, said the move fits StoneX’s wider plan to build licensed payment infrastructure across Latin America. He also linked the step to StoneX’s recent investment in Bamboo Payments.
Deal Excludes Retail Store Network
Ana Tena, CEO of Banco Travelex, said the agreement follows the bank’s approval in December 2024 to operate as a full multiple-service bank. However, the deal does not include Banco Travelex’s retail stores or Confidence-branded outlets. Those operations will continue separately.
StoneX said it expects to close the transaction within 12 months. However, the deal still needs regulatory approval.
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Source: LeapRate
