StoneX Group, the operator of retail forex platform FOREX.com, has announced plans to acquire Banco Travelex S.A. in a strategic push to expand its regulated financial services across Brazil’s foreign exchange market. The deal targets the Brazilian bank’s FX and international payments operations, excluding its retail branches and Confidence-branded service locations, which will continue independent operations.
The acquisition will enable StoneX to offer Brazilian banking services including resident and non-resident currency accounts, PIX payments, and mobile banking capabilities. The move builds on StoneX’s recent cross-border expansion, following partnerships with Bank Mendes Gans and NatWest that extended its network to over 180 countries and 140 currencies. Banco Travelex recently secured multiple-service bank authorization from Brazil’s central bank in December 2024.
Transaction completion is expected within twelve months, pending regulatory approval from the Central Bank of Brazil. The deal positions StoneX to serve international clients seeking local Brazilian currency exposure and wholesale banknote trading access.
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FXnCO Insight
** Traders and payment providers should monitor StoneX’s growing Latin American infrastructure as it potentially reshapes competitive dynamics in Brazilian cross-border FX settlement and payments services.
Source: Finance Magnates