US's StoneX Group announces acquisition of Banco Travelex to expand Brazil offering

StoneX Group Inc., the Nasdaq-listed financial services firm, announced on 12 August that it has agreed to acquire Banco Travelex S.A., billed as Brazil's first bank dedicated exclusively to foreign exchange operations. StoneX said the deal would accelerate its expansion in Brazil's financial services sector, enhance its global payments capabilities and strengthen its presence in Latin America.

Financial terms were not disclosed by the parties. The transaction is subject to approval by the Central Bank of Brazil and to other customary closing conditions, and is expected to close within 12 months of announcement, according to the buyer's investor communication.

A LICENSED FX BANK IN BRAZIL

Banco Travelex, which is regulated by the Central Bank of Brazil, obtained authorisation to operate as a multiple-service bank at the end of 2024, according to its chief executive, Ana Tena. StoneX said its FX business operates in more than 180 countries and 140 currencies, and that the combined operation is expected to handle about US$6 billion in annual volume across roughly 20,000 clients.

The transaction covers Banco Travelex S.A. only. It excludes Banco Travelex's retail FX operations, its physical stores and the service points linked to Confidence. Those businesses will continue to operate independently and may retain the Travelex Confidence brand.

StoneX said integration would take place gradually, with no interruption to services.

CENTRAL BANK APPROVAL PENDING

Completion requires approval from the Central Bank of Brazil, which regulates Banco Travelex.

Thiago Vieira, global head of StoneX Payments, said that together with StoneX's recent strategic investment in Bamboo Payments, the transaction "advances StoneX's strategy to expand its licensed, in-country payments infrastructure across Latin America". Glauco Monte, chief executive of StoneX Brazil, said the transaction "reinforces StoneX's commitment to long-term growth and investment in Brazil".

Full details of the transaction were set out in StoneX's investor relations release, which described Banco Travelex as Brazil's first bank exclusively dedicated to foreign exchange, and confirmed the excluded retail perimeter, the closing timeline and the regulatory pathway ahead.