StoneX Financial completes Giroxx acquisition 07 October 2020New York Reporter: Maddie Saghir
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StoneX Financial, a provider of execution, post-trade settlement, clearing and custody services, has finalised its acquisition of the Frankfurt-based Giroxx, and will operate under the name StoneX Financial GmbH.
With the name change to StoneX Financial GmbH, Giroxx is now officially integrated into StoneX's larger global payments division.
The acquisition means that StoneX’s global payments division can now serve a large customer base of non-governmental organsations, financial institutions, and corporates.
Additionally, the division can now extend its business to small-to-medium enterprise (SME) sized corporations.
Carsten Hils, global head of the global payments division of StoneX, commented: "We're excited to incorporate their industry-leading SME capabilities as part of StoneX's Global Payments Division's offerings in order to best meet the payments needs of this underserved market segment both in Germany and around the globe.”
Klaus Hoffmann and Jörg Sonnenschein, founders of Giroxx and current managing directors of StoneX Financial GmbH, added: "Under such a strong international brand we will be able to expand the range and products for our customers in Germany and throughout Europe. We are looking forward to increasing our customer portfolio and expanding together."
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