INTL FCStone Inc. announced this Monday that its subsidiary based in London, INTL FCStone Ltd., has executed a sale and purchase agreement to acquire Frankfurt-headquartered GIROXX GmbH.
GIROXX provides online payment and foreign exchange (forex) hedging services to small and medium enterprises (SMEs) in Germany, Austria and Switzerland. It offers these services via its digital platform.
Under the agreement, the corporate client base of GIROXX will have access to the suite of financial services offered by INTL FCStone, which is .
According to the statement seen by Finance Magnates, the acquisition of GIROXX completes a series of acquisitions made by the financial services firm. As , the company recently acquired IFCM Commodities, GmbH, the and the futures and options brokerage and clearing business of .
INTL FCStone is Brexit ready
The string of acquisitions has been executed by the company in order to ensure that clients of the London-based operations of INTL FCStone will have continued access to their services without interruptions .
By acquiring GIROXX, the company will also be able to expand its payments division into Europe. It also creates a new client base for the company – SMEs, as INTL’s payment division previously serviced charity organisations and large financial institutions. The company’s overall vision is to couple its hedging services with its payments offerings for SMEs.
Source: LinkedIn
Adding to this, Klaus Hoffmann and Jörg Sonnenschein, both Founders and Managing Directors of GIROXX continued: “We are very excited about becoming part of such a successful financial group, which we see as essential to expand our product. Additionally, we gain the resources to offer hedging services on a multi assets basis with a balance sheet which will help solidify our client base and to expand at a faster pace.”
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