INTL FCStone Inc. (NASDAQ: INTL) has just announced that its London-based subsidiary, INTL FCStone Ltd., executed a sale and purchase agreement to acquire GIROXX GmbH in Frankfurt, Germany. Closing is conditional upon the approval of the German regulator BaFin.
Through its digital platform, GIROXX GmbH provides online payment and foreign exchange hedging services to small and medium sized enterprises (SME’s) in Germany, Austria and Switzerland. INTL FCStone’s range of financial services will now be offered to GIROXX’s corporate client base.
Carsten Hils, Global Head of INTL FCStone’s Global Payments Division, commented:
Our objective is to offer SME’s the ability to hedge all parts of their production processes, and to allow these corporates to have access to a digital payments and hedging platform. We are clearly one of the first in this market segment to offer such a comprehensive offering and we are excited about this opportunity.
Klaus Hoffmann and Jörg Sonnenschein, both Founders and Managing Directors of GIROXX said:
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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