The London-based subsidiary of INTL FCStone has signed a sale and purchase agreement to acquire German payment service provider Giroxx.
The acquisition completes INTL FCStone’s series of efforts to minimise the impact of Brexit on the clients of its London unit.
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Based in Frankfurt, Giroxx offers online payment and foreign exchange hedging services to SMEs across Germany, Austria and Switzerland.
The combination will enable INTL FCStone to offer its financial services including advisory and execution services in commodities to Giroxx’s corporate customers.
INTL FCStone Global Payments Division global head Carsten Hils said: “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.”
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By GlobalDataThe completion of the transaction is subject to German financial regulatory (BaFin) approval.
Giroxx founder and managing directors Klaus Hoffmann and Jörg Sonnenschein 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.”
