INTL FCStone Announces Another Acquisition - Germany’s GIROXX
- The acquisition completes the company’s series of purchases to ensure a smooth Brexit transition.
INTL FCStone Inc. announced this Monday that its London subsidiary, 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 a financial services organization.
According to the statement seen by Finance Magnates, the acquisition of GIROXX completes a series of acquisitions made by the financial services firm. As Finance Magnates reported, the company recently acquired IFCM Commodities, GmbH, the brokerage businesses of Tellimer Group, and the futures and options brokerage and clearing business of UOB Bullion and Futures Limited.
INTL FCStone is Brexit Brexit Brexit stands for British Exit, or in reference to the United Kingdom’s decision to formally leave the European Union (EU) as declared in a June 23, 2016 referendum. In a more immediate sense, a tight vote and unexpected result helped drive British pound (GBP) to lows that had not been seen in decades.The day following the referendum, former Prime Minister David Cameron resigned from office where he was replaced by Theresa May, who later resigned from office on June 7th, 2019. Active Prime Minis Brexit stands for British Exit, or in reference to the United Kingdom’s decision to formally leave the European Union (EU) as declared in a June 23, 2016 referendum. In a more immediate sense, a tight vote and unexpected result helped drive British pound (GBP) to lows that had not been seen in decades.The day following the referendum, former Prime Minister David Cameron resigned from office where he was replaced by Theresa May, who later resigned from office on June 7th, 2019. Active Prime Minis Read this Term 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 post-Brexit.
By acquiring GIROXX, the company will also be able to expand its Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term division into Europe. It also creates a new client base for the company - SMEs, as INTL’s payment division previously serviced charity organizations and large financial institutions. The company’s overall vision is to couple its hedging services with its payments offerings for SMEs.
Carsten Hils, Global Head of INTL FCStone’s Global Payments Division
Source: LinkedIn
Commenting on the acquisition, Carsten Hils, Global Head of INTL FCStone’s Global Payments Division, 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."
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.”
INTL FCStone Inc. announced this Monday that its London subsidiary, 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 a financial services organization.
According to the statement seen by Finance Magnates, the acquisition of GIROXX completes a series of acquisitions made by the financial services firm. As Finance Magnates reported, the company recently acquired IFCM Commodities, GmbH, the brokerage businesses of Tellimer Group, and the futures and options brokerage and clearing business of UOB Bullion and Futures Limited.
INTL FCStone is Brexit Brexit Brexit stands for British Exit, or in reference to the United Kingdom’s decision to formally leave the European Union (EU) as declared in a June 23, 2016 referendum. In a more immediate sense, a tight vote and unexpected result helped drive British pound (GBP) to lows that had not been seen in decades.The day following the referendum, former Prime Minister David Cameron resigned from office where he was replaced by Theresa May, who later resigned from office on June 7th, 2019. Active Prime Minis Brexit stands for British Exit, or in reference to the United Kingdom’s decision to formally leave the European Union (EU) as declared in a June 23, 2016 referendum. In a more immediate sense, a tight vote and unexpected result helped drive British pound (GBP) to lows that had not been seen in decades.The day following the referendum, former Prime Minister David Cameron resigned from office where he was replaced by Theresa May, who later resigned from office on June 7th, 2019. Active Prime Minis Read this Term 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 post-Brexit.
By acquiring GIROXX, the company will also be able to expand its Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term division into Europe. It also creates a new client base for the company - SMEs, as INTL’s payment division previously serviced charity organizations and large financial institutions. The company’s overall vision is to couple its hedging services with its payments offerings for SMEs.
Carsten Hils, Global Head of INTL FCStone’s Global Payments Division
Source: LinkedIn
Commenting on the acquisition, Carsten Hils, Global Head of INTL FCStone’s Global Payments Division, 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."
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.”