GIROXX provides online payment and foreign exchange hedging services to small and medium sized enterprises (SMEs) in Germany, Austria and Switzerland. Financial services firm INTL FCStone, through its UK-based subsidiary, has signed a sale and purchase agreement to acquire payment services provider GIROXX in Frankfurt, Germany.
GIROXX is engaged in providing online payment and foreign exchange hedging services to small and medium sized enterprises (SMEs) across Germany, Austria and Switzerland.
GIROXX founders 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.”
INTL FCStone payments division operates in more than 175 countries
INTL FCStone provides execution, risk management and advisory services, market intelligence, and clearing services in asset classes and markets across the world. The transaction enables the company to offer its financial, advisory and execution services to the corporate client base of GIROXX.
The company said that the transaction completes a series of acquisitions and restructuring to ensure its clients are secure and unaffected by Brexit. In addition, the company claimed that its global payments division enables payments in more than 140 local currencies in more than 175 countries.
Furthermore, INTL FCStone said that it has a wide network of approximately 350 local correspondent banking relationships around the world, to ensure secure cross-border payments in countries with limited transparency.
INTL FCStone Global Payments Division 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.”
