GEORGETOWN - StoneCo Ltd. (NASDAQ:STNE; B3:STOC31), a leading financial technology company, has been granted a "Financeira" license by the Brazilian Central Bank, the company announced today. This new license, classified under Sociedade de Crédito, Financiamento e Investimento (SCFI), will allow StoneCo to expand its financial product offerings, including the introduction of time deposits.
The addition of time deposits to StoneCo's portfolio is expected to diversify and strengthen the company's funding sources. Time deposits, a type of savings account, typically offer a higher interest rate in exchange for the depositor agreeing to leave a lump sum of money untouched for a predetermined period.
StoneCo provides a suite of financial technology solutions and software that enables merchants to manage their businesses across various channels effectively. The company's services are designed to streamline commercial activities, facilitating growth for merchants' operations.
In the announcement, StoneCo expressed optimism about the potential for these new products to enhance its business model.
The information disclosed is based on a press release statement from StoneCo Ltd..
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