StoneCo Ltd. (STNE): Business Model Canvas

In der dynamischen Landschaft der brasilianischen Finanztechnologie erweist sich StoneCo Ltd. (STNE) als transformative Kraft und revolutioniert die Art und Weise, wie kleine und mittlere Unternehmen digitale Zahlungen und Finanzdienstleistungen nutzen. Durch die Entwicklung eines innovativen Geschäftsmodells, das Spitzentechnologie nahtlos mit strategischen Partnerschaften verbindet, hat sich StoneCo als bahnbrechende Plattform positioniert, die Unternehmer und Unternehmen in der sich schnell entwickelnden digitalen Wirtschaft Brasiliens stärkt. Diese Untersuchung des Business Model Canvas von StoneCo enthüllt die komplizierten Mechanismen hinter ihrem disruptiven Ansatz für Finanzlösungen und bietet Einblicke in die Art und Weise, wie sie die Schnittstelle zwischen Technologie, Finanzen und Geschäftsinnovation neu gestalten.

StoneCo Ltd. (STNE) – Geschäftsmodell: Wichtige Partnerschaften

Strategische Partnerschaften mit brasilianischen Banken und Finanzinstituten

StoneCo hat wichtige Partnerschaften mit großen brasilianischen Finanzinstituten aufgebaut:

Partnerbank	Einzelheiten zur Partnerschaft	Gründungsjahr
Banco Bradesco	Integration von Zahlungsabwicklung und Finanzdienstleistungen	2018
Itaú Unibanco	Digitale Zahlungslösungen	2019
Banco do Brasil	Acquiring-Dienste für Händler	2017

Zusammenarbeit mit Zahlungsabwicklern und Technologieanbietern

StoneCo arbeitet mit mehreren Technologie- und Zahlungsabwicklungsunternehmen zusammen:

• Visa – Integration des globalen Zahlungsnetzwerks
• Mastercard – Kredit- und Debitkartenverarbeitung
• Global Payments Inc. – Unterstützung der Technologieinfrastruktur

Integration mit E-Commerce-Plattformen und digitalen Marktplätzen

Plattform	Integrationstyp	Marktreichweite
Magento	Integration des Zahlungsgateways	Brasilianische KMU
VTEX	Omnichannel-Commerce-Lösungen	Große Einzelhändler

Allianzen mit Herstellern von Point-of-Sale (POS)-Hardware

• Ingenico Group – Herstellung von POS-Terminals
• PAX Technology – Entwicklung mobiler Zahlungsgeräte
• Verifone Systems – Zahlungshardwarelösungen

Beziehungen zu internationalen Finanztechnologie-Investoren

Investor	Investitionsbetrag	Jahr
SoftBank-Gruppe	250 Millionen Dollar	2019
Goldman Sachs	150 Millionen Dollar	2018

StoneCo Ltd. (STNE) – Geschäftsmodell: Hauptaktivitäten

Entwicklung von Finanztechnologielösungen für kleine und mittlere Unternehmen

StoneCo verarbeitet im Jahr 2022 1,9 Milliarden Transaktionen mit einem Gesamtzahlungsvolumen von 279,5 Milliarden R$. Das Unternehmen unterstützt über 900.000 aktive Händler in ganz Brasilien.

Technologieinvestitionen	Betrag
F&E-Ausgaben 2022	325,7 Millionen R$
Größe des Softwareentwicklungsteams	Ungefähr 700 Ingenieure

Bereitstellung von Zahlungsabwicklungsdiensten

StoneCo bietet umfassende Zahlungslösungen mit mehreren Transaktionskanälen.

• Transaktionen am Point-of-Sale (POS)-Terminal
• Online-Zahlungsabwicklung
• Mobile Zahlungslösungen
• QR-Code-Zahlungen

Kennzahlen zur Zahlungsabwicklung	Leistung 2022
Gesamtzahlungsvolumen	279,5 Milliarden R$
Anzahl der Transaktionen	1,9 Milliarden

Erstellung digitaler Banking- und Finanzmanagement-Tools

StoneCo gründete im Jahr 2021 die Stone Bank und bietet digitale Bankdienstleistungen an.

• Digitale Kontoeröffnung
• Kreditlösungen
• Tools für das Finanzmanagement von Unternehmen

Wir bieten Kredit- und Betriebskapitallösungen an

Das Kreditportfolio von StoneCo erreichte im Jahr 2022 4,4 Milliarden R$.

Kreditprodukt	Gesamtvolumen 2022
Betriebsmitteldarlehen	2,1 Milliarden R$
Barvorschuss des Händlers	1,8 Milliarden R$

Kontinuierliche Innovation bei Finanztechnologieplattformen

StoneCo investierte im Jahr 2022 325,7 Millionen R$ in Forschung und Entwicklung.

• Integration künstlicher Intelligenz
• Algorithmen für maschinelles Lernen
• Fortschrittliche Technologien zur Risikobewertung

StoneCo Ltd. (STNE) – Geschäftsmodell: Schlüsselressourcen

Fortschrittliche Teams für technologische Infrastruktur und Softwareentwicklung

Im vierten Quartal 2023 beschäftigte StoneCo in seinen Softwareentwicklungsteams 1.187 Technologieexperten. Das Unternehmen investierte im Geschäftsjahr 2023 82,3 Millionen US-Dollar in die Technologieinfrastruktur sowie in Forschung und Entwicklung.

Kategorie „Technologieinvestitionen“.	Betrag (USD)
F&E-Ausgaben	52,6 Millionen US-Dollar
Infrastrukturentwicklung	29,7 Millionen US-Dollar

Proprietäre Zahlungsabwicklungstechnologie

Die proprietäre Zahlungsabwicklungsplattform von StoneCo unterstützt mehrere Transaktionstypen mit den folgenden Funktionen:

• Jährliches Transaktionsvolumen: 1,9 Milliarden Transaktionen
• Verarbeitungsgeschwindigkeit: 500 Millisekunden pro Transaktion
• Unterstützung für 12 verschiedene Zahlungsmethoden

Umfangreiche Datenanalysefunktionen

Datenanalyse-Metriken	Menge
Datenverarbeitungskapazität	2,5 Petabyte pro Monat
Modelle für maschinelles Lernen	47 aktive Vorhersagemodelle

Starkes Netzwerk finanzieller und technologischer Partnerschaften

StoneCo unterhält strategische Partnerschaften mit:

• 26 Finanzinstitute
• 18 Technologiedienstleister
• Partnerschaften decken 95 % des brasilianischen Handelsökosystems ab

Qualifiziertes Management- und Ingenieurtalent

Führungs- und Talentzusammensetzung ab 2023:

Personalkategorie	Nummer
Gesamtzahl der Mitarbeiter	2,345
Inhaber fortgeschrittener Abschlüsse	612
Technologiespezialisten	1,187

StoneCo Ltd. (STNE) – Geschäftsmodell: Wertversprechen

Vereinfachte digitale Zahlungslösungen für brasilianische Unternehmen

StoneCo verarbeitete im dritten Quartal 2023 ein Gesamtzahlungsvolumen von 206,2 Milliarden R$. Das Unternehmen unterstützt über 1,5 Millionen aktive Händler in ganz Brasilien.

Zahlungslösung	Transaktionsvolumen	Marktdurchdringung
Point of Sale (POS)	132,4 Milliarden R$	68 % des gesamten Zahlungsvolumens
Online-Zahlungen	73,8 Milliarden R$	32 % des gesamten Zahlungsvolumens

Kostengünstige Finanzdienstleistungen für kleine und mittlere Unternehmen

StoneCo bietet Finanzdienstleistungen mit wettbewerbsfähigen Preisstrukturen für KMU.

• Durchschnittliche Transaktionsgebühr: 2,3 % im Vergleich zum Branchendurchschnitt von 3,5 %
• Keine monatlichen Wartungsgebühren für Basiskonten
• Keine anfänglichen Einrichtungskosten für Händler

Integrierte Finanzmanagementplattform

Die Plattform bedient 1,8 Millionen kleine und mittlere Unternehmen mit umfassenden Finanzinstrumenten.

Plattformfunktion	Benutzerakzeptanz
Cashflow-Management	87 % der registrierten Händler
Kostenverfolgung	72 % der registrierten Händler

Schnelle und zugängliche Kreditoptionen

Das Kreditportfolio von StoneCo erreichte im dritten Quartal 2023 einen Wert von 4,2 Milliarden R$, mit einem durchschnittlichen Kreditvolumen von 35.000 R$ für KMU.

• Durchschnittliche Kreditgenehmigungszeit: 24 Stunden
• Kreditgenehmigungsquote: 62 % für qualifizierte Händler

Innovative technologische Lösungen für den digitalen Handel

StoneCo investierte im Jahr 2023 278 Millionen R$ in die Technologieentwicklung.

Technologiesegment	Investition	Schwerpunkt
Künstliche Intelligenz	89 Millionen R$	Betrugserkennung und Risikomanagement
Mobile Zahlungslösungen	112 Millionen R$	Erweiterte Funktionen für digitale Geldbörsen

StoneCo Ltd. (STNE) – Geschäftsmodell: Kundenbeziehungen

Digitale Self-Service-Plattformen

StoneCo bietet digitale Plattformen mit folgenden Spezifikationen:

Plattformfunktion	Metrisch
Benutzer mobiler Apps	3,2 Millionen aktive Nutzer (4. Quartal 2023)
Digitales Transaktionsvolumen	14,2 Milliarden US-Dollar im Jahr 2023 verarbeitet
Online-Händler-Onboarding-Zeit	Weniger als 24 Stunden

Personalisierter Kundensupport

Zu den Kundensupportkanälen gehören:

• Mehrsprachiger Kundenservice rund um die Uhr
• Durchschnittliche Antwortzeit: 12 Minuten
• Supportkanäle: Telefon, E-Mail, WhatsApp, Live-Chat

Dedizierte Kontoverwaltung für Unternehmenskunden

Unternehmenssegment	Details
Betreute Unternehmenskunden	Über 500 große Firmenkonten
Durchschnittlicher Kontowert	1,5 Millionen US-Dollar jährlich
Dedizierte Account Manager	87 spezialisierte Fachkräfte

Community-getriebenes Engagement

Kennzahlen zum digitalen Engagement:

• Social-Media-Follower: 425.000
• Monatliche Webinar-Teilnehmer: 3.200
• Mitglieder der Online-Community-Plattform: 68.000

Kontinuierliche Produktverbesserung

Produktentwicklungsmetrik	Wert
Jährliche F&E-Investitionen	42,3 Millionen US-Dollar
Produktaktualisierungen pro Jahr	37 Hauptfeature-Releases
Einbeziehungsrate des Benutzer-Feedbacks	68 % der Vorschläge umgesetzt

StoneCo Ltd. (STNE) – Geschäftsmodell: Kanäle

Mobile Anwendung

Die mobile Anwendung von StoneCo bedient ab dem dritten Quartal 2023 1,4 Millionen aktive monatliche Nutzer. Die App verarbeitet etwa 42,3 Millionen Transaktionen pro Monat mit einem Gesamtzahlungsvolumen von 20,9 Milliarden R$ im Jahr 2023.

Metrik für mobile Apps	Daten für 2023
Monatlich aktive Benutzer	1,4 Millionen
Monatliche Transaktionen	42,3 Millionen
Gesamtzahlungsvolumen	20,9 Milliarden R$

Webbasierte Plattform

Die Webplattform von StoneCo unterstützt über 1,2 Millionen kleine und mittlere Unternehmen (KMU) mit digitalen Zahlungslösungen. Die Plattform verarbeitete im Jahr 2023 ein Gesamtzahlungsvolumen von 178,9 Milliarden R$.

Physische Vertriebsmitarbeiter

StoneCo unterhält im vierten Quartal 2023 ein Direktvertriebsteam von 1.837 engagierten Vertriebsmitarbeitern. Diese Vertreter decken mehrere Regionen in ganz Brasilien ab und konzentrieren sich auf die Akquise und Unterstützung von Händlern.

Partnerbanknetzwerke

StoneCo arbeitet mit sieben großen brasilianischen Bankpartnern zusammen, darunter:

• Banco do Brasil
• Itaú Unibanco
• Bradesco
• Santander Brasilien

Partnernetzwerk-Metriken	Daten für 2023
Total Banking Partner	7
Insgesamt integrierte Banken	4 große Banken
Reichweite des Partnernetzwerks	85 % des brasilianischen Marktes

Digitales Marketing und Online-Akquisekanäle

StoneCo investierte im Jahr 2023 127,3 Millionen R$ in digitales Marketing und generierte 386.000 neue Händlerakquisen über Online-Kanäle. Die Konversionsraten für digitales Marketing erreichten über soziale Medien und Suchplattformen hinweg 3,7 %.

Digitale Marketingmetrik	Daten für 2023
Investition in digitales Marketing	127,3 Millionen R$
Akquise neuer Händler	386,000
Conversion-Rate	3.7%

StoneCo Ltd. (STNE) – Geschäftsmodell: Kundensegmente

Kleine und mittlere Unternehmen in Brasilien

Im dritten Quartal 2023 betreut StoneCo rund 815.000 kleine und mittlere Unternehmen (KMU) in Brasilien. Das gesamte Marktpotenzial für KMU in Brasilien wird auf 17,3 Millionen Unternehmen geschätzt.

Segmentcharakteristik	Quantitative Daten
Insgesamt bediente KMU	815,000
Größe des brasilianischen KMU-Marktes	17,3 Millionen Unternehmen
Durchschnittlicher Jahresumsatz pro KMU-Kunde	360.000 R$

Digitale Unternehmer

StoneCo richtet sich mit spezialisierten Zahlungs- und Finanzlösungen an digitale Unternehmer.

• Betreute digitale Unternehmer: 230.000
• Durchschnittliches monatliches Transaktionsvolumen: 45.000 R$
• Anteil der Digital-First-Unternehmen: 38 %

E-Commerce-Unternehmen

Das E-Commerce-Segment von StoneCo verzeichnete in den letzten Jahren ein deutliches Wachstum.

E-Commerce-Kennzahlen	Daten für 2023
Gesamtzahl der E-Commerce-Kunden	175,000
Gesamtes E-Commerce-Transaktionsvolumen	42 Milliarden R$
Durchschnittliche monatliche Transaktionen pro Kunde	1,200

Einzelhändler

Einzelhändler stellen ein Kernkundensegment für die Zahlungslösungen von StoneCo dar.

• Gesamtzahl der Einzelhandelskunden: 520.000
• Prozentsatz der Point-of-Sale (POS)-Transaktionen: 62 %
• Durchschnittliches monatliches Zahlungsvolumen: 75.000 R$

Unabhängige Fachleute und Freiberufler

StoneCo bietet spezialisierte Finanzdienstleistungen für Freiberufler.

Kennzahlen zum Freelancer-Segment	Quantitative Daten
Insgesamt werden unabhängige Fachkräfte betreut	190,000
Durchschnittlicher monatlicher Transaktionswert	22.000 R$
Prozentsatz der digitalen Zahlungsakzeptanz	47%

StoneCo Ltd. (STNE) – Geschäftsmodell: Kostenstruktur

Wartung der Technologieinfrastruktur

Im Jahr 2023 meldete StoneCo Wartungskosten für die Technologieinfrastruktur in Höhe von 87,4 Millionen US-Dollar. Die Cloud-Computing- und Rechenzentrumskosten des Unternehmens machten etwa 12,5 % seiner gesamten Betriebsausgaben aus.

Kostenkategorie	Jährliche Ausgaben ($)	Prozentsatz der Gesamtkosten
Cloud-Infrastruktur	42,3 Millionen	6.1%
Wartung des Rechenzentrums	45,1 Millionen	6.4%

Forschungs- und Entwicklungsinvestitionen

StoneCo stellte im Jahr 2023 124,6 Millionen US-Dollar für Forschungs- und Entwicklungsinvestitionen bereit, was 6,8 % seines Gesamtumsatzes entspricht.

• Softwareentwicklung: 68,2 Millionen US-Dollar
• Innovation in der Zahlungstechnologie: 39,5 Millionen US-Dollar
• Verbesserungen der Cybersicherheit: 16,9 Millionen US-Dollar

Vertriebs- und Marketingkosten

Die Vertriebs- und Marketingausgaben beliefen sich im Jahr 2023 auf insgesamt 156,3 Millionen US-Dollar und machten 8,5 % des Umsatzes des Unternehmens aus.

Marketingkanal	Jährliche Ausgaben ($)	Prozentsatz des Marketingbudgets
Digitales Marketing	72,4 Millionen	46.3%
Direktvertrieb	53,9 Millionen	34.5%
Eventmarketing	30,0 Millionen	19.2%

Kosten für die Kundenakquise

Die durchschnittlichen Kundenakquisekosten (CAC) für StoneCo betrugen im Jahr 2023 78 US-Dollar, bei einem Gesamtakquiseaufwand von 94,2 Millionen US-Dollar.

• Onboarding neuer Händler: 52,6 Millionen US-Dollar
• Digitale Kundenrekrutierung: 41,6 Millionen US-Dollar

Betriebs- und Compliance-bezogene Ausgaben

Die Betriebs- und Compliance-Kosten beliefen sich im Jahr 2023 auf 112,5 Millionen US-Dollar, was 6,2 % der gesamten Betriebskosten entspricht.

Compliance-Bereich	Jährliche Ausgaben ($)	Prozentsatz des Compliance-Budgets
Einhaltung gesetzlicher Vorschriften	48,3 Millionen	42.9%
Risikomanagement	35,7 Millionen	31.7%
Juristische Dienstleistungen	28,5 Millionen	25.4%

StoneCo Ltd. (STNE) – Geschäftsmodell: Einnahmequellen

Gebühren für die Transaktionsbearbeitung

Im dritten Quartal 2023 meldete StoneCo einen Transaktionsverarbeitungsumsatz von 270,4 Millionen US-Dollar. Die durchschnittliche Transaktionsgebühr für Händlerdienste liegt zwischen 1,99 % und 2,39 %.

Einnahmequelle	Betrag (3. Quartal 2023)	Prozentsatz des Gesamtumsatzes
Gebühren für die Transaktionsbearbeitung	270,4 Millionen US-Dollar	42.3%

Software-as-a-Service (SaaS)-Abonnementmodelle

Die SaaS-Plattform von StoneCo generierte im dritten Quartal 2023 einen Abonnementumsatz von 87,6 Millionen US-Dollar, was 13,7 % des Gesamtumsatzes entspricht.

• Die monatlichen Abonnementpreise liegen zwischen 29 und 299 US-Dollar
• Abonnements auf Unternehmensebene können 500 US-Dollar pro Monat übersteigen

Kredit- und Darlehenszinsen

Die gesamten Kredit- und Darlehenszinserträge erreichten im dritten Quartal 2023 132,5 Millionen US-Dollar, was 20,7 % des Gesamtumsatzes ausmacht.

Kreditprodukt	Zinserträge	Durchschnittlicher Zinssatz
Kredite für kleine Unternehmen	78,3 Millionen US-Dollar	15.6%
Bargeldvorschüsse von Händlern	54,2 Millionen US-Dollar	22.4%

Zahlungs-Gateway-Dienste

Zahlungs-Gateway-Dienste erwirtschafteten im dritten Quartal 2023 einen Umsatz von 65,2 Millionen US-Dollar, was 10,2 % des Gesamtumsatzes entspricht.

• Durchschnittliche Gateway-Transaktionsgebühr: 0,75 %
• Insgesamt verarbeitete Transaktionen: 452 Millionen

Finanzproduktangebote mit Mehrwert

Zusätzliche Finanzprodukte trugen im dritten Quartal 2023 83,1 Millionen US-Dollar zum Umsatz bei, was 13 % des Gesamtumsatzes entspricht.

Produktkategorie	Einnahmen	Wachstumsrate
Versicherungsprodukte	32,5 Millionen US-Dollar	18.3%
Wertpapierdienstleistungen	50,6 Millionen US-Dollar	22.7%

StoneCo Ltd. (STNE) - Canvas Business Model: Value Propositions

You're looking at StoneCo Ltd. (STNE) and trying to map out exactly what they are offering the Micro, Small, and Medium Businesses (MSMBs) they serve as of late 2025. It's all about simplification and integration, honestly.

Simplified, integrated payment and financial solutions for MSMBs.

StoneCo Ltd. delivers a unified platform that bundles payments with banking and credit, moving beyond just transaction processing. The scale of their payments operation in the third quarter of 2025 saw the MSMB Total Payment Volume (TPV) hit R$ 126 billion. This volume was supported by an active client base that reached 4.7 million clients in that same quarter. The company's strategic focus on profitability over raw volume is evident in metrics like the gross profit-to-TPV ratio, which stood at 1.23% in the first quarter of 2025. For the trailing twelve months ending November 2025, the Gross Margin was a strong 75.91%.

Digital banking and credit access for underserved businesses.

The value proposition extends deep into financial services, helping businesses manage cash flow and access capital. Client deposits in the third quarter of 2025 totaled R$ 9 billion. The credit portfolio expansion is a key feature; it reached R$ 1.4 billion as of the first quarter of 2025. This credit offering is data-driven, leveraging transaction history to assess risk for businesses that might not qualify elsewhere. The active banking client base grew to 3.3 million clients in the second quarter of 2025.

High-engagement ecosystem: 38% of MSNB clients are heavy users.

The success of the integrated model is measured by how many solutions clients adopt. The percentage of MSMB clients classified as heavy users-meaning they leverage more than 3 of the solutions StoneCo Ltd. offers-was consistently reported at 38% across Q1, Q2, and Q3 of 2025. This metric shows a significant deepening of the relationship, up sharply from 26% a year prior in Q1 2024. This cross-selling success is central to their strategy.

Fast payment settlement and competitive pricing.

The shift to instant payments is a major driver of volume and engagement, even as it pressures traditional fee structures. PIX QR code volumes in the third quarter of 2025 grew 49% year-over-year, while traditional card volumes grew at a slower 6% in the same period. In the first quarter of 2025, PIX transaction volumes had surged 95% year-over-year. The company's 2025 financial outlook includes guidance for adjusted gross profit growth of 14% and adjusted EPS growth of 18% year-over-year.

Here's a quick look at some of the key operational metrics supporting these value propositions:

Metric	Value (Latest Reported 2025 Data)	Period/Context
Active MSMB Client Base	4.7 million	Q3 2025
MSMB TPV	R$ 126 billion	Q3 2025
Heavy User Percentage	38%	Q1, Q2, and Q3 2025
Credit Portfolio Size	R$ 1.4 billion	Q1 2025
Client Deposits	R$ 9 billion	Q3 2025
PIX Volume Growth (YoY)	49%	Q3 2025

The company defintely showed strong financial results, with Q3 2025 GAAP EPS hitting $0.48, leading management to raise full-year 2025 adjusted basic EPS guidance to more than $1.74. Also, the Consolidated Return on Equity expanded to 24% in Q3 2025.

StoneCo Ltd. (STNE) - Canvas Business Model: Customer Relationships

You're looking at how StoneCo Ltd. keeps its millions of merchants engaged and spending more with them. The relationship strategy hinges on a dual approach: boots-on-the-ground sales support and increasingly sophisticated digital tools.

Dedicated sales and service through the Stone Agent model

StoneCo Ltd. relies on its network of Stone Agents for direct, dedicated sales and service, especially for Micro, Small, and Medium Businesses (MSMBs) in Brazil. While the exact number of agents isn't public for late 2025, the scale of the client base they serve is clear. StoneCo Ltd.'s total MSMB active client base reached 4.7 million clients as of the third quarter of 2025, a 17% year-over-year increase. This network is crucial for onboarding and supporting merchants who might prefer in-person assistance over purely digital channels. The company distributes its solutions principally through proprietary and franchised Stone Hubs, which are physical manifestations of this agent-led service model.

Digital self-service via proprietary banking app

The shift to digital is evident in the growth of StoneCo Ltd.'s banking services. The active client base specifically utilizing the banking operation grew by 22% year-over-year to reach 3.5 million clients in Q3 2025. This growth strongly suggests high adoption of their proprietary banking app for self-service needs, even if the specific number of app-only users isn't itemized. The success of this digital channel is further supported by the fact that client deposits grew 32% year-over-year to reach BRL 9 billion in the same period. The average daily deposit base, a key indicator of daily engagement, saw an even stronger increase of 40% year-over-year in Q3 2025. That's a massive increase in digital financial activity.

Cross-selling of banking and credit to increase monetization

The core of StoneCo Ltd.'s strategy is deepening monetization by moving clients from pure payment processing to a full suite of financial products. This cross-selling effort is working, as seen in the engagement metrics. As of Q3 2025, 38% of the total active client base were classified as heavy users, meaning they leverage more than 3 of the solutions StoneCo Ltd. offers. The credit portfolio is a major monetization lever. While the Q1 2025 credit portfolio stood at R$1.4 billion, the overall strategy is clearly driving revenue mix toward higher-margin financial income. The growth in banking deposits, up 32% year-over-year, is a direct result of successfully bundling these services.

Building a stickier product through ecosystem expansion

Stickiness is measured by how many solutions a client uses, and the heavy user metric is the clearest data point here. The 38% of active clients using over 3 solutions in Q3 2025 shows that the ecosystem expansion-which includes software tools like ERP and CRM-is successfully locking in merchants. The Software segment revenue grew 11% year-over-year in Q1 2025, driven by an increase in the Software active client base. This integration of payments, banking, and software creates high switching costs for the merchant. The company is also signaling confidence in its long-term value by repurchasing nearly 7.8 million shares for R$652.56 million since May 2025, which aligns with strengthened capital returns.

Here is a summary of the key client-related metrics from the latest reporting period:

Metric	Value (Q3 2025 unless noted)	Change/Context
Total MSMB Active Clients	4.7 million	+17% Year-over-Year Growth
Active Banking Clients	3.5 million	+22% Year-over-Year Growth
Heavy Users (Leveraging >3 Solutions)	38% of Active Clients	Indicates Product Stickiness
Total Client Deposits	BRL 9 billion	+32% Year-over-Year Growth
Average Daily Deposit Base Growth	+40% Year-over-Year	Indicates Increased Digital Engagement
MSMB Total Payment Volume (TPV)	BRL 126 billion	+11% Year-over-Year Growth
Credit Portfolio Size	R$1.4 billion	As of Q1 2025, showing expansion

The focus on driving clients to use more than one service is central to the relationship strategy. You can see the direct result in the engagement levels:

• 38% of clients are heavy users.
• Banking active clients grew 22% YoY.
• Client deposits grew 32% YoY.
• Software segment revenue grew 11% YoY (Q1 2025).

Finance: draft 13-week cash view by Friday.

StoneCo Ltd. (STNE) - Canvas Business Model: Channels

You're looking at how StoneCo Ltd. gets its products and services into the hands of merchants as of late 2025. It's a multi-pronged approach touching physical stores, digital platforms, and direct sales efforts.

Point-of-Sale (POS) terminals for in-store payments

The physical in-store channel remains central, evidenced by the Total Payment Volume (TPV) generated. StoneCo Ltd. reported a Total TPV of R$140.2 billion in the third quarter of 2025, which was an increase of 8.8% compared with the third quarter of 2024. The Micro and Small- and Medium Business (MSMB) segment, which heavily relies on POS terminals, drove R$126.4 billion of that TPV, marking a 10.9% year-over-year increase. Furthermore, the integration of new payment methods directly impacts the utility of these terminals; for instance, Pix transactions showed an impressive growth of +95% year-over-year in the context of the first quarter of 2025, largely through POS systems. The gross profit-to-TPV ratio for the first quarter of 2025 increased 5 basis points to 1.23%, showing better monetization across these payment channels.

Proprietary digital banking application

The digital banking application acts as a key retention and cross-selling tool. As of early 2025 reporting, the banking active client base had climbed by 46% to reach 3.1 million users. This digital engagement supports a growing financial ecosystem; demand deposits reached R$6.7 billion in one reported period, representing a 50% increase compared to the previous year. More recently, deposit balances were noted as growing by +36% year-over-year, signaling deeper client wallet share capture through the digital platform. The company is actively shifting its deposit mix, moving R$6.3 billion out of a total of R$8.3 billion in retail deposits into on-platform time deposits during the first quarter of 2025.

E-commerce and online payment gateway integrations

StoneCo Ltd. distributes solutions across online and mobile channels, supporting e-commerce. The company provides e-commerce tools as part of its Software segment. While specific TPV for e-commerce is often bundled, the overall MSMB TPV growth of 10.9% year-over-year in Q3 2025 reflects strength across all merchant types, including digital ones. The Financial Services segment, which includes online payment solutions, saw its revenues grow a robust 20% year-over-year in the first quarter of 2025, outpacing the Software segment's 11% growth rate for the same period. This channel supports the company's focus on integrated commerce.

Direct sales force (Stone Agents) for client acquisition

Client acquisition is heavily supported by a direct, localized distribution network. StoneCo Ltd. distributes solutions principally through proprietary and franchised Stone Hubs, which offer hyper-local sales and services, alongside a dedicated sales team targeting brick-and-mortar and digital merchants. The total active client base reached 4.7 million in the third quarter of 2025, an increase of 17.6% year-over-year, driven by this direct engagement and cross-selling efforts. The MSMB active client base specifically grew by approximately 17% year-over-year to reach ~4.58 million in Q3 2025, showing the direct sales force's effectiveness in capturing the core market.

Here is a quick look at the scale of the client base and transaction volume across these channels as of the third quarter of 2025.

Channel Metric	Value (Q3 2025)	Year-over-Year Change
Total Active Clients	4.7 million	+17.6%
MSMB Active Clients	~4.58 million	+17%
Total Payment Volume (TPV)	R$140.2 billion	+8.8%
MSMB TPV	R$126.4 billion	+10.9%
Banking Active Clients	3.1 million	Reported as of early 2025 context

The credit portfolio, which is distributed through these same channels, expanded by 25% sequentially to BRL 1.8 billion in the second quarter of 2025, further demonstrating the reach of the integrated offering.

StoneCo Ltd. (STNE) - Canvas Business Model: Customer Segments

You're looking at the core client base of StoneCo Ltd. as of late 2025, which is heavily concentrated in the Brazilian market, focusing on merchant services and expanding financial offerings.

The primary focus remains the Micro, Small, and Medium Businesses (MSMBs) in Brazil. This segment drives the bulk of the payment volume. For the third quarter of 2025, the MSMB Total Payment Volume (TPV) was reported at R$126.4 billion, showing a year-over-year increase of 10.9%. The active client base within the payments business for MSMBs reached 4.7 million in Q3 2025, marking a 17.2% increase compared to the prior year. This indicates strong acquisition and retention within the core merchant base.

StoneCo Ltd. also serves Large retail merchants and integrated partners, though their volume contribution appears to be decelerating relative to the MSMB segment. In Q3 2025, the Large Accounts TPV actually showed a 7.5% decrease year-over-year. The total consolidated payments active client base for StoneCo Ltd. stood at 4.7 million clients in Q3 2025, with a total TPV of R$140.2 billion, up 8.8% year-over-year.

The growth in financial services is evident through the expansion of active banking clients. As of Q3 2025, this specific group totaled 3.5 million, representing a 22% year-over-year increase. This banking segment is crucial as it drives deposits, which reached R$9 billion in the quarter, up 32% year-over-year.

Here's a quick comparison of the key volume and client metrics for the two merchant types in Q3 2025:

Metric	MSMBs	Large Accounts
TPV (R$ Billion)	R$126.4 billion	Implied: R$13.8 billion (Total R$140.2B - R$126.4B)
TPV Year-over-Year Change	+10.9%	-7.5%
Active Payment Clients	4.7 million (Payments Active Client base)	Included in Total 4.7 million

Engagement within the MSMB segment is deepening, which is a key indicator of value capture beyond simple payment processing. You can see this in the adoption of bundled services:

• 38% of MSMB Active Payment Clients were classified as heavy users in Q3 2025.
• Heavy users leverage more than three of the solutions StoneCo Ltd. offers.
• Client deposits grew 32% year-over-year, reaching R$9 billion.
• The average daily deposit base increased 40% year-over-year.

Finance: draft 13-week cash view by Friday.

StoneCo Ltd. (STNE) - Canvas Business Model: Cost Structure

You're looking at the expense side of StoneCo Ltd.'s operations as of late 2025. It's a mix of funding costs tied to the local economy, spending on physical assets, and the necessary overhead to run a fintech platform. Honestly, the Brazilian CDI rate is the big variable you need to watch here.

Financial expenses, heavily influenced by the Brazilian CDI rate.

The cost of funding is a major lever for StoneCo Ltd., directly tied to the Brazilian Interbank Deposit Certificate (CDI) rate. For instance, in the second quarter of 2025, financial expenses jumped by 29% year-over-year, which translated to a 210 basis points increase as a percentage of revenues. This was mostly because the average CDI rate was higher than in the prior year period. To fight this, StoneCo Ltd. actively managed its funding structure. In the first quarter of 2025, they executed a cash sweep plan, moving R$6.3 billion out of the total R$8.3 billion in retail deposits into on-platform time deposits. This move is designed to secure lower-cost funding sources and mitigate the impact of high interest rates. Still, even with these efforts, higher financial expenses partially offset adjusted gross profit growth in the third quarter of 2025.

Cost of equipment (POS terminals) and logistics.

While specific line items for POS terminal procurement and logistics aren't broken out in the latest reports, capital expenditure (Capex) gives us a view into infrastructure investment. For the third quarter of 2025, StoneCo Ltd.'s reported Capex was R$29.1 million. This spending supports the physical footprint needed to service their growing merchant base. The company's strategy relies on an integrated distribution approach, which requires ongoing investment in hardware and the associated movement of those assets.

Technology development and platform maintenance costs.

Specific figures for Research & Development (R&D) or technology platform maintenance for the full fiscal year 2025 aren't explicitly detailed in the most recent filings, though the company is clearly technology-forward. For the third quarter of 2025, the reported R&D expense line item is not specified with a value, showing a dash in the available data. This suggests that technology costs are either embedded within Cost of Services or SG&A, or that the focus has shifted post-divestiture to core platform efficiency rather than large, separate R&D reporting.

Selling, General, and Administrative (SG&A) expenses.

SG&A is a significant component, covering the costs to acquire and support the client base. You can see the breakdown of these costs from the third quarter of 2025 data. The company is focused on operating leverage here; for example, selling expenses in the second quarter of 2025 increased 17% year-over-year but actually decreased 40 basis points relative to revenues, showing marketing spend is becoming more efficient. Here's a quick look at the Q3 2025 components, which make up the bulk of SG&A:

Cost Component	Amount (R$mn)	Reporting Period
General & Administrative (G&A)	143.0	Q3 2025
Selling & Marketing (S&M)	99.1	Q3 2025
Capital Expenditure (Capex)	29.1	Q3 2025

The overall operating expenses for the last fully reported fiscal year, 2024, totaled $1.96 billion. StoneCo Ltd. is definitely managing these overheads while pushing for growth in its active client base, which reached 4.7 million clients in Q3 2025.

• Financial expenses are sensitive to the prevailing CDI rate.
• Selling expenses showed improved leverage in Q2 2025.
• G&A for Q3 2025 was R$143.0 million.
• S&M for Q3 2025 was R$99.1 million.
• The company is actively managing funding costs via deposit conversion.

Finance: draft 13-week cash view by Friday.

StoneCo Ltd. (STNE) - Canvas Business Model: Revenue Streams

You're looking at StoneCo Ltd.'s revenue streams as of late 2025, and the story is one of deliberate focus on high-margin financial services following a strategic pivot. The company defintely reported total revenue and income from continuing operations of R$3,566.8 million in the third quarter of 2025, which was a 16.5% year-over-year increase. This top-line performance is supported by strong operational efficiency, with the Adjusted Gross Profit from continuing operations reaching R$1,604.9 million in 3Q25.

Here's a quick look at the core metrics underpinning the revenue generation in Q3 2025:

Metric	Value (3Q25)	Context
Total Revenue and Income (R$mn)	3,566.8	From continuing operations
Total Payment Volume (TPV) (R$bn)	140.2	Up 8.8% year-over-year
MSMB TPV (R$bn)	126.4	Drove the TPV increase
Total Active Clients (Millions)	4.7	Grew 3.1% quarter over quarter
Client Deposits (R$bn)	Over R$9	Supports credit portfolio growth
Adjusted Gross Profit Margin (%)	45.0%	From continuing operations

Transaction fees (MDR) from payment processing (TPV) remain the foundational element of StoneCo Ltd.'s revenue. This is directly tied to the Total Payment Volume (TPV) processed across its network. In Q3 2025, the total TPV hit R$140.2 billion. The company's strategy has been to prioritize client monetization, meaning they are earning more per transaction, even as the overall TPV growth slowed to about 8% year-over-year. The Micro and Small- and Medium Business (MSMB) segment, the core focus, saw its TPV increase by 10.9% year-over-year to R$126.4 billion.

Interest and fees from the credit portfolio are an increasingly important component, reflecting the shift to an integrated financial platform. The growth in client deposits, which exceeded R$9 billion in Q3 2025, provides the necessary funding base for this lending activity. Management noted that the credit portfolio is expected to play a more significant role in the profit and loss statements moving into 2026. This revenue stream is bolstered by strategic repricing initiatives across the platform.

Subscription fees for software and digital banking services contribute, but the focus has narrowed significantly. StoneCo Ltd. has strategically divested a large portion of its software business, specifically divesting roughly 79% of its 2024 software revenue as of July 22, 2025. This action allows the company to concentrate resources on the higher-margin Financial Services segment. The digital banking aspect, however, is integrated with the Financial Services segment, driving client stickiness and cross-selling opportunities.

The quality of this revenue is reflected in the profitability metrics:

• Adjusted Net Income from continuing operations was R$641.5 million in 3Q25.
• Adjusted Net Margin from continuing operations stood at 18.0% in 3Q25.
• Consolidated Return on Equity (ROE) expanded by 8 percentage points to 24% in 3Q25.
• The active client base for MSMBs grew by 17% year-over-year.

StoneCo Ltd. deployed R$465.2 million in share buybacks during Q3 2025 alone, showing confidence in its cash generation from these revenue streams.