StoneCo Ltd. (STNE): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el panorama dinámico de la tecnología financiera brasileña, Stoneco Ltd. (STNE) surge como una fuerza transformadora, revolucionando cómo las pequeñas y medianas empresas navegan por pagos digitales y servicios financieros. Al elaborar un modelo de negocio innovador que combina sin problemas la tecnología de vanguardia con asociaciones estratégicas, Stoneco se ha posicionado como una plataforma que cambia el juego que empodera a los empresarios y empresas en la economía digital en rápida evolución de Brasil. Esta exploración del lienzo de modelo de negocio de Stoneco revela la intrincada mecánica detrás de su enfoque disruptivo de las soluciones financieras, ofreciendo información sobre cómo están reformando la intersección de la tecnología, las finanzas y la innovación comercial.

Stoneco Ltd. (STNE) - Modelo de negocios: asociaciones clave

Asociaciones estratégicas con bancos e instituciones financieras brasileñas

Stoneco ha establecido asociaciones clave con las principales instituciones financieras brasileñas:

Banco de socios	Detalles de la asociación	Año establecido
Banco bradesco	Procesamiento de pagos e integración de servicios financieros	2018
Itaú unibanco	Soluciones de pago digital	2019
Banco do Brasil	Servicios de adquisición de comerciantes	2017

Colaboración con procesadores de pagos y proveedores de tecnología

Stoneco se asocia con múltiples compañías de procesamiento de tecnología y pago:

• Visa - Integración de red de pago global
• MasterCard - Procesamiento de tarjetas de crédito y débito
• Global Payments Inc. - Soporte de infraestructura tecnológica

Integración con plataformas de comercio electrónico y mercados digitales

Plataforma	Tipo de integración	Alcance del mercado
Magento	Integración de la pasarela de pago	PYME brasileñas
Vtex	Soluciones de comercio omnicanal	Grandes comerciantes minoristas

Alianzas con fabricantes de hardware de punto de venta (POS)

• Grupo Ingenico - Fabricación de terminal POS
• Tecnología PAX - Desarrollo de dispositivos de pago móvil
• Sistemas Verifone - Soluciones de hardware de pago

Relación con inversores internacionales de tecnología financiera

Inversor	Monto de la inversión	Año
Grupo de SoftBank	$ 250 millones	2019
Goldman Sachs	$ 150 millones	2018

Stoneco Ltd. (STNE) - Modelo de negocio: actividades clave

Desarrollo de soluciones de tecnología financiera para pequeñas y medianas empresas

Stoneco procesa 1.900 millones de transacciones en 2022, con un volumen de pago total de R $ 279.5 mil millones. La compañía apoya a más de 900,000 comerciantes activos en Brasil.

Inversión tecnológica	Cantidad
Gastos de I + D 2022	R $ 325.7 millones
Tamaño del equipo de desarrollo de software	Aproximadamente 700 ingenieros

Proporcionar servicios de procesamiento de pagos

Stoneco ofrece soluciones de pago integrales con múltiples canales de transacción.

• Transacciones terminales de punto de venta (POS)
• Procesamiento de pagos en línea
• Soluciones de pago móvil
• Pagos del código QR

Métricas de procesamiento de pagos	Rendimiento 2022
Volumen de pago total	R $ 279.5 mil millones
Número de transacciones	1.900 millones

Creación de herramientas de gestión financiera y banca digital

Stoneco lanzó Stone Bank en 2021, proporcionando servicios de banca digital.

• Apertura de cuenta digital
• Soluciones de crédito
• Herramientas de gestión financiera empresarial

Ofreciendo soluciones de crédito y capital de trabajo

La cartera de crédito de Stoneco alcanzó R $ 4.4 mil millones en 2022.

Producto de crédito	Volumen total 2022
Préstamos de capital de trabajo	R $ 2.1 mil millones
Anticipo en efectivo comercial	R $ 1.8 mil millones

Innovación continua en plataformas de tecnología financiera

Stoneco invirtió R $ 325.7 millones en investigación y desarrollo en 2022.

• Integración de inteligencia artificial
• Algoritmos de aprendizaje automático
• Tecnologías avanzadas de evaluación de riesgos

Stoneco Ltd. (STNE) - Modelo de negocio: recursos clave

Equipos avanzados de infraestructura tecnológica y desarrollo de software

A partir del cuarto trimestre de 2023, Stoneco empleó a 1.187 profesionales de tecnología en sus equipos de desarrollo de software. La compañía invirtió $ 82.3 millones en infraestructura tecnológica e investigación y desarrollo en el año fiscal 2023.

Categoría de inversión tecnológica	Cantidad (USD)
Gasto de I + D	$ 52.6 millones
Desarrollo de infraestructura	$ 29.7 millones

Tecnología de procesamiento de pagos de propiedad

La plataforma de procesamiento de pagos patentada de Stoneco admite múltiples tipos de transacciones con las siguientes capacidades:

• Volumen de transacción anual: 1.900 millones de transacciones
• Velocidad de procesamiento: 500 milisegundos por transacción
• Soporte para 12 métodos de pago diferentes

Extensas capacidades de análisis de datos

Métricas de análisis de datos	Cantidad
Capacidad de procesamiento de datos	2.5 petabytes por mes
Modelos de aprendizaje automático	47 modelos predictivos activos

Sólida red de asociaciones financieras y tecnológicas

Stoneco mantiene asociaciones estratégicas con:

• 26 instituciones financieras
• 18 Proveedores de servicios de tecnología
• Asociaciones que cubren el 95% del ecosistema comercial brasileño

Talento de gestión e ingeniería especializada

Liderazgo y composición del talento a partir de 2023:

Categoría de personal	Número
Total de empleados	2,345
Titulares de grado avanzado	612
Especialistas en tecnología	1,187

Stoneco Ltd. (STNE) - Modelo de negocio: propuestas de valor

Soluciones de pago digital simplificadas para empresas brasileñas

Stoneco procesó R $ 206.2 mil millones en volumen de pago total en el tercer trimestre de 2023. La compañía apoya a más de 1.5 millones de comerciantes activos en Brasil.

Solución de pago	Volumen de transacción	Penetración del mercado
Punto de venta (pos)	R $ 132.4 mil millones	68% del volumen total de pago
Pagos en línea	R $ 73.8 mil millones	32% del volumen total de pago

Servicios financieros de bajo costo para pequeñas y medianas empresas

Stoneco ofrece servicios financieros con estructuras de precios competitivas para las PYME.

• Tarifa de transacción promedio: 2.3% en comparación con el promedio de la industria del 3.5%
• No hay tarifas de mantenimiento mensuales para cuentas básicas
• Costo de configuración inicial cero para comerciantes

Plataforma de gestión financiera integrada

La plataforma atiende a 1,8 millones de pequeñas y medianas empresas con herramientas financieras integrales.

Característica de la plataforma	Adopción de usuarios
Gestión de flujo de efectivo	87% de los comerciantes registrados
Seguimiento de gastos	72% de comerciantes registrados

Opciones de crédito rápidas y accesibles

La cartera de crédito de Stoneco alcanzó R $ 4.2 mil millones en el tercer trimestre de 2023, con un tamaño de préstamo promedio de R $ 35,000 para las PYME.

• Tiempo promedio de aprobación del préstamo: 24 horas
• Tasa de aprobación de crédito: 62% para comerciantes calificados

Soluciones tecnológicas innovadoras para el comercio digital

Stoneco invirtió R $ 278 millones en desarrollo tecnológico en 2023.

Segmento tecnológico	Inversión	Enfoque clave
Inteligencia artificial	R $ 89 millones	Detección de fraude y gestión de riesgos
Soluciones de pago móvil	R $ 112 millones	Capacidades de billetera digital mejoradas

Stoneco Ltd. (STNE) - Modelo de negocios: relaciones con los clientes

Plataformas digitales de autoservicio

Stoneco ofrece plataformas digitales con las siguientes especificaciones:

Característica de la plataforma	Métrico
Usuarios de aplicaciones móviles	3.2 millones de usuarios activos (cuarto trimestre 2023)
Volumen de transacción digital	$ 14.2 mil millones procesados ​​en 2023
Tiempo de incorporación del comerciante en línea	Menos de 24 horas

Atención al cliente personalizada

Los canales de atención al cliente incluyen:

• Servicio al cliente multilingüe 24/7
• Tiempo de respuesta promedio: 12 minutos
• Canales de soporte: teléfono, correo electrónico, whatsapp, chat en vivo

Gestión de cuentas dedicada para clientes empresariales

Segmento empresarial	Detalles
Clientes empresariales atendidos	Más de 500 grandes cuentas corporativas
Valor de cuenta promedio	$ 1.5 millones anuales
Gerentes de cuentas dedicados	87 profesionales especializados

Compromiso impulsado por la comunidad

Métricas de compromiso digital:

• Seguidores de redes sociales: 425,000
• Participantes mensuales de seminarios web: 3.200
• Miembros de la plataforma comunitaria en línea: 68,000

Mejora continua de productos

Métrica de desarrollo de productos	Valor
Inversión anual de I + D	$ 42.3 millones
Actualizaciones de productos por año	37 comunicados principales de características
Tasa de incorporación de comentarios de los usuarios	68% de las sugerencias implementadas

Stoneco Ltd. (STNE) - Modelo de negocios: canales

Aplicación móvil

La aplicación móvil de Stoneco atiende a 1,4 millones de usuarios mensuales activos a partir del tercer trimestre de 2023. La aplicación procesa aproximadamente 42.3 millones de transacciones por mes con un volumen de pago total de R $ 20.9 mil millones en 2023.

Módulo de aplicación móvil	2023 datos
Usuarios activos mensuales	1.4 millones
Transacciones mensuales	42.3 millones
Volumen de pago total	R $ 20.9 mil millones

Plataforma basada en la web

La plataforma web de Stoneco admite más de 1.2 millones de pequeñas y medianas empresas (PYME) con soluciones de pago digital. La plataforma procesó R $ 178.9 mil millones en volumen de pago total en 2023.

Representantes de ventas físicas

Stoneco mantiene una fuerza de ventas directa de 1.837 representantes de ventas dedicados a partir del cuarto trimestre de 2023. Estos representantes cubren múltiples regiones en Brasil, centrándose en la adquisición y el apoyo comerciales.

Redes bancarias de socios

Stoneco colabora con 7 principales socios bancarios brasileños, que incluyen:

• Banco do Brasil
• Itaú unibanco
• Bradicio
• Santander Brasil

Métricas de red de socios	2023 datos
Socios bancarios totales	7
Bancos integrados totales	4 bancos principales
Red de asociación Reach	85% del mercado brasileño

Marketing digital y canales de adquisición en línea

Stoneco invirtió R $ 127.3 millones en marketing digital en 2023, generando 386,000 nuevas adquisiciones comerciales a través de canales en línea. Las tasas de conversión de marketing digital alcanzaron el 3,7% en las redes sociales y las plataformas de búsqueda.

Métrica de marketing digital	2023 datos
Inversión de marketing digital	R $ 127.3 millones
Nuevas adquisiciones de comerciantes	386,000
Tasa de conversión	3.7%

Stoneco Ltd. (STNE) - Modelo de negocio: segmentos de clientes

Empresas pequeñas y medianas en Brasil

A partir del tercer trimestre de 2023, Stoneco sirve aproximadamente 815,000 empresas pequeñas y medianas (PYME) en Brasil. El potencial de mercado total para las PYME en Brasil se estima en 17.3 millones de empresas.

Característica de segmento	Datos cuantitativos
PYME totales servidas	815,000
Tamaño del mercado de las PYME brasileñas	17.3 millones de empresas
Ingresos anuales promedio por cliente PYME	R $ 360,000

Empresarios digitales

Stoneco se dirige a empresarios digitales con pagos especializados y soluciones financieras.

• Emprendedores digitales servidos: 230,000
• Volumen de transacción mensual promedio: R $ 45,000
• Porcentaje de empresas digitales primero: 38%

Negocios de comercio electrónico

El segmento de comercio electrónico de Stoneco ha mostrado un crecimiento significativo en los últimos años.

Métricas de comercio electrónico	2023 datos
Clientes totales de comercio electrónico	175,000
Volumen total de transacción de comercio electrónico	R $ 42 mil millones
Transacciones mensuales promedio por cliente	1,200

Comerciantes minoristas

Los comerciantes minoristas representan un segmento central de clientes para las soluciones de pago de Stoneco.

• Total de clientes comerciales minoristas: 520,000
• Porcentaje de transacciones de punto de venta (POS): 62%
• Volumen de pago mensual promedio: R $ 75,000

Profesionales y trabajadores independientes

Stoneco ofrece servicios financieros especializados para profesionales independientes.

Métricas de segmento independiente	Datos cuantitativos
Total de profesionales independientes atendidos	190,000
Valor de transacción mensual promedio	R $ 22,000
Porcentaje de adopción de pagos digitales	47%

Stoneco Ltd. (STNE) - Modelo de negocio: Estructura de costos

Mantenimiento de la infraestructura tecnológica

En 2023, Stoneco informó costos de mantenimiento de la infraestructura tecnológica de $ 87.4 millones. Los gastos de la computación y el centro de datos en la nube de la compañía representaban aproximadamente el 12.5% ​​de sus gastos operativos totales.

Categoría de costos	Gasto anual ($)	Porcentaje de costos totales
Infraestructura en la nube	42.3 millones	6.1%
Mantenimiento del centro de datos	45.1 millones	6.4%

Inversiones de investigación y desarrollo

Stoneco asignó $ 124.6 millones a inversiones en I + D en 2023, lo que representa el 6.8% de sus ingresos totales.

• Desarrollo de software: $ 68.2 millones
• Innovación de tecnología de pago: $ 39.5 millones
• Mejoras de ciberseguridad: $ 16.9 millones

Gastos de ventas y marketing

Los gastos de ventas y marketing totalizaron $ 156.3 millones en 2023, lo que representa el 8.5% de los ingresos de la compañía.

Canal de marketing	Gasto anual ($)	Porcentaje del presupuesto de marketing
Marketing digital	72.4 millones	46.3%
Ventas directas	53.9 millones	34.5%
Marketing de eventos	30.0 millones	19.2%

Costos de adquisición de clientes

El costo promedio de adquisición de clientes (CAC) para Stoneco fue de $ 78 en 2023, con un gasto total de adquisición de $ 94.2 millones.

• Nuevo comerciante de incorporación: $ 52.6 millones
• Reclutamiento de clientes digitales: $ 41.6 millones

Gastos operativos y relacionados con el cumplimiento

Los costos operativos y de cumplimiento ascendieron a $ 112.5 millones en 2023, lo que representa el 6.2% de los gastos operativos totales.

Área de cumplimiento	Gasto anual ($)	Porcentaje del presupuesto de cumplimiento
Cumplimiento regulatorio	48.3 millones	42.9%
Gestión de riesgos	35.7 millones	31.7%
Servicios legales	28.5 millones	25.4%

Stoneco Ltd. (STNE) - Modelo de negocios: flujos de ingresos

Tarifas de procesamiento de transacciones

A partir del tercer trimestre de 2023, Stoneco reportó ingresos por procesamiento de transacciones de $ 270.4 millones. La tarifa de transacción promedio oscila entre 1.99% y 2.39% para los servicios comerciales.

Fuente de ingresos	Cantidad (tercer trimestre 2023)	Porcentaje de ingresos totales
Tarifas de procesamiento de transacciones	$ 270.4 millones	42.3%

Modelos de suscripción de software como servicio (SaaS)

La plataforma SaaS de Stoneco generó $ 87.6 millones en ingresos por suscripción durante el tercer trimestre de 2023, lo que representa el 13.7% de los ingresos totales.

• Las tarifas de suscripción mensuales varían de $ 29 a $ 299
• Las suscripciones a nivel empresarial pueden exceder los $ 500 por mes

Intereses de crédito y préstamo

Los ingresos por intereses de crédito y préstamo total alcanzaron $ 132.5 millones en el tercer trimestre de 2023, representando el 20.7% de los ingresos totales.

Producto de préstamo	Ingresos por intereses	Tasa de interés promedio
Préstamos para pequeñas empresas	$ 78.3 millones	15.6%
Avances en efectivo comerciales	$ 54.2 millones	22.4%

Servicios de pasarela de pago

Los servicios de la pasarela de pago generaron $ 65.2 millones en ingresos durante el tercer trimestre de 2023, lo que representa el 10.2% de los ingresos totales.

• Tarifa promedio de transacción de puerta de enlace: 0.75%
• Transacciones procesadas totales: 452 millones

Ofertas de productos financieros de valor agregado

Los productos financieros adicionales contribuyeron con $ 83.1 millones en ingresos para el tercer trimestre de 2023, lo que representa el 13% de los ingresos totales.

Categoría de productos	Ganancia	Índice de crecimiento
Productos de seguro	$ 32.5 millones	18.3%
Servicios de inversión	$ 50.6 millones	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.