STONECO LTD. (STNE): Business Model Canvas [Jan-2025 Mise à jour]

Dans le paysage dynamique de la technologie financière brésilienne, Stoneco Ltd. (STNE) apparaît comme une force transformatrice, révolutionnant la façon dont les petites et moyennes entreprises naviguent sur les paiements numériques et les services financiers. En créant un modèle commercial innovant qui mélange de manière transparente la technologie de pointe avec des partenariats stratégiques, Stoneco s'est positionné comme une plate-forme qui change la donne qui permet aux entrepreneurs et aux entreprises de l'économie numérique en évolution rapide du Brésil. Cette exploration de la toile du modèle commercial de Stoneco révèle la mécanique complexe derrière leur approche perturbatrice des solutions financières, offrant un aperçu de la façon dont ils remodèlent l'intersection de la technologie, de la finance et de l'innovation commerciale.

STONECO LTD. (STNE) - Modèle commercial: partenariats clés

Partenariats stratégiques avec les banques brésiliennes et les institutions financières

Stoneco a établi des partenariats clés avec les grandes institutions financières brésiliennes:

Banque partenaire	Détails du partenariat	Année établie
Banco Bradesco	Traitement des paiements et intégration des services financiers	2018
Itaú Unibanco	Solutions de paiement numérique	2019
Banco do Brasil	Services d'acquisition de marchands	2017

Collaboration avec les processeurs de paiement et les fournisseurs de technologies

STONECO s'associe à plusieurs sociétés de technologie et de traitement des technologies:

• Visa - Intégration du réseau de paiement global
• MasterCard - traitement des cartes de crédit et de débit
• Global Payments Inc. - Support d'infrastructure technologique

Intégration avec les plateformes de commerce électronique et les marchés numériques

Plate-forme	Type d'intégration	Portée du marché
Magento	Intégration de la passerelle de paiement	PME brésilienne
Vtex	Solutions de commerce omnicanal	Grands marchands de détail

Alliances avec des fabricants de matériel de point de vente (POS)

• Group Ingenico - fabrication de terminaux POS
• Technologie PAX - développement d'appareils de paiement mobile
• Systèmes Verifone - Solutions matérielles de paiement

Relation avec les investisseurs internationaux de technologie financière

Investisseur	Montant d'investissement	Année
Groupe de banque souples	250 millions de dollars	2019
Goldman Sachs	150 millions de dollars	2018

STONECO LTD. (STNE) - Modèle d'entreprise: Activités clés

Développer des solutions technologiques financières pour les petites et moyennes entreprises

STONECO traite 1,9 milliard de transactions en 2022, avec un volume de paiement total de 279,5 milliards de R $. La société soutient plus de 900 000 marchands actifs du Brésil.

Investissement technologique	Montant
Dépenses de R&D 2022	325,7 millions de R
Taille de l'équipe de développement de logiciels	Environ 700 ingénieurs

Fournir des services de traitement des paiements

STONECO propose des solutions de paiement complètes avec plusieurs canaux de transaction.

• Terminal de point de vente (POS) transactions
• Traitement des paiements en ligne
• Solutions de paiement mobile
• Paiements de code QR

Métriques de traitement des paiements	2022 Performance
Volume de paiement total	279,5 milliards de R
Nombre de transactions	1,9 milliard

Création d'outils de banque numérique et de gestion financière

Stoneco a lancé Stone Bank en 2021, fournissant des services bancaires numériques.

• Ouverture du compte numérique
• Solutions de crédit
• Outils de gestion financière d'entreprise

Offrir des solutions de crédit et de fonds de roulement

Le portefeuille de crédit de Stoneco a atteint 4,4 milliards de rands en 2022.

Produit de crédit	Volume total 2022
Prêts de fonds de roulement	2,1 milliards de R
Avance de fonds marchands	1,8 milliard de R

Innovation continue dans les plateformes de technologie financière

Stoneco a investi 325,7 millions de R $ en recherche et développement en 2022.

• Intégration de l'intelligence artificielle
• Algorithmes d'apprentissage automatique
• Technologies d'évaluation des risques avancés

STONECO LTD. (STNE) - Modèle d'entreprise: Ressources clés

Infrastructures technologiques avancées et équipes de développement de logiciels

Depuis le quatrième trimestre 2023, Stoneco a employé 1 187 professionnels de la technologie dans ses équipes de développement de logiciels. La société a investi 82,3 millions de dollars dans l'infrastructure technologique et la recherche et le développement au cours de l'exercice 2023.

Catégorie d'investissement technologique	Montant (USD)
Dépenses de R&D	52,6 millions de dollars
Développement des infrastructures	29,7 millions de dollars

Technologie de traitement des paiements propriétaires

La plate-forme de traitement de paiement propriétaire de STONECO prend en charge plusieurs types de transactions avec les capacités suivantes:

• Volume de transaction annuel: 1,9 milliard de transactions
• Vitesse de traitement: 500 millisecondes par transaction
• Prise en charge de 12 méthodes de paiement différentes

Capacités de données d'analyse des données

Métriques d'analyse des données	Quantité
Capacité de traitement des données	2,5 pétaoctets par mois
Modèles d'apprentissage automatique	47 modèles prédictifs actifs

Strong réseau de partenariats financiers et technologiques

STONECO maintient des partenariats stratégiques avec:

• 26 institutions financières
• 18 fournisseurs de services technologiques
• Partenariats couvrant 95% de l'écosystème marchand brésilien

Gestion qualifiée et talent d'ingénierie

Leadership et composition des talents à partir de 2023:

Catégorie de personnel	Nombre
Total des employés	2,345
Titulaires de diplômes avancés	612
Spécialistes de la technologie	1,187

STONECO LTD. (STNE) - Modèle d'entreprise: propositions de valeur

Solutions de paiement numérique simplifiées pour les entreprises brésiliennes

STONECO a traité 206,2 milliards de R $ de volume de paiement total au troisième trimestre 2023. La société prend en charge plus de 1,5 million de marchands actifs à travers le Brésil.

Solution de paiement	Volume de transaction	Pénétration du marché
Point de vente (POS)	132,4 milliards de dollars	68% du volume total de paiement
Paiements en ligne	73,8 milliards de R	32% du volume total de paiement

Services financiers à faible coût pour les petites et moyennes entreprises

STONECO propose des services financiers avec des structures de prix compétitives pour les PME.

• Frais de transaction moyenne: 2,3% par rapport à la moyenne de l'industrie de 3,5%
• Pas de frais de maintenance mensuels pour les comptes de base
• Zéro coût de configuration initiale pour les commerçants

Plateforme de gestion financière intégrée

La plateforme dessert 1,8 million de petites et moyennes entreprises avec des outils financiers complets.

Fonctionnalité de plate-forme	Adoption des utilisateurs
Gestion des flux de trésorerie	87% des marchands enregistrés
Suivi des dépenses	72% des marchands enregistrés

Options de crédit rapides et accessibles

Le portefeuille de crédit de Stoneco a atteint 4,2 milliards de rands de R3 2023, avec une taille de prêt moyenne de 35 000 R $ pour les PME.

• Temps d'approbation du prêt moyen: 24 heures
• Taux d'approbation du crédit: 62% pour les marchands qualifiés

Solutions technologiques innovantes pour le commerce numérique

Stoneco a investi 278 millions de R $ dans le développement de la technologie en 2023.

Segment technologique	Investissement	Focus clé
Intelligence artificielle	89 millions de R	Détection de fraude et gestion des risques
Solutions de paiement mobile	112 millions de R	Capacités de portefeuille numériques améliorées

STONECO LTD. (STNE) - Modèle d'entreprise: Relations clients

Plates-formes numériques en libre-service

STONECO propose des plateformes numériques avec les spécifications suivantes:

Fonctionnalité de plate-forme	Métrique
Utilisateurs d'applications mobiles	3,2 millions d'utilisateurs actifs (Q4 2023)
Volume de transaction numérique	14,2 milliards de dollars traités en 2023
Temps d'intégration du marchand en ligne	Moins de 24 heures

Support client personnalisé

Les canaux de support client comprennent:

• Service client multilingue 24/7
• Temps de réponse moyen: 12 minutes
• Channeaux de support: téléphone, e-mail, WhatsApp, chat en direct

Gestion de compte dédiée pour les clients d'entreprise

Segment d'entreprise	Détails
Les clients d'entreprise ont servi	Plus de 500 grands comptes d'entreprise
Valeur moyenne du compte	1,5 million de dollars par an
Gestionnaires de compte dédiés	87 professionnels spécialisés

Engagement axé sur la communauté

Métriques d'engagement numérique:

• Abonnés des médias sociaux: 425 000
• Participants mensuels sur le webinaire: 3200
• Membres de la plate-forme communautaire en ligne: 68 000

Amélioration continue des produits

Métrique de développement de produits	Valeur
Investissement annuel de R&D	42,3 millions de dollars
Mises à jour du produit par an	37 versions principales de fonctionnalités
Taux d'incorporation des commentaires des utilisateurs	68% des suggestions mises en œuvre

STONECO LTD. (STNE) - Modèle d'entreprise: canaux

Application mobile

L'application mobile de Stoneco dessert 1,4 million d'utilisateurs mensuels actifs au troisième trimestre 2023. L'application traite environ 42,3 millions de transactions par mois avec un volume de paiement total de 20,9 milliards de R $ en 2023.

Métrique de l'application mobile	2023 données
Utilisateurs actifs mensuels	1,4 million
Transactions mensuelles	42,3 millions
Volume de paiement total	20,9 milliards de R

Plate-forme Web

La plate-forme Web de StonEco prend en charge plus de 1,2 million de petites et moyennes entreprises (PME) avec des solutions de paiement numérique. La plate-forme a traité 178,9 milliards de R $ de volume de paiement total en 2023.

Représentants des ventes physiques

STONECO maintient une force de vente directe de 1 837 représentants des ventes dédiés au quatrième trimestre 2023. Ces représentants couvrent plusieurs régions à travers le Brésil, en se concentrant sur l'acquisition et le soutien des marchands.

Réseaux bancaires partenaires

Stoneco collabore avec 7 grands partenaires bancaires brésiliens, notamment:

• Banco do Brasil
• Itaú Unibanco
• Brade
• Santander Brésil

Métriques du réseau partenaire	2023 données
Partenaires bancaires totaux	7
Banques intégrées totales	4 banques grandes
Réseau de partenaire Reach	85% du marché brésilien

Canals de marketing numérique et d'acquisition en ligne

Stoneco a investi 127,3 millions de R $ en marketing numérique en 2023, générant 386 000 nouvelles acquisitions de marchands via des canaux en ligne. Les taux de conversion du marketing numérique ont atteint 3,7% sur les réseaux sociaux et les plateformes de recherche.

Métrique du marketing numérique	2023 données
Investissement en marketing numérique	127,3 millions de R
Nouvelles acquisitions de marchands	386,000
Taux de conversion	3.7%

STONECO LTD. (STNE) - Modèle d'entreprise: segments de clientèle

Petites et moyennes entreprises au Brésil

Au troisième trimestre 2023, Stoneco dessert environ 815 000 petites et moyennes entreprises (PME) au Brésil. Le potentiel de marché total des PME au Brésil est estimé à 17,3 millions d'entreprises.

Caractéristique du segment	Données quantitatives
Total des PME servies	815,000
Taille du marché des PME brésiliennes	17,3 millions d'entreprises
Revenu annuel moyen par client PME	R 360 000 $

Entrepreneurs numériques

STONECO cible les entrepreneurs numériques avec des solutions de paiement spécialisées et financières.

• Les entrepreneurs numériques ont servi: 230 000
• Volume de transaction mensuel moyen: 45 000 R $
• Pourcentage d'entreprises numériques-d'abord: 38%

Entreprises de commerce électronique

Le segment du commerce électronique de Stoneco a montré une croissance significative ces dernières années.

Métriques du commerce électronique	2023 données
Clients totaux de commerce électronique	175,000
Volume total des transactions de commerce électronique	42 milliards de R
Transactions mensuelles moyennes par client	1,200

Marchands de détail

Les marchands de détail représentent un segment de clientèle de base pour les solutions de paiement de Stoneco.

• Total des clients marchands de détail: 520 000
• Pourcentage des transactions de point de vente (POS): 62%
• Volume de paiement mensuel moyen: 75 000 R $

Professionnels et pigistes indépendants

STONECO fournit des services financiers spécialisés pour les professionnels indépendants.

Métriques du segment des pigistes	Données quantitatives
Total des professionnels indépendants servis	190,000
Valeur de transaction mensuelle moyenne	22 000 R $
Pourcentage de l'adoption des paiements numériques	47%

STONECO LTD. (STNE) - Modèle d'entreprise: Structure des coûts

Maintenance des infrastructures technologiques

En 2023, STONECO a déclaré des coûts de maintenance des infrastructures technologiques de 87,4 millions de dollars. Les dépenses du Cloud Computing et du centre de données de l'entreprise représentaient environ 12,5% de ses dépenses opérationnelles totales.

Catégorie de coûts	Dépenses annuelles ($)	Pourcentage des coûts totaux
Infrastructure cloud	42,3 millions	6.1%
Maintenance du centre de données	45,1 millions	6.4%

Investissements de recherche et développement

Stoneco a alloué 124,6 millions de dollars aux investissements en R&D en 2023, ce qui représente 6,8% de ses revenus totaux.

• Développement de logiciels: 68,2 millions de dollars
• Innovation technologique de paiement: 39,5 millions de dollars
• Améliorations de la cybersécurité: 16,9 millions de dollars

Dépenses de vente et de marketing

Les dépenses de vente et de marketing ont totalisé 156,3 millions de dollars en 2023, représentant 8,5% des revenus de la société.

Canal de marketing	Dépenses annuelles ($)	Pourcentage du budget marketing
Marketing numérique	72,4 millions	46.3%
Ventes directes	53,9 millions	34.5%
Marketing d'événement	30,0 millions	19.2%

Coûts d'acquisition des clients

Le coût moyen d'acquisition des clients (CAC) pour STONECO était de 78 $ en 2023, avec une dépense d'acquisition totale de 94,2 millions de dollars.

• Nouveau marchand à bord: 52,6 millions de dollars
• Recrutement des clients numériques: 41,6 millions de dollars

Dépenses opérationnelles et liées à la conformité

Les frais d'exploitation et de conformité s'élevaient à 112,5 millions de dollars en 2023, ce qui représente 6,2% du total des dépenses opérationnelles.

Zone de conformité	Dépenses annuelles ($)	Pourcentage du budget de conformité
Conformité réglementaire	48,3 millions	42.9%
Gestion des risques	35,7 millions	31.7%
Services juridiques	28,5 millions	25.4%

STONECO LTD. (STNE) - Modèle d'entreprise: Strots de revenus

Frais de traitement des transactions

Au troisième trimestre 2023, STONECO a déclaré un chiffre d'affaires de traitement des transactions de 270,4 millions de dollars. Les frais de transaction moyens se situent entre 1,99% et 2,39% pour les services marchands.

Source de revenus	Montant (Q3 2023)	Pourcentage du total des revenus
Frais de traitement des transactions	270,4 millions de dollars	42.3%

Modèles d'abonnement logiciel en tant que service (SaaS)

La plate-forme SaaS de STONECO a généré 87,6 millions de dollars de revenus d'abonnement au cours du troisième trimestre 2023, ce qui représente 13,7% des revenus totaux.

• Les taux d'abonnement mensuels varient de 29 $ à 299 $
• Les abonnements au niveau de l'entreprise peuvent dépasser 500 $ par mois

Crédit et intérêt de prêt

Le crédit total et les revenus d'intérêts ont atteint 132,5 millions de dollars au troisième trimestre 2023, représentant 20,7% des revenus totaux.

Produit de prêt	Revenu d'intérêt	Taux d'intérêt moyen
Prêts aux petites entreprises	78,3 millions de dollars	15.6%
Avances de fonds marchands	54,2 millions de dollars	22.4%

Services de passerelle de paiement

Les services de passerelle de paiement ont généré 65,2 millions de dollars de revenus au cours du troisième trimestre 2023, ce qui représente 10,2% des revenus totaux.

• Frais de transaction de passerelle moyenne: 0,75%
• Total des transactions traitées: 452 millions

Offres de produits financiers à valeur ajoutée

Des produits financiers supplémentaires ont contribué 83,1 millions de dollars de revenus pour le troisième trimestre 2023, représentant 13% des revenus totaux.

Catégorie de produits	Revenu	Taux de croissance
Produits d'assurance	32,5 millions de dollars	18.3%
Services d'investissement	50,6 millions de dollars	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.