Business

Globo Group enters the card machines market by starting a partnership with the fintech, Stone

The Brazilian giant of media aims to take its first steps in the financial market

  • The main goal of the biggest group of media and communication in Latin America, Globo Group, is to enter the financial market
  • Globo Group will have 33% of a joint venture with Stone, the fintech that already counts with Warren Buffet among its shareholders
  • Stone will lead the card machine development and operation, while Globo will invest in a media plan to promote the product

An unlikely partnership at first glance, but also a stroke of genius. The Brazilian Globo Group, the biggest group of media and communication in Latin America, is joining forces with the fintech that already counts with Warren Buffet among their shareholders, Stone. The goal is to enter the competitive Brazilian financial market by using a credit card machine product. 

The Globo Group will have 33% of the joint venture with Stone, and to make it happen each company will be focused on their corresponding area of expertise. Meanwhile Stone will lead all the development and operation of the card machines, Globo will invest BRL 461 million in media on their own channels to promote the new product to the market, focusing on small entrepreneurs and freelance professionals. 

The partnership with Stone can give us the opportunity to join forces to showcase our financial services, boosted by our long reach and deep knowledge of Brazilians consumers,” said the Globo Group’s CEO, João Nóbrega, in an official statement. 

Although this shift was unexpected, this isn’t the first time that Globo takes a step out of the entertainment market to invest in other areas. The group already has participations in the real estate broker “Órama Distribuidora de Títulos e Valores Mobiliários.