StoneCo is a Brazilian fintech that provides payments, banking, and credit services to micro, small, and medium-sized businesses (MSMBs). Stone operates two distinct go-to-market models: micro-merchants are served under the "Ton" brand with a low-cost, digital-first approach, while larger SMBs are served under the "Stone" brand with in-person service and logistics. Stone is one of Brazil's largest independent merchant acquirers, serving over 4.8 million clients across all Brazilian cities. Stone earns revenue from merchant discount rates (MDR) on card and Pix transactions, prepayment fees (advancing settlement of receivables to merchants at a discount), spread on merchant deposits, and interest income on working capital loans and credit cards. Credit repayment is structured via daily retention of the merchant's card transaction receivables, which reduces default risk. Stone's banking strategy focuses on keeping merchant funds — both inflows and outflows like payroll and supplier payments — within its ecosystem, lowering Stone's own funding costs. Stone's distribution model relies on 650+ owned logistics hubs and proprietary end-to-end technology, enabling same-day POS delivery and rapid customer service. Stone's growth priorities are increasing product bundling among existing clients, scaling its credit portfolio in a market where it holds less than 1% share, and using AI to reduce customer service and operational costs. Stone sold its software business (Linx) to TOTVS in early 2026 and now operates as a pure-play financial services business.