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StoneCo’s BRL 10.8 Billion Deposit Base — Can It Supercharge Banking Growth?

StoneCo Ltd. reported steady progress in the second quarter of 2026, showing cautious optimism amid a complex operating environment marked by elevated interest rates and macroeconomic challenges. Total payment volume (TPV) growth accelerated modestly to 4% year-over-year, reflecting early encouraging signs from retention initiatives, particularly among micro merchants where simplified offerings and improved client experience have helped reduce churn. However, challenges remain with small and medium-sized businesses (SMBs), given their diverse needs and more complex sales channels, which require prolonged, calibrated efforts to achieve meaningful TPV acceleration. The company’s banking franchise showed continued expansion, with retail deposits rising over 20% year-over-year to BRL 10.8 billion, and its credit portfolio doubling to BRL 3.8 billion compared to the prior year. The credit business growth was driven primarily by working capital loans and a growing mix of government-backed loan programs, which now compose a significant portion of the portfolio.