Stoneco (STNE) Payments: TPV Breakdown

Analyzes the composition of transaction volume across different payment types, providing insights into customer preferences and revenue streams.

TPV expansion is overwhelmingly coming from Micro & SMB clients—that cohort has scaled sharply and is the engine behind rising deposits and a growing credit book—while Key Accounts TPV is flat-to-declining, reducing diversification. Management warned TPV momentum is decelerating (Q1 flattish; mid-single-digit for 2026), with higher churn and onboarding gaps, so the company must convert SMB scale into sticky banking/credit revenue; execution on retention and credit provisioning timing will determine near-term profit upside versus risk.