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XP Inc. is a leading, technology-driven financial services platform primarily operating in Brazil, with additional activities in the USA and the UK. The company provides low-fee financial products and services, aiming to disintermediate traditional financial institutions by offering a wide range of financial services and products. XP Inc. sells financial advisory services, investment products, broker-dealer services, insurance products, and digital content and financial education.
- Retail - Offers core retail investments including equities, fixed income, and funds, along with new verticals such as cards, retirement plans, insurance, and credit.
- Corporate & Issuer Services - Provides securities placement, fixed income underwriting, and alternative funds activity.
- Institutional - Engages in trading and structured products for institutional clients.
- Other Revenue - Includes asset-liability management (ALM) and other miscellaneous items.
| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Fabrício Cunha de Almeida ExecutiveBoard | General Counsel | None | General Counsel since 2013; member of the Board of Directors since November 2019; oversees legal and compliance functions. | |
Bruno Constantino Alexandre dos Santos Executive | CFO | None | CFO since November 2019; joined XP in 2012; has 26+ years of financial markets experience. | |
Thiago Maffra Executive | CEO | None | CEO since May 2021; joined XP in 2015; previously CTO; led XP's digital transformation. | |
Bernardo Amaral Botelho Board | Board Member | None | Board member since 2019; previously held executive roles across XP entities; contributed to risk management strategies. | |
Cristiana Pereira Board | Independent Board Member | Partner at ACE Governance; Board member at Maestro Locadora, CESAR, ARCO ILP | Independent board member since June 2022; chairperson of the audit committee; MBA from Harvard Business School. Resigning effective May 2024 but remains advisor to Audit Committee. | |
Frederico Seabra de Carvalho Board | Independent Board Member | Operating Partner at General Atlantic | Independent board member since July 2023; member of the audit committee; extensive experience in financial advisory. | |
Gabriel Klas da Rocha Leal Board | Board Member | None | Board member since November 2019; joined XP in 2006; previously held executive roles at XP entities. | |
Guilherme Dias Fernandes Benchimol Board | Executive Chairman | None | Founder of XP; Executive Chairman since August 2019; previously CEO until May 2021. | |
Martin Emiliano Escobari Lifchitz Board | Independent Board Member | Board member at Arco Platform, Pague Menos, Sanfer, Grupo Axo; Lincoln Center | Independent board member since November 2019; Co-President at General Atlantic; extensive investment experience. |
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Your guidance suggests the need for revenue growth exceeding 10% to meet the 2026 targets, given the higher base in 2025; with potential headwinds in the DCM market and uncertainties in equity markets, where specifically do you see upside to achieve this growth?
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The risk-weighted assets increased significantly this quarter, primarily driven by market risk; can you elaborate on the factors behind this increase and how it impacts your capital ratios and future capital requirements?
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Expenses grew around 10%, yet you are guiding for margin expansion; what measures are you taking to control costs further, and how much flexibility do you have to reduce expenses if revenue growth slows?
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Internal advisers represent only 15% of your sales force but contributed 60% of net new money; why is their productivity so much higher than that of your IFAs, and how do you plan to improve efficiency across your entire sales network?
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With the mix shift towards fixed income products potentially putting pressure on take rates, how do you plan to sustain or improve your take rate in 2025, especially considering the end of the cycle may not be as close as anticipated?
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
Monte Bravo JV S.A. | 2024 | XP Inc. acquired a minority stake in Monte Bravo JV S.A. through its subsidiary, with a total fair value consideration of R$834,743 (including preliminary goodwill of R$537,671) and additional minority acquisitions in July and August 2024 for R$324,503. The structured payments (with amounts paid in 2023, 2024, and deferred in early 2025/2026) support XP Inc.'s strategy to consolidate its Independent Financial Advisors network. |
Blue3 S.A. | 2024 | XP Inc., via its subsidiary, acquired minority interests in Blue3 S.A. as part of a broader transaction valued at R$834,743, with payments structured in 2024 and deferred amounts scheduled for January 2025/2026, including a contingent consideration of R$50,000. This acquisition aligns with the firm's strategic intent to strengthen its financial advisory capabilities. |
Ável Participaçõ es Ltda. | 2024 | XP Inc. acquired a 35% stake in Ável Participaçõ es Ltda., with its fair value embedded within a broader deal totaling R$834,743 (inclusive of preliminary goodwill of R$537,671). The payment structure (amounts paid in 2023 and 2024 with deferred installments in January 2025/2026) reflects its broader strategy to expand its market presence. |
Two Independent Financial Advisors | 2024 | XP Inc. acquired two independent financial advisors in July and August 2024 for a total fair value consideration of R$324,503, paid partly in cash, partly via the private issuance of Class A shares, with a balance due in Q1 2025. This move is aimed at expanding its advisory network and enhancing service capabilities. |
Banco Modal S.A. | 2023 | Finalized on July 1, 2023, the acquisition of Banco Modal S.A. was executed as a non-cash equity exchange where former shareholders received 18,717,771 XP Inc. Brazilian Depository Receipts at R$112.05 per unit (totaling R$2,097,326), resulting in R$1,232,547 of goodwill; the deal, supported by regulatory approvals, is designed to harness synergies by integrating Banco Modal's client base. |