What XP does

XP Inc. is a publicly traded Brazilian financial services platform (NASDAQ: XP) founded in 2001, operating an integrated ecosystem of investment, banking, credit, and education brands serving 4.8 million active clients with R$2.1 trillion in assets under custody as of late 2025/early 2026. Its core platform, XP Investimentos, is complemented by Rico (digital investment), Clear Corretora (trading), Modalmais and Banco Modal (digital banking, acquired in January 2022 for approximately US$529 million in an all-shares transaction), XP Educação and Instituto XP (financial education), and InfoMoney (financial media). Revenue is generated through brokerage commissions, advisory and management fees, credit product interest (payroll loans, real estate financing — total loan portfolio of R$75 billion in 2025, +27% YoY), and corporate and investment banking services.

XP's distribution model combines 8,000 employees, 535 partners, and a network of 14,000 autonomous investment advisors organized into tiers (entry-level through private clients at R$3 million+ assets). Its technology stack leverages Databricks and Hightouch for predictive AI models (driving $66 million in incremental revenue and a 62.5% improvement in lead qualification in 2026), an internal developer platform called xp.dev, a QuantDev team for quantitative finance, and Delta Sharing/Clean Rooms for data collaboration with partners including Experian and B3. The go-to-market spans self-service digital platforms, advisor-led sales, inside sales, and enterprise field sales across Brazil, with an emerging agribusiness vertical targeting an estimated $270 billion underserved rural market via Cerrado-region field deployment.

The business model is shifting from transaction-based brokerage toward fee-based advisory to reduce revenue volatility. Full-year 2025 gross revenue reached a record R$19.5 billion (+8% year-over-year) with adjusted net income of R$5.2 billion (+15%). Recent strategic moves include the Kalshi prediction markets partnership via Clear (March 2026), a US$500 million senior notes offering (June 2024), Itaú Unibanco's 11.36% strategic stake acquired in April 2022 for approximately $1.61 billion, the launch of payroll loans and real estate financing (2025), and active capital return via dividends and a R$1 billion share repurchase program.

Name

XP

Legal name

XP Inc.

Website

https://xpinc.com

Company type

Public

Founded year

2001

Operating status

Operating

Headcount range

5,001–10,000 employees

Short description

XP Inc. is a Brazilian digital investment platform serving 4.8 million active clients with R$2.1 trillion in assets under custody, offering brokerage, advisory, banking, credit, and educational services across retail, high-net-worth, and institutional segments through multiple sub-brands.

Ownership category

akta.pro rank

Product category

Retail Brokerage and Investment Platform

NAICS

Portfolio Management and Investment Advice (523940), Other Financial Investment Activities (5239), Securities, Commodity Contracts, and Other Financial Investments and Related Activities (523)

SIC

Security Brokers, Dealers & Flotation Companies (6211), Security & Commodity Brokers, Dealers, Exchanges & Services (6200), Investment Advice (6282)

akta.pro primary industry

Full-Service Retail Brokerage & Wealth Platforms (FSAAAAAA)

akta.pro secondary industries

Managed Platforms & Wrap Programs for Private Clients (Model Portfolios, UMA/SMAs) (FSAAABAM), Alternatives & Multi-Asset Digital Wealth Platforms (PE/VC/Real Assets access) (FSAGAEAL)

Keywords

• Retail brokerage services
• Investment advisory platform
• Wealth management solutions
• Digital investment platform
• Consumer credit products

Headquarters

HQ city

São Paulo

HQ country

Brazil

HQ region

Latin America

Offices2 records

Markets served

GTM type

B2C

Offering type

Services

Cost components

Personnel, Technology or R&D, Operations, Marketing or Sales, Infrastructure

Revenue model

1. Brokerage and Securities Commissions: XP earns commissions on securities trades, fund distributions, and brokerage services across its XP Investimentos, Rico, and Clear Corretora platforms. This is the core revenue driver tied to trading volumes and assets under custody.
2. Advisory and Management Fees: XP generates recurring fee income from investment advisory services, wealth management, and portfolio management. The company has been shifting toward a fee-based advisory model to improve client alignment and reduce dependence on trading volumes.
3. Credit Products: XP earns interest and fee income from credit products including payroll-deducted loans (crédito consignado), home equity, CCB Imobiliário (construction bonds), and other lending products. Total loan portfolio reached R$75 billion in 2025, a 27% YoY increase, though credit revenue of R$330 million represents less than 2% of XP's R$19.4 billion gross revenue.
4. Corporate and Issuer Services: XP generates fees from investment banking services, corporate lending, and issuer services for large companies, institutional clients, and private banking customers. This segment has been a significant growth driver, with 'Corporate & Issuer Services' being highlighted as a key growth area.
5. Sponsorship and Branding: XP Inc. participates as a sponsor in events and brand activations, such as the Rio Open tennis tournament, generating visibility and brand association in the Brazilian market.
6. Educational Services: XP Educação and Instituto XP provide financial education courses and content. XP Educação offers courses in finance, technology, business, and AI, while Instituto XP promotes financial literacy as a tool to transform lives.

Pricing tiers

Go-to-market motion4 records

Distribution channels6 records

Marketing channels6 records

Core offering

XP Inc. operates an integrated financial services ecosystem in Brazil, offering retail securities brokerage through XP Investimentos, Rico, and Clear Corretora, investment advisory and wealth management via a 14,000-agent autonomous advisor network, digital banking (accounts, debit and credit cards), credit products (payroll-deducted loans, real estate financing), and corporate/institutional investment banking through XP Atacado. The platform also encompasses financial education (XP Educação, Instituto XP) and financial media (InfoMoney), serving 4.8 million active clients with R$2.1 trillion in assets under custody.

Product overview

XP Inc. operates as a platform-plus-subsidiary architecture comprising the core XP Investimentos brokerage alongside multiple sub-brands. XP Investimentos serves as the flagship platform offering diverse financial products and personalized investment solutions. The ecosystem includes Rico (digital investment platform), Clear Corretora (variable income brokerage), XP Educação (educational courses), Instituto XP (financial literacy initiative), and InfoMoney (financial media). In 2022, XP launched digital banking with accounts and debit cards, expanding into credit products including private payroll loans (crédito consignado) and real estate financing. The company also partnered with Kalshi to offer prediction markets through Clear Corretora.

Differentiator

Problem solved

Functional benefit

Brands

• XP: Various products and services offering personalized financial solutions for each investor
• Rico
• Clear Corretora
• XP Educação
• Instituto XP
• InfoMoney
• Modalmais

Products and services

• XP Investimentos
• Rico
• Clear Corretora
• XP Educação
• Instituto XP
• InfoMoney
• Modalmais / Banco Modal
• XP Digital Account and Debit Card
• Legacy and Privilege Cards
• Private Payroll Loan (Crédito Consignado)
• XP Vida e Previdência
• XP Asset Management
• Kalshi Prediction Markets via XP Clear Corretora

Quantifiable outcome

• $66 million in incremental revenue from predictive AI models ($38M from media optimization, $28M from audience segmentation)
• +5 more outcomes

Named customers2 records

Segments4 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration1 record

AI capability3 records

Feature5 records

Partnerships

Four partnerships are on record, tiered core and supporting.

• Kalshi Inc.coreStrategic or Co-development Partner · 11 March 2026XP Inc. partnered with Kalshi, a U.S.-based regulated prediction market platform, to launch prediction markets for Brazilian investors through XP's Clear Corretora brand. This marks Kalshi's first international expansion. The platform initially offers event contracts tied to Brazil's economic indicators such as inflation and interest rates, enabling investors to predict real-world outcomes for portfolio positioning and scenario analysis. Both companies are positioned to shape eventual regulatory clarity in the Brazilian market for prediction markets.
• DatabrickscoreTechnology or Integration · 27 February 2026XP Inc. implemented predictive AI models using Databricks and Hightouch to optimize customer acquisition and advertising efficiency. The platform replaced account sign-up tracking with predicted investment behavior signals. This partnership drove $66 million in incremental revenue and a 62.5% improvement in lead qualification. XP plans to expand predictive AI across the business using second-party data via Delta Sharing and Clean Rooms.
• Experian BrazilsupportingTechnology or Integration · 27 February 2026XP Inc. uses Experian's second-party data as part of its predictive AI ecosystem to power customer acquisition and advertising optimization, contributing to $66 million in incremental revenue from AI-powered strategies.
• Banco ModalcoreStrategic or Co-development Partner · 7 January 2022XP Inc. acquired Banco Modal, a financial platform and digital bank, in a US$529 million all-shares merger. The transaction involved R$19.5 million in XP Inc. Class A shares representing a 35% premium over Banco Modal's average price. The merger aimed to accelerate innovation in Brazil's financial industry and leverage synergies to create sustainable value for shareholders.

Scale indicators12 records

Recent moves6 records

Expansion highlights8 records

Direct peers

• BTG Pactual: BTG Pactual is Latin America's largest independent investment bank and a direct competitor to XP across brokerage, wealth management, investment banking, and credit. It serves similar retail, HNW, and institutional clients in Brazil and the broader region.
• Robinhood Markets: Robinhood is a US-listed digital brokerage that pioneered commission-free self-directed investing and active-trader products, directly mirroring XP Clear Corretora's retail active-trader value proposition and Rico's simplified-investing positioning.
• Interactive Brokers: Interactive Brokers is a global active-trader brokerage with advanced tools and low-cost execution, directly comparable to XP's Clear Corretora brand in serving sophisticated, high-volume Brazilian retail traders.
• Banco Inter: Banco Inter is a Brazilian digital bank with an integrated investment platform, directly competing with XP's Modalmais and XP Investimentos in retail brokerage, digital accounts, and consumer credit. It pursues a similar super-app financial-services model.
• Wealthsimple: Wealthsimple is a Canadian digital wealth platform offering self-directed investing, managed portfolios, and adjacent financial products — a near-analog to XP's Rico and XP Investimentos brands for younger, digitally-native mass-affluent investors.

Broad incumbents

• Bradesco: Bradesco is one of Brazil's largest incumbent banks, with significant retail brokerage (Bradesco BBI for investment banking) and asset management operations that overlap with XP's customer base. It competes with XP across advisory, brokerage, and credit products.
• Itaú Unibanco: Itaú Unibanco is Brazil's largest private bank, holding an 11.36% stake in XP while competing with XP in retail brokerage, private banking, and credit. Its broader financial-services portfolio (commercial banking, insurance, asset management) overlaps materially with XP's ecosystem.
• Charles Schwab: Charles Schwab is a US wealth-management and brokerage leader, comparable to XP's full-service retail brokerage plus advisor-support model. Both combine self-directed platforms, advisory services, and institutional offerings under a unified brand.
• Nu Holdings (Nubank): Nu Holdings is Latin America's largest digital bank with over 100 million customers, increasingly competing with XP in retail investing, brokerage, and credit products in Brazil. Its scale and customer base make it a structural competitive threat to XP's retail-investor franchise.

Emerging players

• StoneCo: StoneCo is a Brazilian fintech listed on Nasdaq that primarily serves SMBs with payments and banking, with growing credit and investment offerings. It is an emerging adjacent competitor in Brazil's digital financial-services landscape, with overlap to XP's evolving banking and credit ambitions.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/xp-inc

Revenue estimate

Valuation estimate

Number of profiles

Profiles16 records

Subsidiaries11 records

Funding overview

Funding rounds2 records

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A4 records

Investments4 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about XP