Modalmais

What Modalmais does

Modalmais is a Brazilian retail brokerage platform founded circa 2015 (originally as Modal) and headquartered in São Paulo, providing self-serve access to the B3 exchange for trading stocks, ETFs, options, real estate funds (FIIs), public offerings, and a deep futures book including mini-index (WIN) and mini-dollar (WDO) contracts. The technology stack combines an in-house Home Broker web platform with iOS and Android mobile apps and integrations to multiple third-party professional trading platforms (Profit Trader Modal, Profit Pro, Tryd, SmarttBot, Fast Trade, TraderEvolution). The proprietary RLP (Retail Liquidity Provider) service functions as a market-making layer for mini-contracts and is the gating mechanism for the zero-brokerage and free-platform value proposition.

The business model is a zero-brokerage headline monetized through a diversified fee stack: margin coverage charges (0.50%/day on deficits), securities lending spreads, exchange-fee pass-throughs, and tiered platform subscriptions ranging from R$9.90 to R$650/month. Active traders who meet minimum volume thresholds (e.g., 1+ mini-contract on 5 days/month with RLP active) unlock free premium platforms, aligning platform economics with trading activity rather than per-trade fees. Customer acquisition is entirely digital and self-serve, driven by content marketing (a blog with 991+ articles), the Fábrica de Traders community, live trading rooms, and active social channels on YouTube, Instagram, TikTok, Telegram, X, and Facebook.

Modalmais became part of XP Inc. (NASDAQ: XP) in August 2023, the largest brokerage and investment platform in Latin America. The legal operating entity remains XP Investimentos CCTVM S.A. (CNPJ 02.332.886/0001-04). Post-acquisition, Modalmais is being repositioned as the trader-focused brand within the XP group while migrating systems and rationalizing overlapping products — including the October 2023 discontinuation of the Modalmais credit card in favor of the XP card. The primary customer segments are Brazilian day traders (core), retail investors, and a smaller automated portfolio (Carteira Automatizada) cohort; operations remain single-country (Brazil).

Name

Modalmais

Legal name

XP Investimentos CCTVM S.A.

Website

https://modalmais.com.br

Company type

Private

Founded year

2015

Operating status

Operating

Headcount range

1–10 employees

Ownership category

akta.pro rank

Headquarters

HQ city

São Paulo

HQ country

Brazil

HQ region

Latin America

Offices1 record

Markets served

GTM type

B2C

Offering type

Services

Cost components

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

Revenue model

1. Brokerage and Trading Fees: While Modalmais offers zero brokerage for many products (stocks, mini-contracts with RLP), the company generates revenue through exchange fees, margin operations, and platform subscriptions from less active traders. Revenue is generated from B3 exchange fees passed through to the broker.
2. Platform Subscriptions: Modalmais offers multiple trading platforms with subscription fees ranging from R$9.90 to R$650 per month, with free access for traders who meet minimum trading requirements (operating at least 1 mini-contract on 5 days per month with RLP active).
3. Margin Trading Operations: Revenue from margin coverage fees (0.50% per day) charged when customer accounts go into deficit, and from margin guarantee requirements for futures contracts.
4. Securities Lending (Aluguel de Acoes): Commission from securities lending operations where customers borrow or lend stocks, earning commission from the spread between lending rates.

Pricing tiers

Go-to-market motion2 records

Distribution channels5 records

Marketing channels11 records

Core offering

Modalmais is a Brazilian digital brokerage that provides retail customers direct access to the B3 exchange for trading stocks, ETFs, options, real estate funds (FIIs), public offerings (IPOs/OPA), mini-contracts (WIN/WDO), and full futures contracts. The platform combines a proprietary Home Broker and mobile apps with integrations to professional third-party trading platforms, offering zero brokerage for active traders meeting minimums, free premium platforms, and the RLP best-execution service for mini-contracts.

Product overview

Modalmais is a Brazilian brokerage founded by traders for traders, now part of XP Inc. The company operates as a unified platform combining multiple trading products with competitive zero-fee structures. The core offering centers on the Home Broker platform for stocks, futures, and mini-contracts trading. The product portfolio includes professional trading platforms (Profit Trader Modal, Profit Pro, Tryd, SmarttBot, TraderEvolution, Fast Trade) offered at subsidized rates for active traders. Investment products encompass stocks (Ações), ETFs, Options, Real Estate Funds (FII), and Public Offerings. The company specializes in futures contracts including Mini-Index (WIN), Mini-Dollar (WDO), and full contracts for commodities, indices, and currencies. Add-on services include the Carteira Automatizada (automated portfolio management) and Open Finance data sharing. The RLP (Retail Liquidity Provider) service enhances market liquidity and enables free platform access for qualifying traders.

Differentiator

Problem solved

Functional benefit

Products and services

• Home Broker Modalmais Proprietary web-based trading platform allowing retail customers to buy and sell stocks on B3 with real-time quotes, order status tracking, and trading features. Free for all Modal customers.
• Mini-índice (WIN) Mini Ibovespa futures contract representing 20% of the full contract, traded under code WIN, with each point equaling R$0.20. Margin from R$100 for day trade. Traded on B3.
• Minidólar (WDO) Mini dollar futures contract representing 20% of the full dollar futures contract (US$10,000 vs US$50,000), with each point equaling R$10.00. Used for hedging or speculation on the USD/BRL exchange rate. Traded on B3.
• Contratos Futuros Full futures contracts traded on B3, including Boi Gordo (BGI), Milho (CCM), Café Arábica (ICF), Índice S&P 500 (ISP), Dólar (DOL), Índice Bovespa (IND), Juros DI (DI1), with leverage, daily adjustments, and margin requirements.
• Ações Stock trading on the B3 exchange with zero brokerage via Home Broker, zero custody fees, and availability of automated portfolio management. Available to retail investors through the Modalmais platform.
• ETFs Exchange-traded funds available for trading through the Modalmais Home Broker on B3, with zero brokerage.
• Opções Stock options trading on B3 with zero brokerage for spreads and financing, supporting call and put strategies for retail investors.
• Fundos Imobiliários (FIIs) Real Estate Investment Funds (FIIs) traded on B3 via Modalmais's Home Broker with zero brokerage, no custody fees, monthly income free of income tax, and professional management.
• Ofertas Públicas (IPO/OPA) Public offerings on B3, including IPOs, OPAs, debentures, CRA, CRI, FIDC, and FIAGRO, with prospectus documentation and reserve request capabilities accessible to retail investors.
• Carteira Automatizada Automated investment portfolio service providing expert-selected assets, automatic rebalancing, monthly portfolio composition tracking, and suitability-based asset allocation, targeted at retail investors who lack the time or expertise to manage portfolios themselves.
• Aluguel de Ações Securities lending service enabling customers to borrow or lend stocks, earning commission on the spread between lending rates. Available via the Modalmais Home Broker.

Segments3 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature5 records

Partnerships

One partnership is on record.

• XP Inc.flagshipStrategic or Co-development Partner · 1 August 2023Modalmais was acquired by XP Inc. (NASDAQ: XP), Brazil's largest brokerage and investment platform. The acquisition positions Modalmais as the trader-focused brand within the XP Inc. group, benefiting from XP's technology infrastructure, regulatory capabilities, and cross-selling opportunities. The combination was completed in August 2023, with Modalmais continuing to operate under its own brand focused on active traders.

Scale indicators2 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• Clear Corretora: Clear is a Brazilian zero-brokerage retail broker that is also owned by XP Inc. It targets the same active-trader segment as Modalmais, with near-identical pricing (zero brokerage, free platforms with volume thresholds) and product scope, making it the closest direct competitor.
• Nova Futura Investimentos: Nova Futura is a Brazilian broker specialized in day trading and mini-contracts, serving the same active-trader customer base as Modalmais with comparable platforms, educational content, and competitive pricing on WIN/WDO contracts.
• Rico Investimentos: Rico is one of Brazil's largest retail brokers offering stocks, ETFs, fixed income, and futures through digital platforms, competing directly with Modalmais for retail and semi-active traders across Brazilian capital markets.
• BTG Pactual Digital: BTG Pactual Digital is the retail arm of BTG Pactual, one of Latin America's largest investment banks, offering trading in stocks, futures, options, and funds with competitive pricing and a large digital ecosystem comparable to Modalmais.
• NuInvest (Nubank): NuInvest is the brokerage arm of Nubank, Brazil's largest digital bank, offering zero-brokerage stock, ETF, and treasury trading to Nubank's massive customer base. Its scale and digital-first model put it in direct competition with Modalmais for retail investors.
• Genial Investimentos: Genial is a mid-sized Brazilian broker offering a full multi-asset product suite (stocks, fixed income, funds, structured products) to retail and high-net-worth clients, competing with Modalmais for retail trader wallet share.
• Inter Investimentos: Inter Investimentos is the brokerage arm of Inter&Co, a Brazilian digital bank. It offers a comprehensive trading platform within the Inter super-app, competing directly with Modalmais for digitally-native retail investors.
• Toro Investimentos: Toro is a Brazilian digital broker offering stocks, ETFs, options, and futures with a strong educational content offering aimed at retail traders, positioning it as a direct competitor to Modalmais in the active-trader segment.

Emerging players

• Warren: Warren is a Brazilian digital broker focused on fixed income and funds with an emerging retail offering in equities, competing with Modalmais for retail investors, though it lacks Modalmais's deep day-trader specialization.

Broad incumbents

• XP Investimentos: XP is Modalmais's parent company and Brazil's largest retail brokerage, offering the broadest multi-asset product shelf and a large captive advisor network. Modalmais operates as the trader-focused sub-brand within XP's broader portfolio.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights6 records

Customer concentration

• Xtwitter.com/modalmais
• YouTubeyoutube.com/channel/UCb7XHx74wVO2e19vqsVgrPg
• Facebookfacebook.com/modalmais
• Instagraminstagram.com/modalmais
• TikToktiktok.com/@modalmais.oficial
• LinkedInlinkedin.com/company/modalmais

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 records

Funding overview

Funding rounds1 record

Investors1 record

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

M&A1 record

Investments1 record

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

Frequently asked questions about Modalmais