XP Inc.

Overview

XP Inc. is a Brazilian financial-services company whose core business is providing investment products and services through a platform that includes the XP, Clear, and Rico brands. Its offerings span brokerage and investment advice, wealth management and financial-product distribution, as well as institutional and corporate services. Brazil is its primary market; its reported office locations include São Paulo, Rio de Janeiro, Minas Gerais, Miami, and New York.[1][2]

Founded in Porto Alegre in 2001, XP states that its purpose is “to improve people’s lives.” [3][4] For the year ended December 31, 2025, the company reported total revenue and income of R$18.4 billion and 8,069 employees.[5][6] [1]+5

Products & services

XP Inc.’s platform offers brokerage in equities, ETFs/BDRs, futures and commodities; fixed-income products including bank deposits, corporate and sovereign bonds, and interest-rate swaps; and XP, third-party and international investment funds. Its structured investments include derivatives and COEs, which combine fixed- and variable-income exposure. Other offerings include real-estate funds and capital-markets solutions.[7][8]

Retail products and services include retirement and life-insurance solutions, wealth management, and personal loans secured by customers’ invested assets. XP and Rico also offer a no-fee Visa Infinite card with Investback, which automatically invests at least 1% of each paid statement in a liquid fixed-income fund.[8] For businesses, XP lists investments, foreign exchange and derivatives, banking and credit cards, acquiring and payments, and credit among its services.[9]

In 2025, retail gross revenue was distributed across equities (28%), fixed income (26%), the funds platform (10%), new verticals (17%) and other retail (19%); these are retail mix figures, not percentages of companywide revenue.[10] As of 2Q 2026, the credit portfolio totaled R$77.9 billion, including R$29.1 billion secured and R$48.8 billion unsecured.[11] [7]+10

Geographic presence

XP Inc.’s operations and revenue are concentrated in Brazil, with additional activity in the United States and other international markets. In the six months ended June 30, 2026, Brazil generated R$9,087.1 million of net revenue, about 95.4% of the R$9,523.8 million total; “Other countries” contributed R$436.7 million, or about 4.6%. The filing does not break out that international revenue by country.[12][13]

At December 31, 2025, XP reported 8,069 employees, based in offices in São Paulo, Rio de Janeiro, New York City and Miami; it did not provide an employee count by location.[14] Its 2025 filing lists the company’s principal executive office in Grand Cayman, Cayman Islands, separately from its São Paulo address.[15] [12]+5

Business segments

XP Inc. identifies Retail and Wholesale as business verticals, but reports the Group as one operating and reportable segment under IFRS; the verticals are revenue categories, not separate reportable operating segments.[16][17] In FY2025, Retail generated R$14,584 million, approximately 75.0% of gross revenue, and includes investment-related services alongside products such as retirement plans, cards and credit, insurance, and research.[18][19] Wholesale generated R$4,106 million, approximately 21.1% of gross revenue, and is broken down into Issuer Services, Corporate, and Institutional.[18] XP describes Corporate and Issuer Services activities including debt and equity structuring, underwriting and placement, M&A advisory, structured finance, derivatives, credit, and treasury solutions.[20] The separately reported Other category contributed R$756 million, approximately 3.9%; the cited disclosures do not specify its activities.[18] [16]+6

Company history

XP Inc. was founded in 2001 by Guilherme Benchimol and Marcelo Maisonnave. Its early milestones included the launch of XP Educação in 2006 and the introduction of zero-fee advisory in 2010.[21][3]

XP added the Clear brokerage in 2014 and announced its acquisition of Rico in 2016. In 2018, it launched EXPERT, an investment-services conference. Banco XP received authorization to operate as a multipurpose bank in 2019, and XP’s shares began trading on Nasdaq that December.[22]+5

In May 2021, Thiago Maffra became CEO, succeeding Benchimol, who had led the company since its founding. XP obtained control of Banco Modal in 2023; after the businesses were integrated, Brazil’s Central Bank approved Banco Modal’s merger into Banco XP in 2025.[28][29] [21]+13

Sources

• XP Inc. — Full financial report (2025 Y)
  3 citations

  [1][2][6]
• www.xpinc.com[3]
• investors.xpinc.com[4]
• XP Inc. — Full financial report (2025 Y)
  14 citations

  [5][7][8][14][16][17][19][20][21][22][25][26][28][29]
• XP Inc. — Presentation (2026 Q 2)[9][11]
• XP Inc. — Presentation (2025 Y)[10]
• XP Inc. — Partial financial report (2026 Q 2)[12][13]
• www.sec.gov[15]
• XP Inc. — Additional data (2026 Q 2)[18]
• exame.com[23]
• exame.com[24]
• www.nasdaq.com[27]