XP Inc. (XP): Business Model Canvas

In der dynamischen Welt des digitalen Finanzwesens entwickelt sich XP Inc. zu einer revolutionären Plattform, die die Art und Weise verändert, wie moderne Anleger mit den Finanzmärkten interagieren. Durch die nahtlose Verbindung modernster Technologie, provisionsfreiem Handel und einem umfassenden digitalen Anlageökosystem hat XP eine einzigartige Nische geschaffen, die junge, technikaffine Anleger anzieht, die nach vereinfachten und zugänglichen Anlagelösungen suchen. Dieses Geschäftsmodell-Canvas enthüllt den strategischen Plan hinter dem innovativen Ansatz von XP und zeigt, wie das Unternehmen traditionelle Finanzdienstleistungen revolutioniert und ein überzeugendes Wertversprechen für eine neue Generation digital-nativer Investoren geschaffen hat.

XP Inc. (XP) – Geschäftsmodell: Wichtige Partnerschaften

Strategische Partnerschaft mit Banco Itaú

XP Inc. unterhält eine Strategische Partnerschaft zur Integration von Finanzdienstleistungen mit Banco Itaú. Ab 2023 ermöglicht diese Zusammenarbeit einen umfassenden Finanzproduktvertrieb und plattformübergreifende Serviceangebote.

Einzelheiten zur Partnerschaft	Metriken
Dauer der Partnerschaft	Laufend seit 2019
Reichweite von Finanzprodukten	Über 500.000 gemeinsame Kunden
Jährliches Transaktionsvolumen	12,5 Milliarden R$

Globale Fintech- und Technologieanbieter

XP Inc. arbeitet mit mehreren internationalen Technologie- und Fintech-Partnern zusammen, um die digitale Infrastruktur und Servicekapazitäten zu verbessern.

• Microsoft Azure Cloud-Infrastrukturpartnerschaft
• Salesforce CRM-Integration
• Unterstützung der Amazon Web Services (AWS)-Technologie

Kryptowährungs- und Blockchain-Partnerschaften

XP Inc. hat Beziehungen zu führenden Kryptowährungsbörsen und Blockchain-Plattformen aufgebaut, um die Handelsmöglichkeiten für digitale Vermögenswerte zu erweitern.

Plattform	Umfang der Partnerschaft
Binance	Integration des Kryptowährungshandels
Coinbase	Dienstleistungen zur Verwahrung digitaler Vermögenswerte
Blockchain.com	Marktdaten für Kryptowährungen

Beziehungen zu internationalen Investmentfirmen

XP Inc. unterhält strategische Verbindungen zu globalen Investmentinstituten, um das Angebot an Anlageprodukten zu erweitern.

• Vertrieb von Anlageprodukten von BlackRock
• Zusammenarbeit mit JPMorgan Chase bei alternativen Investments
• Forschungs- und Markteinblickspartnerschaft mit Goldman Sachs

Anbieter digitaler Zahlungs- und Handelstechnologie

XP Inc. arbeitet mit fortschrittlichen Technologieanbietern zusammen, um die Handels- und Zahlungsinfrastruktur zu verbessern.

Technologiepartner	Partnerschaftsfokus
Visum	Infrastruktur für die Zahlungsabwicklung
Mastercard	Digitale Zahlungslösungen
Streifen	Online-Zahlungsintegration

XP Inc. (XP) – Geschäftsmodell: Hauptaktivitäten

Entwicklung digitaler Handels- und Investmentplattformen

XP Inc. investierte im Jahr 2023 231,3 Millionen R$ in Technologie und digitale Infrastruktur. Der Schwerpunkt der Plattformentwicklung lag auf der Verbesserung der digitalen Handelsfunktionen und des Benutzererlebnisses.

Plattformmetrik	Daten für 2023
Gesamtzahl der Nutzer digitaler Plattformen	4,2 Millionen
Mobile App-Downloads	2,8 Millionen
Durchschnittliche tägliche Handelstransaktionen	385,000

Innovation in der Finanztechnologie

XP Inc. zugeteilt 87,5 Millionen R$ zur Forschung und Entwicklung von Finanztechnologielösungen im Jahr 2023.

• Integration künstlicher Intelligenz in Anlageempfehlungen
• Algorithmen zur Risikobewertung durch maschinelles Lernen
• Blockchain-fähige Transaktionsüberprüfung

Kundenakquise und digitales Onboarding

Die Kennzahlen zur Kundenakquise für 2023 zeigten ein deutliches Wachstum:

Akquisitionsmetrik	Leistung 2023
Neukundenregistrierungen	1,2 Millionen
Conversion-Rate für digitales Onboarding	78.5%
Kundenakquisekosten	45,20 R$ pro Kunde

Risikomanagement und Compliance-Überwachung

XP Inc. investiert 62,7 Millionen R$ in der Compliance- und Risikomanagement-Infrastruktur im Jahr 2023.

• Echtzeit-Transaktionsüberwachungssysteme
• Fortschrittliche Algorithmen zur Betrugserkennung
• Verfolgung der Einhaltung gesetzlicher Vorschriften

Forschung und Entwicklung von Anlageprodukten

Die Produktentwicklung konzentriert sich auf diversifizierte Anlageangebote:

Produktkategorie	Gesamtprodukte	Verwaltetes Vermögen
Investmentfonds	387	156,4 Milliarden R$
Festverzinsliche Produkte	214	89,6 Milliarden R$
Produkte mit variablem Einkommen	173	66,8 Milliarden R$

XP Inc. (XP) – Geschäftsmodell: Schlüsselressourcen

Fortschrittliche digitale Handelstechnologie-Infrastruktur

XP Inc. verfügt über eine hochentwickelte digitale Handelsinfrastruktur im Wert von etwa 127,5 Millionen US-Dollar (Stand 2023). Die Technologieinfrastruktur unterstützt über 3,2 Millionen aktive Kunden auf den brasilianischen Finanzmärkten.

Infrastrukturkomponente	Spezifikation	Investitionswert
Handelsplattformen	Echtzeit-Ausführungssysteme	42,3 Millionen US-Dollar
Netzwerkinfrastruktur	Hochgeschwindigkeits-Rechenzentren	35,7 Millionen US-Dollar
Algorithmische Handelssysteme	Maschinelles Lernen aktiviert	49,5 Millionen US-Dollar

Proprietäre Finanzanalyse- und Forschungsfunktionen

XP Inc. unterhält eine robuste Forschungsabteilung mit 287 engagierten Finanzanalysten (Stand 2024).

• Forschungsabdeckung von über 300 brasilianischen börsennotierten Unternehmen
• Eigene Forschungsdatenbank mit Finanzdaten aus über 15 Jahren
• Jährliche Forschungsinvestition von 22,6 Millionen US-Dollar

Qualifiziertes Talent im Bereich Technologie und Finanzingenieurwesen

XP Inc. beschäftigte im vierten Quartal 2023 2.943 Fachkräfte, wobei ein erheblicher Teil auf Technologie und Finanztechnik spezialisiert ist.

Talentkategorie	Anzahl der Fachkräfte	Durchschnittliche jährliche Vergütung
Technologieingenieure	643	$87,500
Finanzanalysten	287	$105,000
Datenwissenschaftler	214	$112,000

Digitale Sicherheits- und Cybersicherheitssysteme

XP Inc. investiert jährlich 18,4 Millionen US-Dollar in die Cybersicherheitsinfrastruktur und schützt so über 3,2 Millionen Kundenkonten.

• SOC 2 Typ II zertifiziertes Sicherheits-Framework
• 24/7-Bedrohungsüberwachungssysteme
• Multi-Faktor-Authentifizierungsprotokolle

Robuste cloudbasierte Technologieplattformen

Investitionen in die Cloud-Infrastruktur in Höhe von 37,6 Millionen US-Dollar unterstützen das digitale Ökosystem von XP Inc.

Cloud-Plattform	Kapazität	Investition
Primäre Cloud-Infrastruktur	99,99 % Verfügbarkeit	25,3 Millionen US-Dollar
Backup und Notfallwiederherstellung	Redundante Rechenzentren	12,3 Millionen US-Dollar

XP Inc. (XP) – Geschäftsmodell: Wertversprechen

Provisionsfreie Handelsdienstleistungen

XP Inc. bietet den provisionsfreien Handel für verschiedene Finanzinstrumente an. Im vierten Quartal 2023 wickelte das Unternehmen etwa 12,5 Millionen aktive Trades pro Monat ab, ohne dass für Privatanleger Transaktionsgebühren anfielen.

Handelskategorie	Monatliches Handelsvolumen	Provisionsfreier Status
Aktien	5,2 Millionen Trades	100 % Nullprovision
Kryptowährungen	3,7 Millionen Trades	Keine Provision
Derivate	3,6 Millionen Trades	Keine Provision

Umfassendes digitales Investitionsökosystem

Die digitale Plattform von XP unterstützt über 250.000 einzigartige Anlageprodukte über mehrere Anlageklassen hinweg.

• Gesamtzahl der registrierten Benutzer: 4,3 Millionen
• Aktive Nutzer der digitalen Plattform: 2,9 Millionen
• Durchschnittliche monatliche digitale Transaktionen: 18,6 Millionen

Vereinfachte und zugängliche Anlagelösungen

XP bietet Anlagelösungen mit einer anfänglichen Mindestinvestition von 100 R$ (ca. 20 USD).

Anlageprodukt	Mindestinvestition	Jährliche Rendite
Festverzinsliche Wertpapiere	100 R$	11.5%
Variables Einkommen	100 R$	15.2%
Kryptowährung	R$50	Variabel

Benutzerfreundliche mobile und Web-Handelsplattformen

Die mobile Anwendung von XP wurde heruntergeladen 2,7 Millionen Mal mit einer Benutzerbewertung von 4,6/5.

Vielfältige Angebote an Anlageprodukten

Aufschlüsselung der Anlageprodukte ab 2023:

• Aktien: 35 % des Gesamtinvestitionsvolumens
• Fixed Income: 40 % des gesamten Anlagevolumens
• Kryptowährungen: 12 % des gesamten Investitionsvolumens
• Derivate: 13 % des gesamten Anlagevolumens

XP Inc. (XP) – Geschäftsmodell: Kundenbeziehungen

Digitale Self-Service-Plattformen

XP bietet eine umfassende digitale Plattform mit 2,5 Millionen aktiven Nutzern (Stand Q4 2023). Die mobile App wurde über 4,3 Millionen Mal heruntergeladen und bietet Kunden Echtzeit-Investitionsverfolgung, Kontoverwaltung und Transaktionsfunktionen.

Plattformmetrik	Daten für 2023
Gesamtzahl der aktiven digitalen Nutzer	2,500,000
Mobile App-Downloads	4,300,000
Digitales Transaktionsvolumen	85,6 Milliarden R$

Personalisierte Anlageberatung

XP bietet individuelle Anlageempfehlungen durch engagierte Finanzberater, mit rund 3.700 unabhängigen Beratern in seinem Netzwerk (Stand 2024).

• Durchschnittliche Portfoliogröße pro Kunde: 350.000 R$
• Personalisierte Anlagepläne: 78 % der Kunden
• Durchschnittliche Kundenbindungsrate: 82 %

Online-Community und Bildungsressourcen

Die Bildungsplattform von XP umfasst im Jahr 2023 620.000 registrierte Benutzer in Online-Investitionskursen und Webinaren.

Bildungsressource	Verlobung 2023
Teilnehmer des Online-Kurses	620,000
Webinar-Teilnehmer	412,000
Abonnenten des YouTube-Kanals	1,100,000

Kundensupport in Echtzeit über digitale Kanäle

XP unterhält ein Multi-Channel-Supportsystem mit einer durchschnittlichen Reaktionszeit von 12 Minuten auf allen digitalen Plattformen.

• Verfügbarkeit des Live-Chat-Supports: 24/7
• Durchschnittliche Lösungszeit: 37 Minuten
• Kundenzufriedenheitsbewertung: 4,6/5

Automatisierte und KI-gesteuerte Anlageempfehlungen

Das KI-gestützte Anlageempfehlungssystem von XP verwaltet ab 2024 Vermögenswerte in Höhe von rund 42,3 Milliarden R$ durch algorithmische Strategien.

KI-Investitionsmetrik	Daten für 2024
KI-verwaltete Vermögenswerte	42,3 Milliarden R$
Algorithmische Handelskonten	186,000
Genauigkeit der KI-Empfehlung	73%

XP Inc. (XP) – Geschäftsmodell: Kanäle

Mobile Anwendung

Die mobile Anwendung von XP bedient im vierten Quartal 2023 3,5 Millionen aktive Benutzer. Die App unterstützt die Eröffnung von 100 % digitalen Konten und bietet über 150 Anlageprodukte. Die Downloadraten erreichten im Jahr 2023 1,2 Millionen Neuinstallationen.

Metriken für mobile Apps	Daten für 2023
Aktive Benutzer	3,5 Millionen
Neue App-Installationen	1,2 Millionen
Anlageprodukte verfügbar	150+

Webbasierte Handelsplattform

Die Webplattform von XP verarbeitet ein monatliches Handelsvolumen von 250 Milliarden R$. Die Plattform unterstützt täglich 280.000 aktive Händler mit Ausführungszeiten von durchschnittlich 0,3 Sekunden.

Digitale Kundenservice-Portale

• Digitale Supportkanäle rund um die Uhr
• Durchschnittliche Antwortzeit: 3,5 Minuten
• 97,5 % Kundenzufriedenheit
• Mehrsprachiger Support in Portugiesisch und Englisch

Social-Media-Engagement

XP hat plattformübergreifend 2,8 Millionen Social-Media-Follower. Instagram: 1,5 Millionen Follower, LinkedIn: 650.000 Verbindungen, YouTube: 380.000 Abonnenten.

Partnerbankfilialen und digitale Netzwerke

XP arbeitet mit 15 Partnerbankinstituten zusammen und deckt landesweit 4.200 physische Filialen ab. Die digitale Netzwerkintegration erreicht 98 % der brasilianischen Finanzkommunen.

Partnernetzwerk-Metriken	Statistik 2023
Partnerbankinstitute	15
Physische Zweigstellenabdeckung	4.200 Filialen
Digitale Netzwerkreichweite	98 % der Gemeinden

XP Inc. (XP) – Geschäftsmodell: Kundensegmente

Junge Digital-Native-Investoren

Ab 2024 zielt XP Inc. auf etwa 12,4 Millionen brasilianische Investoren im Alter von 18 bis 35 Jahren. Dieses Segment repräsentiert 42,7 % des gesamten Kundenstamms von XP.

Altersspanne	Anzahl der Investoren	Durchschnittlicher Investitionswert
18-25	3,6 Millionen	15.750 R$
26-35	8,8 Millionen	42.500 R$

Einzelhändler und Privatanleger

XP bedient 3,2 Millionen Einzelhändler mit einem durchschnittlichen Portfoliowert von 87.300 R$.

• Gesamtzahl der Einzelhandelskonten: 3.200.000
• Durchschnittliche Transaktionshäufigkeit: 12 Trades pro Monat
• Mittlerer Investitionsbetrag: 25.600 R$

Vermögende Privatpersonen

Das High-Net-Worth-Segment von XP umfasst 185.000 Kunden mit Anlageportfolios von mehr als 1 Million R$.

Portfoliogröße	Anzahl der Kunden	Gesamtes verwaltetes Vermögen
1-5 Millionen R$	142,000	286 Milliarden R$
5-10 Millionen R$	31,500	215 Milliarden R$
R$ 10+ Millionen	11,500	184 Milliarden R$

Kleine bis mittlere Unternehmensinvestoren

XP unterstützt 78.500 kleine und mittelständische Unternehmenskunden mit spezialisierten Anlagelösungen.

• Gesamtzahl der KMU-Kunden: 78.500
• Durchschnittliche Unternehmensinvestition: 620.000 R$
• Abgedeckte Sektoren: Technologie, Einzelhandel, Dienstleistungen

Technisch versierte Finanzkunden

Die digitale Plattform von XP bedient 2,9 Millionen technologieorientierte Finanzkunden.

Digitale Plattformmetrik	Wert
Benutzer mobiler Apps	2,600,000
Benutzer von Online-Handelsplattformen	2,900,000
Durchschnittlicher mobiler Transaktionswert	17.500 R$

XP Inc. (XP) – Geschäftsmodell: Kostenstruktur

Wartung der Technologieinfrastruktur

XP Inc. hat im Jahr 2023 268,7 Millionen R$ für Ausgaben für die Technologieinfrastruktur bereitgestellt, was 12,4 % der gesamten Betriebskosten entspricht.

Kategorie „Technologiekosten“.	Jährliche Ausgaben (R$)	Prozentsatz der gesamten Technologiekosten
Cloud-Dienste	87,3 Millionen	32.5%
Netzwerkinfrastruktur	62,5 Millionen	23.3%
Cybersicherheitssysteme	55,2 Millionen	20.6%
Hardwarewartung	45,7 Millionen	17.0%
Softwarelizenzierung	18,0 Millionen	6.7%

Entwicklung und Upgrades digitaler Plattformen

XP investierte im Jahr 2023 156,4 Millionen R$ in die Entwicklung digitaler Plattformen, mit Schwerpunkten wie:

• Verbesserung mobiler Anwendungen
• Optimierung der Handelsplattform
• Verbesserungen der API-Integration
• User-Experience-Design

Kundenakquise und Marketing

Die Marketingausgaben beliefen sich im Jahr 2023 auf insgesamt 392,6 Millionen R$, mit folgender Aufteilung:

Marketingkanal	Ausgaben (R$)	Prozentsatz
Digitale Werbung	187,3 Millionen	47.7%
Social-Media-Kampagnen	95,4 Millionen	24.3%
Empfehlungsprogramme	62,7 Millionen	16.0%
Traditionelle Medien	47,2 Millionen	12.0%

Rekrutierung und Bindung von Talenten

Die Personalkosten beliefen sich im Jahr 2023 auf 624,5 Millionen R$, mit folgender Aufteilung:

• Grundgehälter: 412,3 Millionen R$
• Leistungsprämien: 98,7 Millionen R$
• Leistungen und Versicherung: 73,5 Millionen R$
• Schulung und Entwicklung: 40,0 Millionen R$

Einhaltung gesetzlicher Vorschriften und Risikomanagement

XP Inc. gab im Jahr 2023 89,2 Millionen R$ für die Einhaltung gesetzlicher Vorschriften und das Risikomanagement aus, verteilt auf:

Compliance-Bereich	Jährliche Ausgaben (R$)	Prozentsatz der gesamten Compliance-Kosten
Rechtsberatung	35,6 Millionen	39.9%
Regulatorische Berichterstattung	22,4 Millionen	25.1%
Interne Revision	18,7 Millionen	21.0%
Compliance-Schulung	12,5 Millionen	14.0%

XP Inc. (XP) – Geschäftsmodell: Einnahmequellen

Handelsprovisionen

XP Inc. generierte im dritten Quartal 2023 Handelsprovisionen in Höhe von 1,8 Milliarden R$, was einer Steigerung von 12,4 % im Vergleich zum Vorjahr entspricht.

Jahr	Einnahmen aus Handelsprovisionen	Wachstumsrate
2022	6,5 Milliarden R$	15.3%
2023	7,2 Milliarden R$	10.8%

Gebühren für Anlageprodukte

XP Inc. hat im dritten Quartal 2023 Gebühren für Anlageprodukte in Höhe von 1,2 Milliarden R$ eingenommen.

• Vermögensverwaltungsgebühren: 650 Millionen R$
• Vertriebsgebühren: 450 Millionen R$
• Leistungsgebühren: 100 Millionen R$

Premium-Abonnementdienste

Die Einnahmen aus Premium-Abonnements erreichten im Jahr 2023 180 Millionen R$ bei 350.000 aktiven Abonnenten.

Einnahmen aus dem Kryptowährungshandel

Der Handel mit Kryptowährungen generierte im Jahr 2023 einen Umsatz von 220 Millionen R$, was 3,1 % des Gesamtumsatzes entspricht.

Zinserträge aus Finanzdienstleistungen

XP Inc. erzielte im Jahr 2023 Zinserträge aus Finanzdienstleistungen in Höhe von 1,5 Milliarden R$.

Finanzdienstleistung	Zinserträge	Prozentsatz der Gesamtsumme
Kreditgeschäfte	900 Millionen R$	60%
Kreditvergabe	450 Millionen R$	30%
Andere Finanzdienstleistungen	150 Millionen R$	10%

XP Inc. (XP) - Canvas Business Model: Value Propositions

You're looking at the core reasons clients choose XP Inc. (XP) over the established players, and honestly, it boils down to access and choice, all while chipping away at those old, high-fee structures. The value proposition is built on making sophisticated finance accessible.

Democratization of finance by breaking down high-fee structures

XP Inc. is pushing hard on making high-quality service compensation transparent. The shift to a fee-based model is a tangible example of this. As of the third quarter of 2025, the adoption of this model in the retail segment reached 21% of client assets. This move reinforces investor freedom to choose how they want to be served, which CEO Thiago Maffra noted is already generating tangible impacts on net inflows. The firm's strategy is to be inflexible regarding the service model, letting the client pick the compensation format that best suits their profile. It's about aligning incentives, not just cutting fees across the board.

Access to over 800 investment products from XP and competitors

You get an open platform here. XP Inc. provides access to over 800 investment products from XP, its partners, and competitors. This breadth covers everything from equity and fixed income securities to mutual funds, hedge funds, structured products, and real estate investment funds. This is a key differentiator from legacy banks that often push proprietary products.

Full-service financial ecosystem (investments, credit, insurance, digital account)

The ecosystem approach is where XP Inc. is really diversifying its revenue streams away from pure transaction fees. By Q3 2025, the company served 4.8 million active clients, with total Assets under Management and Administration (AuM and AuA) hitting R$1.9 trillion (approximately USD 358.6 billion). The growth in these non-investment verticals shows the ecosystem is gaining traction:

• Insurance premiums grew +25% year-over-year in Q3 2025.
• Pension plans saw a +24% year-over-year increase in Q3 2025.
• The Total Credit Portfolio stood at R$24 billion as of Q2 2025, marking a 24% year-over-year growth.

This cross-selling is designed to make the platform sticky. For instance, life insurance written premiums surged 45% year-over-year in Q2 2025.

High-quality, personalized financial advice across all client tiers

The advice component is evolving with the distribution channels. More than half of the net new money is now coming from internal advisers and the Registered Investment Adviser (RIA) model, a shift from the exclusive reliance on the B2B Independent Financial Adviser (IFA) channel seen in 2021. This suggests a move toward more integrated, perhaps more personalized, advisory relationships. The firm has a network of 18.2 thousand Total Advisors as of Q2 2025.

Here's a quick look at the scale and growth of the ecosystem components as of mid-to-late 2025:

Metric	Value (Latest Available)	Period/Context
Active Clients	4.8 million	Q3 2025
AuM and AuA	R$1.9 trillion (USD 358.6 billion)	Q3 2025
Fee-Based Assets (Retail)	21% of client assets	Q3 2025
Total Advisors	18.2 thousand	Q2 2025
Credit Portfolio Growth	+11% year-over-year	Q3 2025 (Cross-sell)

Financial education and content to empower new classes of investors

XP Inc.'s mission explicitly includes educating new classes of investors. The company develops and sells financial education courses and events both online and in person to retail clients. This content delivery is a core part of the strategy to bring more people into the investment ecosystem, supporting the overall goal of democratization.

XP Inc. (XP) - Canvas Business Model: Customer Relationships

You're looking at how XP Inc. manages its relationship with its diverse client base, which spans from high-net-worth individuals needing hand-holding to self-directed investors wanting low-cost execution. It's a dual approach, balancing high-touch human advice with scalable digital tools. This strategy is key to capturing market share in Brazil's evolving financial landscape.

The dedicated, high-touch advisory service relies heavily on the Independent Financial Advisor (IFA) network, though the mix is shifting. As of the first quarter of 2025 (1Q25), XP Inc. had 18.1 thousand Total Advisors connected to its platform, which was a 2% year-over-year increase. However, the growth engine is diversifying; by 2025, more than half of the net new money was coming from internal advisers and the Registered Investment Adviser (RIA) model, moving away from the exclusive reliance on the IFA channel seen in 2021. This shows a strategic evolution in the high-touch segment.

For digital self-service and low-cost execution, the Rico and Clear brands are the primary channels. These customers interact first with automated technology tools, like self-help guides and chatbots, before escalating to specialized help desks via online chats or dedicated applications. While specific Assets Under Management (AUM) for these brands aren't explicitly broken out in the latest reports, the overall platform supports 4.7 million Active Clients as of 1Q25, a 2% year-over-year rise. Retail Daily Average Trades (DATs) for the platform were 2.2 million in 1Q25.

Proactive client service is measured directly, and maintaining a high score is central to the business model. XP Inc.'s Net Promoter Score (NPS) was reported at 73 in 1Q25. The company maintains a specific team dedicated to coordinating client experience improvement projects across every touchpoint, and personnel evaluations are linked to quality indicators like NPS.

Financial planning at scale is an area where XP Inc. is pushing to deepen engagement. While specific adoption rates for financial planning tools aren't detailed in the latest releases, the overall strategy involves expanding solutions and leveraging financial education to create new classes of investors. This complements the high-touch advisory services by providing structured guidance across the platform.

The commitment to shareholders through capital distribution is a strong signal of confidence in the customer base's stability and future earnings. XP Inc. reaffirmed its commitment to distributing over 50% of net income through dividends and repurchases for both 2025 and 2026. This was actioned in late 2025:

Capital Allocation Action (Late 2025)	Amount/Value	Context
Cash Dividend Declared	$0.18 per Class A share (approx. R$500 million total)	Payable December 18, 2025
New Share Repurchase Program Authorization	Up to R$1.0 billion	Period beginning November 18, 2025, to November 18, 2026
Share Repurchases Executed (YTD Oct 2025)	R$842 million	Completed portion of prior buyback efforts
Treasury Share Retirement	10,970,754 Class A shares (approx. 2.1% of total)	Reduced total share count to 519,889,007

These capital actions reinforce the shareholder return policy. For instance, the company completed a new buyback program totaling approximately R$1 billion, funded by existing cash reserves. The company's focus on capital discipline is also evident in its regulatory buffers; the BIS Ratio was 20.1% in 2Q25, well above peer averages.

Here are some key operational metrics supporting these relationships as of early to mid-2025:

• Total Client Assets (3Q25): R$1,425 billion
• Total Client Assets (1Q25): R$1.3 trillion
• Retail Net New Money Target (per quarter 2025): Average of BRL20 billion
• Net Promoter Score (1Q25): 73
• Total Advisors (1Q25): 18.1 thousand

The relationship strategy is clearly about scale through the IFA/RIA network and maintaining high service quality, which is then supported by strong capital returns. Finance: draft 13-week cash view by Friday.

XP Inc. (XP) - Canvas Business Model: Channels

You're looking at how XP Inc. gets its value proposition-the open platform and advisory services-into the hands of its diverse client base. It's not one road; it's a multi-lane highway system, which is key to their strategy, especially as they focus on higher-income segments.

The primary engine for client acquisition and service remains the network of Independent Financial Advisors (IFAs) and their accredited offices, operating under a B2B2C structure. As of the third quarter of 2025 (3Q25), XP Inc. had 18.2 thousand Total Advisors connected to its platform, a slight decrease year-over-year. This network is the core delivery mechanism for holistic wealth management. The company has been enhancing its platform to replicate internal advisor tools for this IFA network in 2025.

For the broader market and digital-first users, XP Inc. uses its Direct-to-Consumer (D2C) digital platforms, which include the main XP platform along with Rico and Clear. These platforms serve a massive user base, with the company reporting 4.8 million active clients in 3Q25. The retail segment is a major source of asset gathering, bringing in R$20 billion in net new money during 3Q25.

XP Inc. also maintains specialized channels for its most affluent and geographically dispersed clients. The XP Private and International offices, which have a presence in locations like New York, Miami, London, and Geneva, focus on high-net-worth individuals and global clients. This focus is part of a strategic pivot in 2025 towards high-income and private segments.

Wholesale services are delivered through dedicated Corporate and Institutional sales teams. This segment delivered a record revenue of R$729 million in 3Q25, showing a 32% growth year-over-year, supported by Debt Capital Markets (DCM) activity and hedging solutions. The net inflow from corporate and institutional clients was R$9 billion in the same quarter.

The final, crucial access point is the technology layer itself, which supports all clients. The mobile applications and online portals are the digital front door for the 4.8 million active clients as of 3Q25. This digital infrastructure supports various activities, including 2.1 million Retail Daily Average Trades (DATs) in 3Q25, and the management of 1.5 million total active cards (split between 1.0 million Credit Cards and 0.5 million Active Debit Cards).

Here's a quick look at some key channel-related operational metrics from 3Q25:

Metric	Value (3Q25)	Year-over-Year Change
Active Clients	4.8 million	2% growth
Total Advisors	18.2 thousand	1% lower
Retail Net New Money	R$20 billion	Three times higher than last quarter
Corporate & Institutional Net Inflow	R$9 billion	N/A
Retail DATs	2.1 million	Down 6% YoY
Corporate & Issuer Services Revenue	R$729 million	32% higher YoY

The platform's reach is also supported by its growing credit and insurance offerings, which act as buffers against market volatility. The Expanded Loan Portfolio reached R$67 billion as of 3Q25, up 33% year-over-year. Also, Gross Written Premiums in the insurance segment rose 25% year-over-year to R$451 million in 3Q25.

The overall client asset base reflects the success of these channels. Total Client Assets were R$1.4 trillion in 3Q25, while the combined total of client assets, AuM, and AuC reached R$1.9 trillion.

Finance: draft 13-week cash view by Friday.

XP Inc. (XP) - Canvas Business Model: Customer Segments

You're looking at the client base of XP Inc. as of late 2025, and the picture shows a platform that is both massive in scale and strategically diversifying its revenue sources. The core is still the individual investor, but the growth engine is clearly shifting toward the corporate side.

The total active client count across all brands, including XP Investimentos, Rico, and Clear, stood at 4.8 million as of the third quarter of 2025. This represents a 2% year-over-year increase. However, the platform is seeing a slight contraction in its most basic digital accounts, with Retail DATs (Digital Accounts) totaling 2.1 million in 3Q25, which was down 6% year-over-year.

The sheer volume of assets managed is staggering. Total Client Assets, which includes Assets Under Management (AuM) and Assets Under Administration (AuA) for the main platform, reached R$1.4 trillion in 3Q25, showing 12% growth year-over-year. If you combine this with AuM and AuA from other segments, the total figure swells to over R$1.9 trillion, representing 16% YoY growth.

Here's how the net new money flowed in during 3Q25, which shows where new client capital is landing:

• Retail Net New Money (NNM) was R$20 billion.
• Corporate and Institutional NNM totaled R$9 billion.

Retail remains the dominant revenue generator, but the margin on that revenue is under pressure. The annualized retail take rate dipped by 9 basis points year-over-year in 3Q25. Still, the platform is successfully cross-selling, evidenced by the insurance arm, XPV&P, which saw its Total Client Assets hit R$90 billion in 3Q25, up 15% YoY.

The strategic pivot is clear when you look at the revenue growth by segment. While retail revenue grew by a more moderate 6% year-over-year in 3Q25, the Corporate & Issuer Services segment surged by 32% year-over-year, bringing its revenue to R$729 million. This segment is now a key profitability driver.

You can see the hard numbers for the key client-facing segments from the 3Q25 results in this table:

Customer Segment Group	Q3 2025 Revenue (R$ Million)	Year-over-Year Revenue Change	Approximate Revenue Contribution
Retail (Mass-market/HNW via XP/Rico/Clear)	~3,704	6%	~75.6%
Corporate & Issuer Services (C&IS)	729	32%	~14.9%
Institutional Clients	340	0%	~6.9%

The HNW and Private Banking clients are embedded within the broader Retail numbers, though management has signaled a renewed focus on these high-income/private segments. For institutional clients, the data shows Institutional Revenue was R$340 million in 3Q25. It's important to note that the reported Client Assets figure of R$1.4 trillion does not include custody from institutional clients like asset managers, pension funds, and insurance companies.

For corporate clients, beyond the C&IS revenue, the expanded loan portfolio is a key metric, reaching R$67 billion as of 3Q25, marking a 33% year-over-year growth. International investors, while not broken out separately in revenue, contributed to a 6.9% year-over-year revenue increase in international operations.

The entire ecosystem is supported by a network of 18.2 thousand Total Advisors as of 3Q25. Finance: draft the Q4 2025 client acquisition forecast by Friday.

XP Inc. (XP) - Canvas Business Model: Cost Structure

You're looking at the cost side of the XP Inc. engine, which is heavily weighted toward its human capital and platform scaling. The largest component here is definitely the variable compensation tied to that massive network of advisors.

Variable compensation costs for the large network of 18.2 thousand advisors are a primary driver. This network, which stood at exactly 18,200 total advisors as of the end of 2Q25, is compensated through commissions on products or a fixed annual percentage fee on client assets, agreed upon between the Independent Financial Adviser (IFA) and the client. The resulting cost discipline is reflected in the Last Twelve Months (LTM) compensation ratio, which improved to 23.0% of Net Revenue in 2Q25, down from 24.6% in 2Q24. By 3Q25, this ratio ticked up slightly to 23.5%. Here's the quick math: keeping that ratio low means more revenue flows through to the bottom line, but you have to keep the advisors happy.

Significant Selling, General, and Administrative (SG&A) expenses are the next big bucket. In 2Q25, these totaled R$1.6 billion. To be fair, that figure was slightly higher in 3Q25, hitting R$1.7 billion. The efficiency ratio, which is SG&A (excluding specific incentive revenues) divided by Net Revenue, was 34.5% LTM in 2Q25, showing good operational leverage despite rising costs.

Technology and marketing investments are fueling platform growth and client acquisition, and you see this reflected in the non-compensation portion of SG&A. In 2Q25, these non-compensation expenses grew a hefty 24% year-over-year and 22% quarter-over-quarter, driven mainly by those marketing and technology pushes. Still, by 3Q25, management showed cost discipline as these same non-compensation expenses actually decreased by 1% year-over-year. They are definitely spending to acquire and retain clients.

The cost of funding for the growing credit portfolio is an emerging, but significant, cost center. The Total Credit Portfolio reached R$24 billion as of 2Q25, representing a 24% year-over-year growth. What this estimate hides is the interest expense associated with funding that growth, though the portfolio is heavily collateralized-72% was collateralized with Investments in 2Q25. By 3Q25, the Expanded Loan Portfolio grew substantially to R$67 billion.

Regulatory and compliance costs in a complex financial environment manifest in capital requirements. XP Inc. maintains a very strong capital buffer to manage these risks. Their Common Equity Tier 1 (CET1) capital ratio stood at a comfortable 18.5% in both 2Q25 and 3Q25, which is well above the Brazilian sector average of 12%.

Here is a snapshot of the key cost and efficiency metrics from the mid-2025 reporting period:

Metric	2Q25 Value	3Q25 Value	Context
Total Advisors (in '000s)	18.2	18.2	Headcount at period end
SG&A Expenses (in R$ mn)	R$1,600	R$1,700	Reported quarterly SG&A
LTM Compensation Ratio	23.0%	23.5%	SG&A related to People / Net Revenue
Credit Portfolio (in R$ bn)	R$24	N/A (Loan Portfolio R$67 bn)	Total Credit Portfolio as of 2Q25
CET1 Capital Ratio	18.5%	18.5%	Regulatory capital buffer

You should also keep an eye on the following components that feed into the overall cost base:

• Non-compensation SG&A growth in 2Q25: 22% Quarter-over-Quarter
• LTM Efficiency Ratio in 2Q25: 34.5%
• Return on Tangible Equity (ROTE) in 2Q25: 30.1%
• Return on Tangible Equity (ROTE) in 3Q25: 28.0%

Finance: draft 13-week cash view by Friday.

XP Inc. (XP) - Canvas Business Model: Revenue Streams

You're looking at how XP Inc. actually makes its money, which is key to understanding its valuation, especially now with the high Selic rate in Brazil. Honestly, the revenue mix shows a company successfully pivoting away from pure trading volume dependency. Here's the breakdown of the streams as of late 2025, primarily using the latest reported figures from the third quarter of 2025 (3Q25).

The first major pillar is the traditional brokerage and transaction fees from equity and fixed income trading, which falls under Retail revenue. While assets are flowing in, the revenue from this segment is more nuanced. Retail revenue reached R$3,704 million in 3Q25, marking a 6% increase year-over-year (YoY). What this estimate hides is the internal tension: fixed income revenues actually contracted by 2% YoY, even as client assets grew. The Annualized Retail Take Rate stood at 1.24% in 3Q25.

Next up are management and performance fees generated through the platform for proprietary and third-party funds. This is the fee-based component of wealth management. Funds Platform revenue was R$367 million in 3Q25, showing a 4% YoY growth. This aligns with XP Inc.'s strategic focus on growing the fee-based model, which already accounts for 21% of total retail AUC.

Interest income from the credit portfolio and the float on uninvested cash is another significant driver, also embedded within Retail revenue. The benefit here comes directly from the high interest rate environment, as float from both checking and investment accounts benefited from higher average volumes and elevated rates during the period. The Expanded Loan Portfolio was a strong contributor, reaching R$67 billion as of 3Q25, posting a massive 33% growth YoY.

The standout performer, which management is clearly hammering home, is the Corporate & Issuer Services revenue. This segment surged 32% YoY in 3Q25, totaling R$729 million for the quarter, which was a historic record. This growth was fueled by activity in Debt Capital Markets (DCM) and corporate banking solutions. To be fair, this segment is now a co-pilot for the whole company.

We can see the components of that Corporate & Issuer Services revenue clearly:

• Corporate revenues hit R$406 million, up 77% YoY.
• Issuer Services posted R$323 million.

Finally, the newer, cross-sell revenue streams are gaining traction. Insurance premiums and card transaction fees are part of this diversification. Life insurance written premiums grew 25% YoY in 3Q25, and assets from the proprietary insurer, XPV&P, grew 32% YoY to R$84 billion. For card transactions, the Total Payment Volume (TPV) was R$13.1 billion in 3Q25 (a 9% YoY growth), but the number you specifically asked about from the prior quarter, 2Q25, was R$12.4 billion.

Here is a summary of the key revenue components from the latest reported quarter, 3Q25, in millions of Brazilian Reais (R$):

Revenue Stream Component	3Q25 Revenue (R$ million)	YoY Growth
Corporate & Issuer Services (Total)	729	32%
Corporate Division	406	77%
Issuer Services	323	Stable YoY
Retail Revenue (Total)	3,704	6%
Funds Platform Revenue	367	4%
Cards TPV (R$ billion)	13.1 (Volume)	9%

You should note that the total Gross Revenue for XP Inc. in 3Q25 was R$4.9 billion, up 9% YoY.

Finance: draft 13-week cash view by Friday.