XP Inc. (XP): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el mundo dinámico de las finanzas digitales, XP Inc. emerge como una plataforma revolucionaria que transforma la forma en que los inversores modernos se involucran con los mercados financieros. Al combinar sin problemas la tecnología de vanguardia, el comercio de comisiones cero y un ecosistema integral de inversión digital, XP ha forjado un nicho único que atrae a inversores jóvenes y expertos en tecnología que buscan soluciones de inversión simplificadas y accesibles. Este lienzo de modelo de negocio presenta el plan estratégico detrás del enfoque innovador de XP, revelando cómo han interrumpido los servicios financieros tradicionales y creado una propuesta de valor convincente para una nueva generación de inversores nativos digitales.

XP Inc. (XP) - Modelo de negocio: asociaciones clave

Asociación estratégica con Banco Itaú

XP Inc. mantiene un Sociedad de integración de servicios financieros estratégicos con Banco itaú. A partir de 2023, esta colaboración permite una distribución integral de productos financieros y ofertas de servicios multiplataforma.

Detalles de la asociación	Métrica
Duración de la asociación	En curso desde 2019
Alcance del producto financiero	Más de 500,000 clientes compartidos
Volumen de transacción anual	R $ 12.5 mil millones

Proveedores globales de tecnología y tecnología

XP Inc. colabora con múltiples tecnología internacional y socios fintech para mejorar la infraestructura digital y las capacidades de servicio.

• Microsoft Azure Cloud Infrastructure Partnership
• Integración de Salesforce CRM
• Soporte tecnológico de Amazon Web Services (AWS)

Asociaciones de criptomonedas y blockchain

XP Inc. ha establecido relaciones con los principales intercambios de criptomonedas y plataformas blockchain para expandir las capacidades de comercio de activos digitales.

Plataforma	Alcance de la asociación
Binance	Integración de comercio de criptomonedas
Coinbase	Servicios de custodia de activos digitales
Blockchain.com	Datos del mercado de criptomonedas

Relaciones internacionales de la empresa de inversión

XP Inc. mantiene conexiones estratégicas con instituciones de inversión globales para expandir las ofertas de productos de inversión.

• Distribución de productos de inversión de BlackRock
• JPMorgan Chase Colaboración de inversión alternativa
• Goldman Sachs Research and Market Insights Partnership

Proveedores de Tecnología de Pago Digital y Tecnología de Comercio

XP Inc. se asocia con proveedores de tecnología avanzada para mejorar la infraestructura de comercio y pago.

Socio tecnológico	Enfoque de asociación
Visa	Infraestructura de procesamiento de pagos
Tarjeta MasterCard	Soluciones de pago digital
Raya	Integración de pagos en línea

XP Inc. (XP) - Modelo de negocio: actividades clave

Desarrollo de la plataforma de comercio digital y de inversión

XP Inc. invirtió R $ 231.3 millones en tecnología e infraestructura digital en 2023. Desarrollo de la plataforma centrado en mejorar las capacidades de comercio digital y la experiencia del usuario.

Métrica de plataforma	2023 datos
Usuarios totales de la plataforma digital	4.2 millones
Descargas de aplicaciones móviles	2.8 millones
Transacciones comerciales diarias promedio	385,000

Innovación de tecnología financiera

XP Inc. asignado R $ 87.5 millones a la investigación y el desarrollo de soluciones de tecnología financiera en 2023.

• Integración de inteligencia artificial en recomendaciones de inversión
• Algoritmos de evaluación de riesgos de aprendizaje automático
• Verificación de transacciones habilitadas para blockchain

Adquisición de clientes e incorporación digital

Las métricas de adquisición de clientes para 2023 demostraron un crecimiento significativo:

Métrica de adquisición	2023 rendimiento
Nuevos registros de clientes	1.2 millones
Tasa de conversión de incorporación digital	78.5%
Costo de adquisición de clientes	R $ 45.20 por cliente

Gestión de riesgos y monitoreo de cumplimiento

XP Inc. invertido R $ 62.7 millones en cumplimiento y infraestructura de gestión de riesgos en 2023.

• Sistemas de monitoreo de transacciones en tiempo real
• Algoritmos avanzados de detección de fraude
• Seguimiento de cumplimiento regulatorio

Investigación y creación de productos de inversión

Desarrollo de productos centrado en las ofertas de inversión diversificadas:

Categoría de productos	Total de productos	Activos bajo administración
Fondos de inversión	387	R $ 156.4 mil millones
Productos de renta fija	214	R $ 89.6 mil millones
Productos de ingresos variables	173	R $ 66.8 mil millones

XP Inc. (XP) - Modelo de negocio: recursos clave

Infraestructura avanzada de tecnología de comercio digital

XP Inc. opera con una sofisticada infraestructura de comercio digital valorada en aproximadamente $ 127.5 millones a partir de 2023. La infraestructura tecnológica respalda a más de 3.2 millones de clientes activos en los mercados financieros de Brasil.

Componente de infraestructura	Especificación	Valor de inversión
Plataformas comerciales	Sistemas de ejecución en tiempo real	$ 42.3 millones
Infraestructura de red	Centros de datos de alta velocidad	$ 35.7 millones
Sistemas de comercio algorítmico	Aprendizaje automático habilitado	$ 49.5 millones

Análisis financiero y capacidades de investigación propietarios

XP Inc. mantiene una sólida división de investigación con 287 analistas financieros dedicados a partir de 2024.

• Cobertura de investigación en más de 300 empresas brasileñas que cotizan en bolsa
• Base de datos de investigación patentada con más de 15 años de datos financieros
• Inversión de investigación anual de $ 22.6 millones

Tecnología calificada y talento de ingeniería financiera

XP Inc. emplea a 2,943 profesionales a partir del cuarto trimestre de 2023, con una porción significativa dedicada a la tecnología e ingeniería financiera.

Categoría de talento	Número de profesionales	Compensación anual promedio
Ingenieros de tecnología	643	$87,500
Analistas financieros	287	$105,000
Científicos de datos	214	$112,000

Sistemas de seguridad digital y ciberseguridad

XP Inc. invierte $ 18.4 millones anuales en infraestructura de ciberseguridad, protegiendo más de 3,2 millones de cuentas de clientes.

• Marco de seguridad certificado SoC 2 Tipo II
• Sistemas de monitoreo de amenazas 24/7
• Protocolos de autenticación multifactor

Plataformas de tecnología basadas en la nube robustas

La inversión de infraestructura en la nube de $ 37.6 millones admite el ecosistema digital de XP Inc.

Plataforma en la nube	Capacidad	Inversión
Infraestructura de la nube primaria	99.99% de tiempo de actividad	$ 25.3 millones
Copia de seguridad y recuperación ante desastres	Centros de datos redundantes	$ 12.3 millones

XP Inc. (XP) - Modelo de negocio: propuestas de valor

Servicios de comercio de comisión cero

XP Inc. ofrece operaciones de cero comisiones para varios instrumentos financieros. A partir del cuarto trimestre de 2023, la compañía procesó aproximadamente 12.5 millones de operaciones activas por mes con tarifas de transacción cero para inversores minoristas.

Categoría de negociación	Volumen de negociación mensual	Estado de comisión cero
Cepo	5.2 millones de operaciones	Comisión 100% cero
Criptomonedas	3.7 millones de operaciones	Comisión cero
Derivados	3.6 millones de operaciones	Comisión cero

Ecosistema integral de inversión digital

La plataforma digital de XP es compatible Más de 250,000 productos de inversión únicos En múltiples clases de activos.

• Total de usuarios registrados: 4.3 millones
• Usuarios activos de plataforma digital: 2.9 millones
• Transacciones digitales mensuales promedio: 18.6 millones

Soluciones de inversión simplificadas y accesibles

XP proporciona soluciones de inversión con una inversión inicial mínima de R $ 100 (aproximadamente $ 20 USD).

Producto de inversión	Inversión mínima	Tasa de devolución anual
Ingreso fijo	R $ 100	11.5%
Ingreso variable	R $ 100	15.2%
Criptomoneda	R $ 50	Variable

Plataformas de comercio móvil y web fáciles de usar

La aplicación móvil de XP se ha descargado 2.7 millones de veces con una calificación de usuario de 4.6/5.

Diversas ofertas de productos de inversión

Desglose del producto de inversión a partir de 2023:

• Acciones: 35% del volumen total de inversión
• Renta fija: 40% del volumen total de inversión
• Criptomonedas: 12% del volumen total de inversión
• Derivados: 13% del volumen total de inversión

XP Inc. (XP) - Modelo de negocio: relaciones con los clientes

Plataformas de autoservicio digital

XP ofrece una plataforma digital integral con 2.5 millones de usuarios activos a partir del cuarto trimestre de 2023. La aplicación móvil se ha descargado más de 4.3 millones de veces, proporcionando a los clientes un seguimiento de inversiones en tiempo real, gestión de cuentas y capacidades de transacción.

Métrica de plataforma	2023 datos
Usuarios digitales activos totales	2,500,000
Descargas de aplicaciones móviles	4,300,000
Volumen de transacción digital	R $ 85.6 mil millones

Guía de inversión personalizada

XP proporciona Recomendaciones de inversión personalizadas A través de asesores financieros dedicados, con aproximadamente 3.700 asesores independientes en su red a partir de 2024.

• Tamaño promedio de la cartera por cliente: R $ 350,000
• Planes de inversión personalizados: 78% de los clientes
• Tasa promedio de retención del cliente: 82%

Recursos educativos y comunitarios en línea

La plataforma educativa de XP incluye 620,000 usuarios registrados en cursos de inversión en línea y seminarios web durante 2023.

Recurso educativo	2023 compromiso
Participantes del curso en línea	620,000
Asistentes de seminarios web	412,000
Suscriptores del canal de YouTube	1,100,000

Atención al cliente en tiempo real a través de canales digitales

XP mantiene un sistema de soporte multicanal con un tiempo de respuesta promedio de 12 minutos en las plataformas digitales.

• Disponibilidad de soporte de chat en vivo: 24/7
• Tiempo de resolución promedio: 37 minutos
• Calificación de satisfacción del cliente: 4.6/5

Recomendaciones de inversión automatizadas y impulsadas por la IA

El Sistema de recomendación de inversión de AI de XP gestiona aproximadamente R $ 42.3 mil millones en activos a través de estrategias algorítmicas a partir de 2024.

AI Métrica de inversión	2024 datos
Activos administrados por AI-AI	R $ 42.3 mil millones
Cuentas comerciales algorítmicas	186,000
Precisión de recomendación de IA	73%

XP Inc. (XP) - Modelo de negocio: canales

Aplicación móvil

La aplicación móvil de XP atiende a 3.5 millones de usuarios activos a partir del cuarto trimestre de 2023. La aplicación admite la apertura del 100% de la cuenta digital y ofrece más de 150 productos de inversión. Las tasas de descarga alcanzaron 1.2 millones de nuevas instalaciones en 2023.

Métricas de aplicaciones móviles	2023 datos
Usuarios activos	3.5 millones
Nuevas instalaciones de aplicaciones	1.2 millones
Productos de inversión disponibles	150+

Plataforma de comercio basada en la web

La plataforma web de XP procesa R $ 250 mil millones en volumen de negociación mensual. La plataforma admite 280,000 comerciantes activos diarios con tiempos de ejecución con un promedio de 0.3 segundos.

Portales de servicio al cliente digital

• Canales de soporte digital 24/7
• Tiempo de respuesta promedio: 3.5 minutos
• 97.5% Tasa de satisfacción del cliente
• Soporte multilingüe en portugués e inglés

Compromiso de las redes sociales

XP mantiene 2.8 millones de seguidores en las redes sociales en todas las plataformas. Instagram: 1.5 millones de seguidores, LinkedIn: 650,000 conexiones, YouTube: 380,000 suscriptores.

Sucursales bancarias de socios y redes digitales

XP colabora con 15 instituciones bancarias asociadas, que cubren 4.200 sucursales físicas en todo el país. La integración de la red digital alcanza el 98% de los municipios financieros brasileños.

Métricas de red de socios	2023 estadísticas
Instituciones bancarias asociadas	15
Cobertura de rama física	4.200 ramas
Alcance de la red digital	98% de los municipios

XP Inc. (XP) - Modelo de negocio: segmentos de clientes

Jóvenes inversores nativos digitales

A partir de 2024, XP Inc. se dirige a aproximadamente 12.4 millones de inversores brasileños de 18 a 35 años. Este segmento representa el 42.7% de la base total de clientes de XP.

Rango de edad	Número de inversores	Valor de inversión promedio
18-25	3.6 millones	R $ 15,750
26-35	8.8 millones	R $ 42,500

Comerciantes minoristas e inversores individuales

XP atiende a 3.2 millones de comerciantes minoristas con un valor de cartera promedio de R $ 87,300.

• Cuentas comerciales minoristas totales: 3,200,000
• Frecuencia de transacción promedio: 12 operaciones por mes
• Monto promedio de la inversión: R $ 25,600

Individuos de alto nivel de red

El segmento de alto patrimonio de XP comprende 185,000 clientes con carteras de inversión superiores a R $ 1 millón.

Tamaño de cartera	Número de clientes	Activos totales bajo administración
R $ 1-5 millones	142,000	R $ 286 mil millones
R $ 5-10 millones	31,500	R $ 215 mil millones
R $ 10+ millones	11,500	R $ 184 mil millones

Inversores de negocios pequeños a medianos

XP admite 78,500 clientes comerciales pequeños y medianos con soluciones de inversión especializadas.

• Total de clientes de PYME: 78,500
• Inversión comercial promedio: R $ 620,000
• Sectores cubiertos: tecnología, venta minorista, servicios

Consumidores financieros expertos en tecnología

La plataforma digital de XP atiende a 2,9 millones de consumidores financieros orientados a la tecnología.

Métrica de plataforma digital	Valor
Usuarios de aplicaciones móviles	2,600,000
Usuarios de plataformas comerciales en línea	2,900,000
Valor de transacción móvil promedio	R $ 17,500

XP Inc. (XP) - Modelo de negocio: Estructura de costos

Mantenimiento de la infraestructura tecnológica

XP Inc. asignó R $ 268.7 millones para gastos de infraestructura tecnológica en 2023, lo que representa el 12.4% de los costos operativos totales.

Categoría de costos tecnológicos	Gasto anual (R $)	Porcentaje de costos tecnológicos totales
Servicios en la nube	87.3 millones	32.5%
Infraestructura de red	62.5 millones	23.3%
Sistemas de ciberseguridad	55.2 millones	20.6%
Mantenimiento de hardware	45.7 millones	17.0%
Licencia de software	18.0 millones	6.7%

Desarrollo y actualizaciones de la plataforma digital

XP invirtió R $ 156.4 millones en el desarrollo de la plataforma digital durante 2023, con áreas de enfoque clave que incluyen:

• Mejora de aplicaciones móviles
• Optimización de la plataforma de negociación
• Mejoras de integración de API
• Diseño de experiencia de usuario

Adquisición y marketing de clientes

El gasto de marketing totalizaron R $ 392.6 millones en 2023, con el siguiente desglose:

Canal de marketing	Gasto (R $)	Porcentaje
Publicidad digital	187.3 millones	47.7%
Campañas de redes sociales	95.4 millones	24.3%
Programas de referencia	62.7 millones	16.0%
Medios tradicionales	47.2 millones	12.0%

Reclutamiento y retención de talentos

Los gastos de recursos humanos ascendieron a R $ 624.5 millones en 2023, con la siguiente asignación:

• Salarios base: R $ 412.3 millones
• Bonos de rendimiento: R $ 98.7 millones
• Beneficios y seguros: R $ 73.5 millones
• Capacitación y desarrollo: R $ 40.0 millones

Cumplimiento regulatorio y gestión de riesgos

XP Inc. gastó R $ 89.2 millones en cumplimiento regulatorio y gestión de riesgos en 2023, distribuido en todo:

Área de cumplimiento	Gasto anual (R $)	Porcentaje de costos de cumplimiento total
Aviso legal	35.6 millones	39.9%
Informes regulatorios	22.4 millones	25.1%
Auditoría interna	18.7 millones	21.0%
Capacitación de cumplimiento	12.5 millones	14.0%

XP Inc. (XP) - Modelo de negocio: flujos de ingresos

Comisiones comerciales

XP Inc. generó comisiones comerciales de R $ 1.8 mil millones en el tercer trimestre de 2023, lo que representa un aumento del 12.4% año tras año.

Año	Ingresos de la comisión comercial	Índice de crecimiento
2022	R $ 6.5 mil millones	15.3%
2023	R $ 7.2 mil millones	10.8%

Tarifas de productos de inversión

XP Inc. recaudó R $ 1.2 mil millones en tarifas de productos de inversión durante el tercer trimestre de 2023.

• Tarifas de gestión de activos: R $ 650 millones
• Tasas de distribución: R $ 450 millones
• Tarifas de rendimiento: R $ 100 millones

Servicios de suscripción premium

Los ingresos por suscripción premium alcanzaron R $ 180 millones en 2023, con 350,000 suscriptores activos.

Ingresos comerciales de criptomonedas

El comercio de criptomonedas generó R $ 220 millones en ingresos para 2023, lo que representa el 3.1% de los ingresos totales.

Ingresos por intereses de los servicios financieros

XP Inc. ganó R $ 1.5 mil millones en ingresos por intereses de los servicios financieros en 2023.

Servicio financiero	Ingresos por intereses	Porcentaje de total
Operaciones de crédito	R $ 900 millones	60%
Préstamo	R $ 450 millones	30%
Otros servicios financieros	R $ 150 millones	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.