XP Inc. (XP): Modelo de Negócios Canvas [Jan-2025 Atualizado]

No mundo dinâmico das finanças digitais, a XP Inc. surge como uma plataforma revolucionária, transformando como os investidores modernos se envolvem com os mercados financeiros. Ao misturar perfeitamente a tecnologia de ponta, o comércio de comissão zero e um ecossistema abrangente de investimentos digitais, o XP criou um nicho único que atrai jovens investidores com tecnologia que buscam soluções de investimento simplificadas e acessíveis. Essa tela de modelo de negócios revela o plano estratégico por trás da abordagem inovadora do XP, revelando como eles interromperam os serviços financeiros tradicionais e criaram uma proposta de valor convincente para uma nova geração de investidores digitais-nativos.

XP Inc. (XP) - Modelo de Negócios: Principais Parcerias

Parceria estratégica com o Banco Itaú

XP Inc. mantém um Parceria de Integração de Serviços Financeiros Estratégicos com o Banco Itaú. A partir de 2023, essa colaboração permite a distribuição abrangente de produtos financeiros e as ofertas de serviços de plataforma cruzada.

Detalhes da parceria	Métricas
Duração da parceria	Em andamento desde 2019
Alcance do produto financeiro	Mais de 500.000 clientes compartilhados
Volume anual de transações	R $ 12,5 bilhões

Provedores globais de fintech e tecnologia

A XP Inc. colabora com vários parceiros internacionais de tecnologia e fintech para aprimorar os recursos de infraestrutura e serviço digitais.

• Microsoft Azure Cloud Infrastructure Partnership
• Integração do Salesforce CRM
• Suporte tecnológico da Amazon Web Services (AWS)

Parcerias de criptomoeda e blockchain

A XP Inc. estabeleceu relacionamentos com as principais trocas de criptomoedas e plataformas blockchain para expandir os recursos de negociação de ativos digitais.

Plataforma	Escopo da parceria
Binance	Integração de negociação de criptomoedas
Coinbase	Serviços de custódia de ativos digitais
Blockchain.com	Dados do mercado de criptomoedas

Relacionamentos internacionais da empresa de investimentos

A XP Inc. mantém conexões estratégicas com instituições globais de investimento para expandir as ofertas de produtos de investimento.

• Distribuição de produtos de investimento em BlackRock
• JPMorgan Chase Alternative Investment Collaboration
• Goldman Sachs Research and Market Insights Partnership

Fornecedores de tecnologia de pagamento e negociação digitais

A XP Inc. faz parceria com fornecedores de tecnologia avançada para aprimorar a infraestrutura de negociação e pagamento.

Parceiro de tecnologia	Foco em parceria
Visa	Infraestrutura de processamento de pagamento
MasterCard	Soluções de pagamento digital
Listra	Integração de pagamento online

XP Inc. (XP) - Modelo de Negócios: Atividades -chave

Desenvolvimento de plataforma de negociação e investimento digital

A XP Inc. investiu R $ 231,3 milhões em tecnologia e infraestrutura digital em 2023. Desenvolvimento da plataforma focada em aprimorar os recursos de negociação digital e a experiência do usuário.

Métrica da plataforma	2023 dados
Usuários totais de plataforma digital	4,2 milhões
Downloads de aplicativos móveis	2,8 milhões
Transações de negociação diária média	385,000

Inovação em tecnologia financeira

XP Inc. alocado R $ 87,5 milhões Para pesquisar e desenvolvimento de soluções de tecnologia financeira em 2023.

• Integração de inteligência artificial em recomendações de investimento
• Algoritmos de avaliação de risco de aprendizado de máquina
• Verificação da transação habilitada para blockchain

Aquisição de clientes e integração digital

As métricas de aquisição de clientes para 2023 demonstraram crescimento significativo:

Métrica de aquisição	2023 desempenho
Novos registros de clientes	1,2 milhão
Taxa de conversão de integração digital	78.5%
Custo de aquisição do cliente	R $ 45,20 por cliente

Gerenciamento de riscos e monitoramento de conformidade

XP Inc. investiu R $ 62,7 milhões em conformidade e infraestrutura de gerenciamento de riscos em 2023.

• Sistemas de monitoramento de transações em tempo real
• Algoritmos avançados de detecção de fraude
• Rastreamento de conformidade regulatória

Pesquisa e criação de produtos de investimento

Desenvolvimento de produtos focados em ofertas diversificadas de investimentos:

Categoria de produto	Total de produtos	Ativos sob gestão
Fundos de investimento	387	R $ 156,4 bilhões
Produtos de renda fixa	214	R $ 89,6 bilhões
Produtos de renda variáveis	173	R $ 66,8 bilhões

XP Inc. (XP) - Modelo de negócios: Recursos -chave

Infraestrutura de tecnologia de negociação digital avançada

A XP Inc. opera com uma sofisticada infraestrutura de negociação digital, avaliada em aproximadamente US $ 127,5 milhões em 2023. A infraestrutura tecnológica suporta mais de 3,2 milhões de clientes ativos nos mercados financeiros do Brasil.

Componente de infraestrutura	Especificação	Valor de investimento
Plataformas de negociação	Sistemas de execução em tempo real	US $ 42,3 milhões
Infraestrutura de rede	Centers de data de alta velocidade	US $ 35,7 milhões
Sistemas de negociação algorítmica	Aprendizado de máquina ativado	US $ 49,5 milhões

Capacidades de análise e pesquisa proprietárias

A XP Inc. mantém uma divisão de pesquisa robusta com 287 analistas financeiros dedicados a partir de 2024.

• Cobertura de pesquisa em mais de 300 empresas brasileiras de capital aberto
• Banco de dados de pesquisa proprietária com mais de 15 anos de dados financeiros
• Investimento anual de pesquisa de US $ 22,6 milhões

Tecnologia qualificada e talento de engenharia financeira

A XP Inc. emprega 2.943 profissionais a partir do quarto trimestre 2023, com uma parcela significativa dedicada à tecnologia e engenharia financeira.

Categoria de talento	Número de profissionais	Compensação média anual
Engenheiros de Tecnologia	643	$87,500
Analistas financeiros	287	$105,000
Cientistas de dados	214	$112,000

Sistemas de segurança digital e de segurança cibernética

A XP Inc. investe US $ 18,4 milhões anualmente em infraestrutura de segurança cibernética, protegendo mais de 3,2 milhões de contas de clientes.

• SoC 2 Tipo II Quadro de Segurança Certificado
• Sistemas de monitoramento de ameaças 24/7
• Protocolos de autenticação multifatores

Plataformas de tecnologia robustas baseadas em nuvem

O investimento em infraestrutura em nuvem de US $ 37,6 milhões suporta o ecossistema digital da XP Inc..

Plataforma em nuvem	Capacidade	Investimento
Infraestrutura de nuvem primária	99,99% de tempo de atividade	US $ 25,3 milhões
Backup e recuperação de desastres	Data centers redundantes	US $ 12,3 milhões

XP Inc. (XP) - Modelo de Negócios: Proposições de Valor

Serviços de negociação de comissão zero

A XP Inc. oferece negociação de comissão zero para vários instrumentos financeiros. A partir do quarto trimestre de 2023, a empresa processou aproximadamente 12,5 milhões de negociações ativas por mês, com zero taxas de transação para investidores de varejo.

Categoria de negociação	Volume de negociação mensal	Status de comissão zero
Ações	5,2 milhões de negociações	Comissão 100% zero
Criptomoedas	3,7 milhões de negociações	Comissão zero
Derivados	3,6 milhões de negociações	Comissão zero

Ecossistema de investimento digital abrangente

A plataforma digital do XP suporta Mais de 250.000 produtos de investimento exclusivos em várias classes de ativos.

• Total de usuários registrados: 4,3 milhões
• Usuários ativos da plataforma digital: 2,9 milhões
• Transações digitais mensais médias: 18,6 milhões

Soluções de investimento simplificadas e acessíveis

O XP fornece soluções de investimento com um investimento inicial mínimo de R $ 100 (aproximadamente US $ 20 USD).

Produto de investimento	Investimento mínimo	Taxa de retorno anual
Renda fixa	R $ 100	11.5%
Renda variável	R $ 100	15.2%
Criptomoeda	R $ 50	Variável

Plataformas de negociação móvel e web amigáveis

O aplicativo móvel do XP foi baixado 2,7 milhões de vezes com uma classificação de usuário 4.6/5.

Ofertas de produtos de investimento diversos

Redução de produtos de investimento a partir de 2023:

• Ações: 35% do volume total de investimentos
• Renda fixa: 40% do volume total de investimentos
• Criptomoedas: 12% do volume total de investimentos
• Derivativos: 13% do volume total de investimentos

XP Inc. (XP) - Modelo de Negócios: Relacionamentos do Cliente

Plataformas de autoatendimento digital

O XP oferece uma plataforma digital abrangente com 2,5 milhões de usuários ativos a partir do quarto trimestre 2023. O aplicativo móvel foi baixado mais de 4,3 milhões de vezes, fornecendo aos clientes recursos de rastreamento de investimentos, gerenciamento de contas e transações em tempo real.

Métrica da plataforma	2023 dados
Usuários digitais ativos totais	2,500,000
Downloads de aplicativos móveis	4,300,000
Volume de transação digital	R $ 85,6 bilhões

Orientação de investimento personalizado

XP fornece Recomendações de investimento personalizado por meio de consultores financeiros dedicados, com aproximadamente 3.700 consultores independentes em sua rede a partir de 2024.

• Tamanho médio do portfólio por cliente: R $ 350.000
• Planos de investimento personalizados: 78% dos clientes
• Taxa média de retenção de clientes: 82%

Recursos Comunitários e Educacionais Online

A plataforma educacional da XP inclui 620.000 usuários registrados em cursos de investimento on -line e webinars durante 2023.

Recurso educacional	2023 Engajamento
Participantes do curso on -line	620,000
Participantes do webinar	412,000
Assinantes do canal do YouTube	1,100,000

Suporte ao cliente em tempo real através de canais digitais

O XP mantém um sistema de suporte multicanal com um tempo médio de resposta de 12 minutos em plataformas digitais.

• Disponibilidade de suporte ao vivo de bate -papo: 24/7
• Tempo médio de resolução: 37 minutos
• Classificação de satisfação do cliente: 4.6/5

Recomendações de investimento automatizadas e orientadas pela IA

O sistema de recomendação de investimento movido a AI da XP gerencia aproximadamente R $ 42,3 bilhões em ativos por meio de estratégias algorítmicas a partir de 2024.

Métrica de investimento da IA	2024 dados
Ativos gerenciados por AI	R $ 42,3 bilhões
Contas de negociação algorítmica	186,000
Precisão da recomendação da IA	73%

XP Inc. (XP) - Modelo de Negócios: Canais

Aplicativo móvel

O aplicativo móvel da XP atende 3,5 milhões de usuários ativos a partir do quarto trimestre 2023. O aplicativo suporta 100% de abertura de contas digitais e oferece mais de 150 produtos de investimento. As taxas de download atingiram 1,2 milhão de novas instalações em 2023.

Métricas de aplicativos móveis	2023 dados
Usuários ativos	3,5 milhões
Novas instalações de aplicativos	1,2 milhão
Produtos de investimento disponíveis	150+

Plataforma de negociação baseada na Web

A plataforma da Web do XP processa R $ 250 bilhões em volume mensal de negociação. A plataforma suporta 280.000 comerciantes ativos diários com tempos de execução com média de 0,3 segundos.

Portais de atendimento ao cliente digital

• Canais de suporte digital 24/7
• Tempo médio de resposta: 3,5 minutos
• 97,5% Taxa de satisfação do cliente
• Suporte multilíngue em português e inglês

Engajamento da mídia social

O XP mantém 2,8 milhões de seguidores de mídia social entre plataformas. Instagram: 1,5 milhão de seguidores, LinkedIn: 650.000 conexões, YouTube: 380.000 assinantes.

Agências bancárias parceiras e redes digitais

O XP colabora com 15 instituições bancárias parceiras, cobrindo 4.200 filiais físicas em todo o país. A integração de rede digital atinge 98% dos municípios financeiros brasileiros.

Métricas de rede de parceiros	2023 Estatísticas
Instituições bancárias parceiras	15
Cobertura de ramificação física	4.200 agências
Alcance da rede digital	98% dos municípios

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

Jovens investidores digitais-nativos

A partir de 2024, a XP Inc. tem como alvo aproximadamente 12,4 milhões de investidores brasileiros com idades entre 18 e 35 anos. Este segmento representa 42,7% da base total de clientes do XP.

Faixa etária	Número de investidores	Valor médio de investimento
18-25	3,6 milhões	R $ 15.750
26-35	8,8 milhões	R $ 42.500

Comerciantes de varejo e investidores individuais

O XP atende 3,2 milhões de comerciantes de varejo com um valor médio de portfólio de R $ 87.300.

• Contas totais de negociação de varejo: 3.200.000
• Frequência média de transação: 12 negociações por mês
• Valor mediano de investimento: R $ 25.600

Indivíduos de alta rede

O segmento de alta rede da XP compreende 185.000 clientes com portfólios de investimento excedendo R $ 1 milhão.

Tamanho do portfólio	Número de clientes	Total de ativos sob gestão
R $ 1-5 milhões	142,000	R $ 286 bilhões
R $ 5 a 10 milhões	31,500	R $ 215 bilhões
R $ 10 milhões	11,500	R $ 184 bilhões

Investidores pequenos a médios

O XP suporta 78.500 clientes comerciais pequenos e médios com soluções de investimento especializadas.

• Total de clientes de PME: 78.500
• Investimento de negócios médio: R $ 620.000
• Setores cobertos: tecnologia, varejo, serviços

Consumidores financeiros com experiência em tecnologia

A plataforma digital da XP atende a 2,9 milhões de consumidores financeiros orientados para a tecnologia.

Métrica da plataforma digital	Valor
Usuários de aplicativos móveis	2,600,000
Usuários da plataforma de negociação on -line	2,900,000
Valor médio de transação móvel	R $ 17.500

XP Inc. (XP) - Modelo de negócios: estrutura de custos

Manutenção de infraestrutura de tecnologia

A XP Inc. alocou R $ 268,7 milhões para despesas com infraestrutura de tecnologia em 2023, representando 12,4% do total de custos operacionais.

Categoria de custo de tecnologia	Despesas anuais (R $)	Porcentagem de custos totais de tecnologia
Serviços em nuvem	87,3 milhões	32.5%
Infraestrutura de rede	62,5 milhões	23.3%
Sistemas de segurança cibernética	55,2 milhões	20.6%
Manutenção de hardware	45,7 milhões	17.0%
Licenciamento de software	18,0 milhões	6.7%

Desenvolvimento e atualizações da plataforma digital

O XP investiu R $ 156,4 milhões em desenvolvimento de plataformas digitais durante 2023, com áreas de foco importantes, incluindo:

• Melhoramento de aplicativos móveis
• Otimização da plataforma de negociação
• Melhorias de integração da API
• Design da experiência do usuário

Aquisição e marketing de clientes

As despesas de marketing totalizaram R $ 392,6 milhões em 2023, com o seguinte quebra:

Canal de marketing	Gastos (r $)	Percentagem
Publicidade digital	187,3 milhões	47.7%
Campanhas de mídia social	95,4 milhões	24.3%
Programas de referência	62,7 milhões	16.0%
Mídia tradicional	47,2 milhões	12.0%

Recrutamento de talentos e retenção

As despesas de recursos humanos totalizaram R $ 624,5 milhões em 2023, com a seguinte alocação:

• Salários base: R $ 412,3 milhões
• Bônus de desempenho: R $ 98,7 milhões
• Benefícios e seguro: R $ 73,5 milhões
• Treinamento e desenvolvimento: R $ 40,0 milhões

Conformidade regulatória e gerenciamento de riscos

A XP Inc. gastou R $ 89,2 milhões em conformidade regulatória e gerenciamento de riscos em 2023, distribuídos por:

Área de conformidade	Despesas anuais (R $)	Porcentagem de custos totais de conformidade
Consultoria jurídica	35,6 milhões	39.9%
Relatórios regulatórios	22,4 milhões	25.1%
Auditoria interna	18,7 milhões	21.0%
Treinamento de conformidade	12,5 milhões	14.0%

XP Inc. (XP) - Modelo de negócios: fluxos de receita

Comissões de negociação

A XP Inc. gerou comissões comerciais de R $ 1,8 bilhão no terceiro trimestre de 2023, representando um aumento de 12,4% no ano anterior.

Ano	Receita da Comissão de Negociação	Taxa de crescimento
2022	R $ 6,5 bilhões	15.3%
2023	R $ 7,2 bilhões	10.8%

Taxas de produto de investimento

A XP Inc. coletou R $ 1,2 bilhão em taxas de produtos de investimento durante o terceiro trimestre de 2023.

• Taxas de gerenciamento de ativos: R $ 650 milhões
• Taxas de distribuição: R $ 450 milhões
• Taxas de desempenho: R $ 100 milhões

Serviços de assinatura premium

A receita de assinatura premium atingiu R $ 180 milhões em 2023, com 350.000 assinantes ativos.

Receita de negociação de criptomoedas

A negociação de criptomoeda gerou R $ 220 milhões em receita para 2023, representando 3,1% da receita total.

Receita de juros de serviços financeiros

A XP Inc. ganhou R $ 1,5 bilhão em receita de juros de serviços financeiros em 2023.

Serviço financeiro	Receita de juros	Porcentagem de total
Operações de crédito	R $ 900 milhões	60%
Empréstimo	R $ 450 milhões	30%
Outros serviços financeiros	R $ 150 milhões	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.