XP connects with Brazil’s wealthy

It has made waves with an IPO and by building a strong retail banking platform. Less well known is how the firm is gatecrashing the country’s thriving wealth management industry.

Bridging the gap in São Paulo

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The IPO of XP Inc at the end of 2019 catapulted the company’s name recognition from a strong financial brand locally to global awareness as a new Brazilian financial player. The transaction was, after all, the ninth-largest IPO globally in 2019.

But even in Brazil XP is seen primarily as a retail investment platform. That’s unsurprising given that is what the main business is.

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