Brazil’s digital banking industry is now into full-blown consolidation mode.
Make no mistake about the driver of this deal: it brings zero new functionality to XP and breaks no new ground in terms of products or services. It brings no innovative technology – the platforms will be run largely independently for the foreseeable future – or much-needed management or workforce expertise.
XP points to Modal’s leadership in mini-futures as added capability, but – even generously assuming this is true – such additionally would take a couple of weeks of organic development.
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