XP Inc. operates as one of Brazil's largest independent financial services and wealth management firms. The company's business model centers on an open-architecture investment platform that connects retail and institutional clients with a wide array of financial products, including equities, fixed income, mutual funds, structured products, and life insurance. XP generates revenue primarily through three segments: Retail, which is the largest and focuses on investment accounts and product distribution; Institutional, which handles securities intermediation for national and international clients; and Corporate & Issuer Services, which provides investment banking activities such as equity and debt capital markets (ECM and DCM) issuance, M&A, and financial advisory. Additionally, XP has expanded its ecosystem to include digital banking, credit cards, and a proprietary insurance business (XPV&P). The company leverages a vast network of over 18,000 independent financial advisors (IFAs) to distribute its products, giving it a strong competitive position against traditional Brazilian retail banks. While domiciled in the Cayman Islands, XP's operations and revenue generation are overwhelmingly concentrated in Brazil.
