XP is an undervalued Brazilian financial disruptor with a dominant advisory-led platform, strong capital returns, and meaningful upside if interest rates normalize.
Overview
XP Inc. is Brazil’s leading tech-enabled independent financial ecosystem, disrupting legacy banks through a digital platform and vast Independent Financial Advisor network. Retail investments remain the core revenue engine, but XP has expanded into banking, credit cards, collateralized lending, insurance, and retirement products. With 4.8M active clients, R$1.5T in client assets, and over 95% of revenue from Brazil, XP is a focused play on the structural migration of Brazilian wealth from traditional bank deposits into broader capital-market products.