XP Inc. (XP) is disrupting the financial services industry in Brazil. As more Brazilian investors are looking for new investment products and digital tools to manage their savings, XP Inc. has positioned itself as the leading alternative to traditional banks in the emerging retail investment market. Its business model has proved to be working incredibly well and this has not gone unnoticed for Itaú (ITUB) which, apart from being a competitor, has also become XP Inc.'s main shareholder.
As of 2019 year-end, XP had already 1.7 million active clients (+91% vs. 2018) and R$400 bn