Financial service platform, XP has announced the acquisition of a majority ownership stake in Fliper, an automated investment consolidation platform.
The Brazilian firm will enhance its offering with the deal, through a majority stake in the company that offers its users connectivity and tools to perform intuitive and intelligent financial self-management.
The transaction allows XP Inc. to offer its customers additional resources to manage their investments, as the open banking trend continues to accelerate in Brazil.
“The solution will allow us to improve the experience of our clients, who in many cases have accounts with more than one financial institution. Our intention is that XP Inc. customers consolidate all their investments and services within the group’s platforms. We are confident that with even more transparency and the ability to compare the quality of products, this migration will continue,” commented Gabriel Leal, XP’s Commercial Director.
The acquisition is part of XP Inc.’s growth strategy and affirms the value that the company sees in innovative fintechs, constantly seeking to attract the best entrepreneurs to complement and improve its investment platform.
Bruno Constantino, the group’s CFO added on the deal: “Both XP and Fliper carry innovation and disruption in their DNA. Hence, we believe the partnership further complements our ecosystem and has a great potential for long-term value creation.”
Renan Georges, founding partner of Fliper, also detailed: “being part of XP Inc. opens various opportunities for exponential business growth as we leverage synergies in the coming years. Also, as we remain independent, our users can be assured that we will work in the same manner with all financial institutions, offering transparency and always providing the best services aligning with their interests.”
The completion of the transaction is subject to approval by the Brazilian Central Bank.
