XP Inc. acquires stake in FinTech Fliper targetting Open Banking

By Pavithra R

Brazil-based XP Inc., transforming the financial market to improve people’s lives has announced that the company has acquired a majority ownership stake in Fliper, an automated investment consolidation platform that offers its users connectivity, transparency, and tools, to perform intuitive and intelligent financial self-management. The completion of the transaction is subject to approval by the Brazilian Central Bank.

The acquisition is part of XP Inc.’s growth strategy and reinforces the value that the company sees in innovative FinTech’s seeking to attract the best entrepreneurs to complement and improve its investment platform. Under the acquisition agreement, Fliper’s founders: Felipe Bonani, Renan Georges and Walter Poladian will remain stakeholders in the company and maintain full independence to manage the business with the support of XP Inc.’s structure – technology, security, back-office and marketing to drive sustainable growth.

“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,” said Gabriel Leal, XP’s Commercial Director.

Founded in 2017, Fliper aims to transform people’s relationship with their finances by facilitating financial self management and boosting income, providing a single view of their investments across several financial institutions, allowing automatic investment consolidation, comparison of portfolio performance, and monitoring of the evolution of assets. The company has over R$7 bn of mapped assets on its platform and sees the potential to surpass five mn users in the coming years.

“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,” said Bruno Constantino, XP’s CFO.

“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,” said Renan Georges, founding partner of Fliper.

Established since 2001, XP Inc. is a technology-driven financial services platform and a trusted provider of low-fee financial products and services.