XP is a technology-driven investment platform and financial services firm in Brazil. XP's core business is an open-architecture investment platform that gives retail investors access to a wide range of financial products — equities, fixed income, mutual funds, structured products, retirement plans, and insurance — from both XP and third-party providers. XP argues this model directly challenges Brazil's large incumbent banks, which historically kept customers in low-yield, proprietary products with limited choice. XP serves roughly 4.8 million active retail clients across multiple channels: XP Direct for mass-affluent clients, Rico for self-directed investors, Clear for active traders, and a network of roughly 18,000 independent financial advisors. Revenue is primarily driven by client assets under custody, which reached R$1.5 trillion at year-end 2025, and is generated through advisory fees, distribution fees, asset management fees, net interest income, and capital markets fees. XP also derives roughly 26% of revenues from retail cross-sell products including credit cards, insurance, retirement plans, and collateralized loans. XP additionally runs a wholesale bank that originates and distributes corporate fixed income, earns capital markets fees, and provides derivatives and hedging solutions to corporate clients. The business model is asset-light, with technology enabling operating leverage as assets scale. XP's growth strategy centers on expanding investment market share in Brazil, deepening cross-sell penetration, and broadening into wealth planning services for a wider range of client segments.