Business

XP acquires majority stake in fintech Fliper focusing on open banking in Brazil

Fliper allows users a single view of their investments across several financial institutions, simplifying the comparison of products

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  • The acquisition is part of XP Inc.’s growth strategy and complements its own investment platform;
  • Fliper has over  BRL 7 billion of mapped assets on its platform and sees the potential to surpass 5 million users.

XP, a financial services company in Brazil, announced the acquisition of a majority ownership stake in Fliper, an automated investment platform. The transaction, whose value was not disclosed, allows XP to offer its customers additional resources to manage their investments, as the open banking trend continues to accelerate in Brazil.

The acquisition is part of XP Inc.’s growth strategy and complements its own investment platform. Fliper’s founders (Felipe Bonani, Renan Georges and Walter Poladian) remain stakeholders in the company and will manage the business with the support of XP’s security, technology, back-office and marketing.

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Fliper was founded in 2017 and provides users a single view of their investments across several financial institutions, allowing automatic consolidation, comparison of portfolio performance and monitoring of the evolution of assets. Fliper has over  BRL 7 billion of mapped assets on its platform and sees the potential to surpass 5 million users in the coming years.

“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 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.

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