Who Owns XP Company?

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Who Owns XP Inc.?

Understanding company ownership is key to grasping its direction and accountability. XP Inc., a major Brazilian investment and financial services firm, saw its ownership structure change significantly with its Nasdaq IPO in December 2019. This event marked a transition from private to public ownership.

Founded in 2001, XP Inc. has grown into a tech-focused platform offering diverse investment products and financial services. Its mission to democratize financial markets in Brazil has driven its expansion. By December 2024, XP Inc. served over 4.7 million clients and reported R$18 billion in gross revenue for 2024.

Who owns XP Inc.?

XP Inc. was established in May 2001 by Guilherme Benchimol and Marcelo Maisonnave in Porto Alegre, Brazil. Benchimol, an economist, initiated the company with a modest capital of approximately R$15,000, which was about $2,100 at the time. His core objective was to demystify financial investments and foster financial literacy among new investors, addressing a significant gap in Brazil's traditional financial sector.

Founding Vision

Guilherme Benchimol envisioned simplifying financial investments and educating novice investors. This focus on financial literacy was a key differentiator in Brazil's financial landscape at the time.

Initial Capitalization

The company began with an initial capital of around R$15,000, roughly $2,100 USD. Benchimol personally contributed by selling his car and securing loans to fund the early stages of the venture.

Early Partnership

Marcelo Maisonnave joined Guilherme Benchimol to co-found XP Investimentos. Their combined efforts laid the groundwork for the company's future expansion and success.

Third Partner's Entry

Ana Clara became the third partner by receiving a 10% stake. This occurred when the founders lacked the immediate funds to compensate her for her internship work.

Core Business Focus

The initial operations centered on facilitating stock trading and providing financial education. This dual approach aimed to empower individuals with investment knowledge and tools.

Growth and Diversification

Within two years, XP opened a second office. By 2006, the company ventured into asset management, and in 2009, it expanded into insurance brokerage, demonstrating consistent growth and strategic diversification.

The founding team's dedication to financial education and their strategy to disintermediate traditional financial institutions were fundamental to XP's initial business model and ownership distribution. This early commitment shaped the company's trajectory, influencing its Revenue Streams & Business Model of XP and its market positioning.

Early Ownership Structure

The initial ownership of XP Inc. was closely held by its founders, reflecting a bootstrapped and organic growth strategy. This early structure prioritized the founders' vision and commitment.

• Guilherme Benchimol and Marcelo Maisonnave were the primary founders.
• Ana Clara held a 10% stake, becoming a significant early partner.
• The company was initially self-funded, with founders making personal sacrifices.
• The ownership structure was designed to align with the company's mission of financial empowerment.

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XP Inc.'s ownership has seen significant shifts, notably with Itaú Unibanco's substantial investment in May 2017 and its subsequent IPO on Nasdaq in December 2019. These events reshaped the company's shareholder landscape and strategic direction.

The ownership structure of XP Inc. is characterized by a significant concentration of voting power, even as institutional investors collectively hold the largest portion of shares. This dual-class share system means that while many entities hold equity, a smaller group wields considerable control over corporate decisions.

Key XP Inc. Stakeholders

Understanding who owns XP Inc. is crucial for assessing its strategic direction and market influence. The company's ownership is a mix of institutional powerhouses, public investors, and a controlling entity.

• Institutional investors collectively own 63% of XP Inc. as of July 12, 2025.
• The general public, comprising individual investors, holds a 26% stake.
• Private equity firms maintained a 14% ownership as of April 13, 2025.
• XP Control LLC holds a significant 70.94% of total voting power, despite owning 19.58% of shares as of May 20, 2025.
• Major institutional shareholders include Dodge & Cox (8.0%), BlackRock, Inc. (7.7%), and Capital Research and Management Company (7.5%).
• The top 14 shareholders collectively own 50% of the company, indicating a widely distributed, yet concentrated, ownership among large entities.
• Itaú Unibanco Holding S.A. held 7.872% of shares as of July 2024, reflecting its earlier strategic investment.

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As of July 2025, Guilherme Benchimol holds the position of Chairman of the board of directors for XP Inc. The board structure has been adjusted to include a majority of independent directors, enhancing oversight and strategic guidance. This composition, following the May 24, 2024, Annual Meeting of Shareholders, now features five independent directors and three non-independent directors, alongside Founder and Chairman Guilherme Benchimol, aiming to better represent non-controlling shareholders.

XP Inc. employs a dual-class share structure that centralizes voting power. As of May 20, 2025, XP Control LLC, while possessing 19.58% of the total shares, controls 70.94% of the total votes. This arrangement, with a free float of 80.22% of total shares, is designed to prevent hostile takeovers and facilitate board negotiations. Recent corporate governance enhancements in April 2024 included the establishment of new board committees, such as the Risks, Credit and ESG Committee and the Strategy and Performance Committee, to refine decision-making processes.

XP Inc. Ownership and Control

XP Inc.'s ownership is characterized by a significant concentration of voting power within XP Control LLC, despite a large public float. This structure ensures that the founder's vision and strategic direction are maintained.

• XP Control LLC holds 70.94% of the total votes as of May 20, 2025.
• The free float of XP Inc. shares stands at 80.22% of total shares.
• Guilherme Benchimol, the founder, serves as Chairman of the board.
• The board is majority-independent, with 5 independent directors.
• Corporate governance was strengthened in April 2024 with new committee formations.

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Over the past few years, XP Inc. has undergone significant strategic shifts, particularly concerning its capital structure and shareholder returns. A key development was the completion of a corporate reorganization in November 2024, designed to boost capital return efficiency and leverage potential through Banco XP, impacting both retail and wholesale operations.

XP Inc. has demonstrated a commitment to returning capital to shareholders, distributing 74% of its net income in 2024 via dividends and share buybacks. This strategy is further reinforced by a new R$1 billion share repurchase program announced in May 2025. These buybacks have been instrumental in driving earnings per share growth at a faster pace than net income. The company's operational efficiency has also seen marked improvement, with its efficiency ratio reaching a post-IPO low of 34.1% in Q1 2025.

Institutional Ownership Growth

Institutional investors held 63% of XP Inc.'s shares as of April 2025. This substantial institutional backing means their trading activities can significantly influence the stock's performance.

Strategic Expansion and Market Ambitions

XP Inc. continues to broaden its product portfolio, introducing new offerings like loans and current accounts. The company's overarching goal remains to challenge the dominance of Brazil's largest traditional banks.

Founder's Continued Influence

While Guilherme Benchimol transitioned from CEO to Chairman of the Board in May 2021, he continues to provide strategic oversight. This ensures his vision remains central to the company's direction.

Transparency and Reporting

XP Inc. maintains a high level of transparency by regularly filing its annual reports on Form 20-F with the U.S. Securities and Exchange Commission (SEC). These filings offer detailed insights into its financial health and ownership structure, crucial for understanding Target Market of XP.

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