With billionaire profits and new products, XP targets 50 million customers in the coming years – Expert 2021

Guilherme Benchimol, founder of XP, and Thiago Maffra, CEO of XP, made the opening panel of Expert 2021 (Publishing)

Guilherme Benchimol, founder of XP, and Thiago Maffra, CEO of XP, made the opening panel of Expert 2021 (Publishing)

SAO PAULO – XP Inc. has been expanding the offer of financial products and services and, as a result, may reach the mark of 50 million customers in the coming years. The projection was made by Thiago Maffra, CEO of the company, and Guilherme Benchimol, founder and executive chairman of the company’s board of directors, at the opening of Expert XP, which started today.

In the last year and a half, XP has launched products such as credit card, digital account and credit lines. “We want to further expand our product offering in credit, corporate, banking and insurance and transform these other lines of business just as we did into investments,” said Maffra.

Currently, XP has around 3 million active customers. In the quarter ended June 30, it had R$ 817 billion in assets under custody, 88% higher than in the same period in 2020. Net income grew 83% in this period and reached R$ 1.034 billion.

During the event, Benchimol recalled another ambitious projection that XP had made three years ago: reaching R$1 trillion in custody. “They called us crazy,” he said, but the company is close to the number.

“As much as we have made a good mess in the right direction so far, the feeling is that the project is just beginning,” said Benchimol. “When we put together a team of entrepreneurs, of people who believe in what they do, who are committed to the purpose and the cause, they want to do more and better. We can’t have a finish line.”

Benchimol also recalled the beginnings of XP, 20 years ago, and the company’s educational DNA. “When I started the company, I knew that the Brazilian financial system was very concentrated and it would not be easy to fight the big Brazilian banks. But I understood that, through education, if I helped people to understand what was going on in the financial market, they would open their minds and realize that they could invest better than they would through the incumbent banks.”

Maffra added that Expert XP and other initiatives such as professional training courses show that the company remains committed to education. “We will continue to invest more and more in education because we believe that this is how we are going to transform Brazil.”

Expert XP runs until Thursday, the 26th, and will feature panels with Hillary Clinton, Michael Bloomberg, Paulo Guedes, Roberto Campos Neto, Randi Zuckerberg and investors such as Larry Fink, Howard Marks and Luis Stuhlberger. Sign up, see the full schedule and see how to participate.

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