<SEC-DOCUMENT>0000950103-19-012337.txt : 20200109
<SEC-HEADER>0000950103-19-012337.hdr.sgml : 20200109
<ACCEPTANCE-DATETIME>20190913142957
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0000950103-19-012337
CONFORMED SUBMISSION TYPE:	DRSLTR
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20190913

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			XP Inc.
		CENTRAL INDEX KEY:			0001787425
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			E9
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		DRSLTR

	BUSINESS ADDRESS:	
		STREET 1:		AV. CHEDID JAFET 75, TORRE SUL
		STREET 2:		30TH FLOOR, VILA OLIMPIA
		CITY:			SAO PAULO
		STATE:			D5
		ZIP:			00000
		BUSINESS PHONE:		55-11-3075-0429

	MAIL ADDRESS:	
		STREET 1:		AV. CHEDID JAFET 75, TORRE SUL
		STREET 2:		30TH FLOOR, VILA OLIMPIA
		CITY:			SAO PAULO
		STATE:			D5
		ZIP:			00000
</SEC-HEADER>
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    <TD STYLE="vertical-align: top; width: 69%"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; width: 20%; font-weight: bold"><FONT STYLE="font-size: 9pt">New York<BR>
    Northern California<BR>
    Washington DC<BR>
    S&atilde;o Paulo<BR>
    London</FONT></TD>
    <TD STYLE="vertical-align: top; width: 11%; font-weight: bold"><FONT STYLE="font-size: 9pt">Paris<BR>
    Madrid<BR>
    Tokyo<BR>
    Beijing<BR>
    Hong Kong</FONT></TD>
    </TR>
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    <TD COLSPAN="3"><P STYLE="margin-top: 0; margin-bottom: 0"><IMG SRC="image_002.jpg" ALT="DavisPolk" STYLE="height: 30px; width: 155px">&nbsp;</P></TD></TR>
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    <TD COLSPAN="2"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt"><B>Manuel Garciadiaz</B></FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt"></FONT></P></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 25%"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt">Davis Polk &amp; Wardwell
        LLP</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt"></FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt">450 Lexington Avenue<BR>
New York, NY 10017&nbsp;</FONT></P></TD>
    <TD STYLE="width: 44%"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt">212 450 6095 tel</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt"></FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt">212 450 6858 fax</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt">manuel.garciadiaz@davispolk.com</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P></TD>
    <TD STYLE="width: 31%; font-size: 10pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
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    <TD COLSPAN="3" STYLE="text-align: right; font-size: 10pt; text-transform: uppercase; font-weight: bold">&nbsp;</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
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    <TD COLSPAN="2" STYLE="font-size: 10pt">September 13, 2019</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 7%; font-size: 10pt">Re:</TD>
    <TD STYLE="width: 93%">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">XP Inc.<BR>
        Confidential Submission of the Draft Registration Statement on Form F-1</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Submitted September 13, 2019&nbsp;</P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><BR>
<BR>
</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">U.S. Securities and Exchange Commission</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Division of Corporation Finance<BR>
100 F Street, N.E.<BR>
Washington, D.C. 20549<BR>
<BR>
</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Ladies and Gentlemen:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">On behalf of our client, XP Inc. (the &ldquo;Company&rdquo;),
an exempted company with limited liability incorporated under the laws of the Cayman Islands, which was incorporated in August
2019, we have confidentially submitted a draft registration statement on Form F-1 (the &ldquo;Draft Registration Statement&rdquo;)
relating to a proposed initial public offering ( &ldquo;IPO&rdquo;) of the Company&rsquo;s Class A common shares via EDGAR to the
Securities and Exchange Commission (the &ldquo;Commission&rdquo;) for confidential review pursuant to the Jumpstart Our Business
Startups Act (the &ldquo;JOBS Act&rdquo;).</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">For the staff&rsquo;s convenience, we have also enclosed three
copies of the Draft Registration Statement, as confidentially submitted on EDGAR. The Company confirms that it is an &ldquo;emerging
growth company&rdquo;, as defined in the JOBS Act and its securities have not been previously sold pursuant to an effective registration
statement under the Securities Act of 1933, as amended (the &ldquo;Act&rdquo;).</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Prior to the IPO, the shareholders of XP Investimentos
S.A. (&ldquo;XP Brazil&rdquo;) will contribute substantially all of the shares of XP Brazil to the Company in exchange for shares
in the Company.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">A formal filing of the Registration Statement will be made at
a later date, which in no event will be later than 15 days before the Company commences its road show.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">The review partner for this submission at the current audit firm,
PricewaterhouseCoopers Auditores Independentes, is Kieran McManus, who can be reached at +55 11 3674-3667.<BR>
<BR>
Please do not hesitate to contact me at 212-450-6095 or manuel.garciadiaz@davispolk.com or Byron Rooney at 212-450-4658 or byron.rooney@davispolk.com
or Konstantinos Papadopoulos at 212-450-6189 or konstantinos.papadopoulos@davispolk.com if you have any questions regarding the
foregoing or if I can provide any additional information.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><BR>
Very truly yours,</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">/s/ Manuel Garciadiaz<BR>
<BR>
Manuel Garciadiaz</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

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<TD STYLE="width: 0.5pt"></TD><TD STYLE="width: 27.85pt">cc:</TD><TD>Guilherme Dias Fernandes Benchimol, Chief Executive Officer, XP Inc.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.1pt; text-indent: 0.25pt">Bruno Constantino Alexandre dos
Santos, Chief Financial Officer, XP Inc.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.1pt; text-indent: 0.25pt">Fabr&iacute;cio Cunha de Almeida, General Counsel, XP Inc.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.1pt; text-indent: 0.25pt"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.1pt; text-indent: 0.25pt">Kieran McManus, PricewaterhouseCoopers
Auditores Independentes</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.1pt; text-indent: 0.25pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.1pt; text-indent: 0.25pt"></P>

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