<SEC-DOCUMENT>0000950103-19-014948.txt : 20200109
<SEC-HEADER>0000950103-19-014948.hdr.sgml : 20200109
<ACCEPTANCE-DATETIME>20191104120718
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0000950103-19-014948
CONFORMED SUBMISSION TYPE:	DRSLTR
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20191104

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			XP Inc.
		CENTRAL INDEX KEY:			0001787425
		STANDARD INDUSTRIAL CLASSIFICATION:	SECURITY BROKERS, DEALERS & FLOTATION COMPANIES [6211]
		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="width: 69%; font-size: 10pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 20%">
        <P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">New York<BR>
        Northern California</P>
        <P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Washington DC<BR>
        S&atilde;o Paulo<BR>
        London</P></TD>
    <TD STYLE="width: 11%; font-size: 10pt; font-weight: bold; white-space: nowrap">Paris<BR>
Madrid<BR>
Tokyo<BR>
Beijing<BR>
Hong Kong</TD></TR>
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        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>Manuel Garciadiaz</B></P></TD></TR>
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        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Davis Polk &amp; Wardwell <FONT STYLE="font-size: 10pt">LLP</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">450 Lexington Avenue<BR>
        New York, NY 10017</P></TD>
    <TD STYLE="width: 47%">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">212 450 4000 tel</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">212 701 5800 fax</P></TD>
    <TD STYLE="width: 28%; font-size: 10pt">&nbsp;</TD></TR>
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<P STYLE="margin: 0; text-align: right"><B>CONFIDENTIAL</B></P>

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    <TD STYLE="width: 100%; font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">November 4, 2019</FONT></TD></TR>
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    <TD STYLE="width: 7%; font-size: 10pt"><B>Re:</B></TD>
    <TD STYLE="width: 93%">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>XP Inc.<BR>
        Amendment No. 1 to </B></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>Draft Registration Statement on Form F-1<BR>
        Submitted October 17, 2019<BR>
        CIK #0001787425</B></P></TD></TR>
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<P STYLE="margin: 0">&nbsp;</P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">U.S. Securities and Exchange Commission<BR>
Division of Corporation Finance<BR>
Office of Finance<BR>
100 F Street, N.E.<BR>
Washington, D.C. 20549-3628&nbsp;</P>

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<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left">Attn:</TD><TD>Cara Lubit, Staff Accountant<BR>
Hugh West, Accounting Branch Chief<BR>
Jessica Livingston, Staff Attorney<BR>
Michael Clampitt, Attorney Advisor</TD>
</TR></TABLE>



<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

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



<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">On behalf of our client, XP Inc. (the &ldquo;Company&rdquo;),
this letter sets forth the Company&rsquo;s responses to the comments provided by the staff (the &ldquo;Staff&rdquo;) of the Division
of Corporation Finance of the U.S. Securities and Exchange Commission (the &ldquo;Commission&rdquo;) in your letter dated October
31, 2019 (the &ldquo;Comment Letter&rdquo;). On September 13, 2019, the Company confidentially submitted a draft registration statement
on Form F-1 (the &ldquo;Draft Registration Statement&rdquo;) and on October 17, 2019, the Company confidentially submitted Amendment
No. 1 to the Draft Registration Statement (&ldquo;Amendment No. 1&rdquo;), relating to a proposed initial public offering of the
Company&rsquo;s Class A common shares via the Commission&rsquo;s Electronic Data Gathering, Analysis and Retrieval system (&ldquo;EDGAR&rdquo;)
to the Commission for confidential review pursuant to the Jumpstart Our Business Startups Act (the &ldquo;JOBS Act&rdquo;). The
Company has further revised the Draft Registration Statement and Amendment No. 1 in response to the Staff&rsquo;s comments and
is confidentially submitting concurrently with this letter Amendment No. 2 to the Draft Registration Statement (&ldquo;Amendment
No. 2&rdquo;), which reflects these revisions and updates and clarifies certain other information.</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">Amendment No. 2 also includes (i) the unaudited interim condensed
consolidated financial statements of XP Investimentos S.A. (the Company&rsquo;s principal operating subsidiary) as of September
30, 2019 and for the nine months ended September 30, 2019 and 2018, and (ii) certain ordinary course updates.</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 convenience of the Staff, each comment from the Comment
Letter is restated in italics prior to the response to such comment. All references to page numbers and captions (other than those
in the Staff&rsquo;s comments) correspond to pages and captions in Amendment No. 2. We are also sending, under separate cover,
a marked copy of Amendment No. 2 showing changes from Amendment No. 1.</P>

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

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Amendment No. 1 to Draft Registration Statement on Form
F-1</P>

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

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Introduction to XP, page 1</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.3in">1.</TD><TD>We note the revised disclosure in response to comment 7. Please tell us whether XP commissioned the report by Oliver Wyman
or any other third party cited in this section. Please also supplementally provide us with the documentation supporting the statement
that you are the &ldquo;#1 Ranked Financial Investment Brand in Brazil&rdquo; and disclose the date of the referenced third party
analyst research report. To expedite our review, please clearly mark supplemental documents to highlight the applicable portion
containing the relevant statistics.</TD></TR></TABLE>

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

<P STYLE="font: italic bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.3in">Response</P>

<P STYLE="font: italic bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.3in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.3in">The Company respectfully acknowledges the Staff&rsquo;s
comment and confirms that it commissioned the report by Oliver Wyman cited in Amendment No. 1 in September 2019. The Company also confirms that it has not commissioned any other
third party report cited in Amendment No. 1. In addition, the Company is supplementally providing the documentation, extracted
from the third party analyst research report dated April 2019 and marked to highlight the applicable portion containing the relevant
statistics, to support the statement that the Company is the &ldquo;#1 Ranked Financial Investment Brand in Brazil.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.3in">&nbsp;</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Dilution, page 62</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.3in">2.</TD><TD>Please revise the dilution section to add the information required by the first paragraph of Item 506 of Regulation S-K, as
applicable.</TD></TR></TABLE>

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

<P STYLE="font: italic bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.3in">Response</P>

<P STYLE="font: italic bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.3in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.3in">The Company respectfully acknowledges the Staff's comment
and has revised its disclosure on pages 65 and 66 of Amendment No. 2 to add the information required by the first paragraph of
Item 506 of Regulation S-K.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.3in">&nbsp;</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Management's Discussion and Analysis of Financial Condition
and Results of Operations Overview</P>

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

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Key Business Metrics, page 69</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.3in">3.</TD><TD>We note your revised disclosure and response to comment 15. We also note that your AUM growth (e.g., as discussed on page 71)
and related management fees (e.g. management fees (as disclosed in note 26 a) as a percentage of total revenue and income on page
F-5)</TD></TR></TABLE>

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


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<P STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.3in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.3in; text-indent: 0in">have grown significantly from
2016 through 2018. Considering this growth, it is not clear to us how you concluded that more granular information would not be
meaningful to investors. Therefore, we are reissuing our comment in part. Please expand your disclosure to provide more granular
details, such as AUM by asset class, type, or other classification that would be meaningful to an investor. Supplement your revised
disclosure with rollforwards and weighted average fee rates (by asset class, type, etc.) along with narratives explaining significant
trends, and enhance your discussion of how specific asset mix shifts are impacting revenues.</P>

<P STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.3in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.3in">Response</P>

<P STYLE="font: italic bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.3in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.3in">The Company respectfully acknowledges the Staff's comment
and has revised its disclosure on pages 73 to 76 of Amendment No. 2 to provide more granular details on the Company&rsquo;s AUM
and to expand its disclosure on rollforwards and weighted average fee rates.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.3in">&nbsp;</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Description of Principal Line Items</P>

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

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Total Revenue and Income, page 81</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.3in">4.</TD><TD>We note your response to comment 17. Please address the items below.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.3in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-style: normal">&bull;</FONT></TD><TD>We note your disclosure on page 81 quantifying (i)
revenues attributable to funds managed by your asset managers and those managed by third parties and (ii) performance-based and
non-performance-based fees for 2018. Expand your disclosures to provide this same information for 2017 and 2016. In addition,
expand the first bullet point on page 83, to differentiate and separately discuss (and quantify) your management fees and your
performance-based management fees.</TD>
</TR></TABLE>

<P STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.55in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.3in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-style: normal">&bull;</FONT></TD><TD>We note your disclosure on page 70 of the weighted
average management fee rate for 2018. Revise your disclosure to also include the weighted average management fee rates for 2017
and 2016. As applicable, expand your disclosure in MD&amp;A (e.g. Results of Operations on page 83) to include a narrative discussion
of any key trends affecting this rate year-over-year and its relationship to your management fee discussion.</TD>
</TR></TABLE>

<P STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.55in; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.3in">Response</P>

<P STYLE="font: italic bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.3in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.3in">The Company respectfully acknowledges the Staff's comment
and has revised its disclosure on pages 74 to 76 of Amendment No. 2 accordingly.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.3in">&nbsp;</P>

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

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

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Our Structure, page 128</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.3in">5.</TD><TD>We note the new disclosures in this section in response to comment 13. Given the importance of these new disclosures to understanding
your business, please relocate them to the Summary section.</TD></TR></TABLE>

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

<P STYLE="font: italic bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.3in">Response</P>

<P STYLE="font: italic bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.3in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.3in">The Company respectfully acknowledges the Staff's comment
and has revised its disclosure on pages 7 to 9 of Amendment No. 2 accordingly.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.3in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">*&#9;*&#9;*</P>

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


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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">cc:</TD><TD>Guilherme Dias Fernandes Benchimol, Chief Executive Officer, XP Inc.</TD></TR></TABLE>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"></TD><TD>Bruno Constantino Alexandre dos Santos, Chief Financial Officer, XP Inc.</TD></TR></TABLE>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"></TD><TD>Fabr&iacute;cio Cunha de Almeida, General Counsel, XP Inc.</TD></TR></TABLE>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"></TD><TD>Kieran McManus, PricewaterhouseCoopers Auditores Independentes</TD></TR></TABLE>

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