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Group structure (Tables) | 12 Months Ended
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Dec. 31, 2023
Disclosure of subsidiaries [abstract] |
Summary of direct and indirect interests of company in its subsidiaries | The following are the direct and indirect interests of Company in its subsidiaries for the purposes of these consolidated financial statements:
|  |  |  |  |  | % of Group’s interest (i)
Entity name |  | Country of incorporation |  | Principal activities |  | 2023 |  | 2022 |  | 2021
Directly controlled |  |  |  |  |  |  |  |  |  |
XP Investimentos S.A. |  | Brazil |  | Holding |  | 100.00 | % |  | 100.00 | % |  | 100.00 | %
XPAC Sponsor LLC |  | Cayman |  | Special Purpose Acquisition (SPAC) Sponsor |  | 100.00 | % |  | 100.00 | % |  | 100.00 | %
XProject LTD |  | Cayman |  | Holding |  | 100.00 | % |  | 100.00 | % |  | 100.00 | %
XP Holding International LLC |  | USA |  | International financial holding |  | 100.00 | % |  | 100.00 | % |  | 100.00 | %
XP Advisory US |  | USA |  | Investment advisor |  | 100.00 | % |  | 100.00 | % |  | 100.00 | %
XP Holding UK Ltd |  | UK |  | International financial holding |  | 100.00 | % |  | 100.00 | % |  | 100.00 | %
XP Controle 6 Participações S.A. (iv) |  | Brazil |  | Holding |  | 100.00 | % |  | — |  |  | — |
Indirectly controlled |  |  |  |  |  |  |  |  |  |
XP Investimentos Corretora de Câmbio, Títulos e Valores Mobiliários S.A. |  | Brazil |  | Broker-dealer |  | 100.00 | % |  | 100.00 | % |  | 100.00 | %
XP Vida e Previdência S.A. (iii) |  | Brazil |  | Retirement plans and insurance |  | 100.00 | % |  | 100.00 | % |  | 100.00 | %
Banco XP S.A. |  | Brazil |  | Multipurpose bank |  | 100.00 | % |  | 100.00 | % |  | 100.00 | %
XP Controle 3 Participações S.A. |  | Brazil |  | Financial Holding |  | 100.00 | % |  | 100.00 | % |  | 100.00 | %
XPE Infomoney Educação Assessoria Empresarial e Participações Ltda. |  | Brazil |  | Digital content services |  | 100.00 | % |  | 100.00 | % |  | 100.00 | %
Tecfinance Informática e Projetos de Sistemas Ltda. |  | Brazil |  | Rendering of IT services |  | 99.70 | % |  | 99.73 | % |  | 99.73 | %
XP Corretora de Seguros Ltda. |  | Brazil |  | Insurance broker |  | 99.99 | % |  | 99.99 | % |  | 99.99 | %
XP Gestão de Recursos Ltda. |  | Brazil |  | Asset management |  | 95.50 | % |  | 95.60 | % |  | 94.90 | %
XP Finanças Assessoria Financeira Ltda. |  | Brazil |  | Investment consulting service |  | 99.99 | % |  | 99.99 | % |  | 99.99 | %
Infostocks Informações e Sistemas Ltda. |  | Brazil |  | Mediation of information systems |  | 100.00 | % |  | 99.99 | % |  | 99.99 | %
XP Advisory Gestão Recursos Ltda. |  | Brazil |  | Asset management |  | 99.53 | % |  | 99.55 | % |  | 99.54 | %
XP Vista Asset Management Ltda. |  | Brazil |  | Asset management |  | 99.99 | % |  | 99.99 | % |  | 99.50 | %
XP Controle 4 Participações S.A. |  | Brazil |  | Insurance holding |  | 100.00 | % |  | 100.00 | % |  | 100.00 | %
XP Investments UK LLP |  | UK |  | Inter-dealer broker and Organized Trading Facility (OTF) |  | 100.00 | % |  | 100.00 | % |  | 100.00 | %
XP Holding UK Ltd |  | UK |  | International financial holding |  | 100.00 | % |  | 100.00 | % |  | 100.00 | %
XP Investments US, LLC |  | USA |  | Broker-dealer |  | 100.00 | % |  | 100.00 | % |  | 100.00 | %
XP PE Gestão de Recursos Ltda. |  | Brazil |  | Asset management |  | 98.10 | % |  | 98.70 | % |  | 98.70 | %
Antecipa S.A. |  | Brazil |  | Receivables financing market |  | 100.00 | % |  | 100.00 | % |  | 100.00 | %
XP Allocation Asset Management Ltda. |  | Brazil |  | Asset management |  | 99.97 | % |  | 99.99 | % |  | 99.99 | %
XP Eventos Ltda. |  | Brazil |  | Media and events |  | 100.00 | % |  | 100.00 | % |  | 99.90 | %
DM10 Corretora de Seguros Ltda. |  | Brazil |  | Insurance broker |  | 100.00 | % |  | 100.00 | % |  | 100.00 | %
XP Comercializadora de Energia Ltda. |  | Brazil |  | Energy trading |  | 100.00 | % |  | 100.00 | % |  | 100.00 | %
XPAC Acquisition Corp. (vi) |  | Cayman |  | Special Purpose Acquisition (SPAC) |  | — |  |  | 20.00 | % |  | 20.00 | %
XP Distribuidora de Títulos e Valores Mobiliários |  | Brazil |  | Securities dealer |  | 100.00 | % |  | 100.00 | % |  | 100.00 | %
Instituto de Gestão e Tecnologia da Informação Ltda. |  | Brazil |  | Educational content services |  | 100.00 | % |  | 100.00 | % |  | 100.00 | %
Xtage Intermediação S.A. |  | Brazil |  | Digital assets |  | 100.00 | % |  | 100.00 | % |  | 100.00 | %
XP Administradora de Benefícios Ltda. |  | Brazil |  | Individual health plan intermediation |  | 100.00 | % |  | 100.00 | % |  | — |
BTR Administração e Corretagem de Seguros S.A. (ii) |  | Brazil |  | Retirement plans and insurance |  | 100.00 | % |  | 100.00 | % |  | — |
XP Representação Seguros Ltda. (iv) |  | Brazil |  | Insurance broker |  | 100.00 | % |  | — |  |  | — |
Banco Modal S.A. (ii) |  | Brazil |  | Multipurpose bank |  | 100.00 | % |  | — |  |  | — |
Modal Assessoria Financeira Ltda. (ii) |  | Brazil |  | Investment consulting services |  | 100.00 | % |  | — |  |  | — |
|  |  |  |  |  | % of Group’s interest (i)
Entity name |  | Country of incorporation |  | Principal activities |  | 2023 |  | 2022 |  | 2021
Modal Distribuidora de Títulos e Valores Mobiliários Ltda. (ii) |  | Brazil |  | Securities dealer |  | 100.00 | % |  | — |  |  | — |
Modalmais Treinamento e Desenvolvimento Ltda. (ii) |  | Brazil |  | Professional training services |  | 100.00 | % |  | — |  |  | — |
Modal Corretora de Seguros Ltda. (ii) |  | Brazil |  | Insurance broker |  | 100.00 | % |  | — |  |  | — |
Eleven Serviços de Consultoria e Análise S.A. (ii) |  | Brazil |  | Investment consulting services |  | 100.00 | % |  | — |  |  | — |
Banking and Trading Desenvolvimento de Sistemas Ltda. (“Carteira Global”) (ii) |  | Brazil |  | Softwares development services |  | 100.00 | % |  | — |  |  | — |
Refinaria de Dados – Análise de Dados Ltda. (ii) |  | Brazil |  | Digital content services |  | 100.00 | % |  | — |  |  | — |
Hum Bilhão Educação Financeira Ltda. (ii) |  | Brazil |  | Digital content services |  | 100.00 | % |  | — |  |  | — |
Vaivoa Educação Financeira Ltda. (ii) |  | Brazil |  | Digital content services |  | 100.00 | % |  | — |  |  | — |
Modal As a Service S.A. (ii) |  | Brazil |  | Financial services |  | 100.00 | % |  | — |  |  | — |
Galapos Consultoria e Participações Ltda. (ii) |  | Brazil |  | Consulting services |  | 100.00 | % |  | — |  |  | — |
W2D Tecnologia e Soluções Ltda. (ii) |  | Brazil |  | Rendering of IT services |  | 100.00 | % |  | — |  |  | — |
XP Controle 5 Participações Ltda. |  | Brazil |  | Holding |  | 100.00 | % |  | 96.00 | % |  | 92.00 | %
XP Sports Asset Management Ltda. (ii) |  | Brazil |  | Asset management |  | 100.00 | % |  | — |  |  | — |
Carteira Online Controle de Investimentos Ltda. – ME (v) |  | Brazil |  | Investment consolidation platform |  | — |  |  | 100.00 | % |  | 99.99 | %
Track Índices Consultoria Ltda. |  | Brazil |  | Index provider |  | — |  |  | — |  |  | 100.00 | %
Habitat Capital Partners (v) |  | Brazil |  | Asset management |  | — |  |  | 99.99 | % |  | — |
Consolidated investments funds |  |  |  |  |  |  |  |  |  |
Aetos Energia Fundo de Investimento em Direitos Creditórios |  | Brazil |  | Investment fund |  | 100.00 | % |  | — |  |  | — |
Consignado Público XP Fundo de Investimento em Direitos Creditórios |  | Brazil |  | Investment fund |  | 100.00 | % |  | — |  |  | — |
Falx Fundo de Investimento Multimercado Crédito Privado Investimento no Exterior |  | Brazil |  | Investment fund |  | 100.00 | % |  | 100.00 | % |  | 100.00 | %
Gladius Fundo de Investimento Multimercado Investimento no Exterior |  | Brazil |  | Investment fund |  | 100.00 | % |  | 100.00 | % |  | 100.00 | %
Scorpio Debentures Incentivadas Fundo de Investimento Multimercado Crédito Privado |  | Brazil |  | Investment fund |  | 100.00 | % |  | 100.00 | % |  | 100.00 | %
SMF Fundo de Investimento Multimercado Crédito Privado |  | Brazil |  | Investment fund |  | 100.00 | % |  | — |  |  | — |
Javelin Fundo de Investimento Multimercado Crédito Privado Investimento no Exterior |  | Brazil |  | Investment fund |  | 100.00 | % |  | 100.00 | % |  | 100.00 | %
Frade Fundo de Investimento em Cotas de Fundos de Investimento em Direitos Creditórios NP |  | Brazil |  | Investment fund |  | 100.00 | % |  | 100.00 | % |  | 100.00 | %
Frade III Fundo de Investimento em Cotas de Fundo de Investimento Multimercado Crédito Privado |  | Brazil |  | Investment fund |  | 100.00 | % |  | 100.00 | % |  | 100.00 | %
Coliseu Fundo de Investimento Multimercado Crédito Privado Investimento no Exterior |  | Brazil |  | Investment fund |  | 100.00 | % |  | 100.00 | % |  | 100.00 | %
NIMROD Fundo de Investimento Multimercado Crédito Privado Investimento no Exterior |  | Brazil |  | Investment fund |  | 100.00 | % |  | 100.00 | % |  | 100.00 | %
XP High Yield Fund SP |  | Cayman |  | Investment fund |  | 100.00 | % |  | 100.00 | % |  | 100.00 | %
XP International Fund SPC |  | Cayman |  | Investment fund |  | 100.00 | % |  | 100.00 | % |  | 100.00 | %
XP Managers Fundo de Investimento em Participações Multiestratégia |  | Brazil |  | Investment fund |  | 100.00 | % |  | 100.00 | % |  | 100.00 | %
XP Alesia Fund SP CL Shares - Brazil Internacional Fund SPC. |  | Cayman |  | Investment fund |  | 100.00 | % |  | 100.00 | % |  | 100.00 | %
Newave Fundo de Investimento em Participações Multiestratégia (v) |  | Brazil |  | Investment fund |  | — |  |  | 100.00 | % |  | 100.00 | %
Endor Fundo de Investimento em Participações Multiestratégia Investimento no Exterior |  | Brazil |  | Investment fund |  | 100.00 | % |  | 100.00 | % |  | 100.00 | %
XP Phalanx CT Fund |  | Cayman |  | Investment fund |  | 100.00 | % |  | 100.00 | % |  | — |
MM Macadâmia FIM CP IE (ii) |  | Brazil |  | Investment fund |  | 100.00 | % |  | — |  |  | — |
MM Hedge Icon (ii) |  | Nassau |  | Investment fund |  | 99.37 | % |  | — |  |  | — |
Suécia I Fundo de Investimento Multimercado (ii) |  | Brazil |  | Investment fund |  | 100.00 | % |  | — |  |  | — |
Suécia II Fundo de Investimento Multimercado (ii) |  | Brazil |  | Investment fund |  | 100.00 | % |  | — |  |  | — |
(i)The percentage of participation represents the Group’s interest in total capital and voting capital of its subsidiaries. (ii)New subsidiaries acquired in 2023 and 2022. See further details in Note 5 (ii) Business combinations, below. (iii)Subsidiary incorporated in 2018 for operating in the retirement plans and life insurance business, which is regulated by the Superintendency of Private Insurance (SUSEP) in Brazil. (iv)New subsidiaries and investment funds incorporated in the year. (v)Subsidiaries and investment funds closed or consolidated by other funds/companies during the year. (vi)Subsidiaries which the Group holds or has held the operational control. The operational control refers to relevant rights the Company have over the subsidiary, that includes, among other topics, the right to nominate the directors and propose the target entity for merger.
Summary of fair value of the identifiable assets acquired and liabilities |
Identified assets at the acquisition date |  | Amount |  | Method |  | Expected useful life
Retail client portfolio |  | 169,828 |  |  | Multi-Period Excess Earnings |  | 6 years, 11 months
Institutional client portfolio |  | 51,629 |  |  | Multi-Period Excess Earnings |  | 4 years, 6 months
Core deposits |  | 134,273 |  |  | With and Without |  | 9 years, 6 months
Trademarks |  | 29,909 |  |  | Relief-from-Royalty |  | 5 years
Softwares |  | 4,311 |  |  | Cost Approach |  | 5 years
Total |  | 389,950 |  |  |  |  |
For the period from July 1, 2023 to December 31, 2023, Banco Modal contributed R$ 93,611 to XP Inc's net income and R$ 343,258 to XP Inc's net revenues. If the acquisition date was on the beginning of the reporting period, XP Inc's combined unaudited net income and revenue for the year ended December 31, 2023, would be R$ 3,595,461 and R$ 14,896,966, respectively. The table below shows the fair value of the net assets acquired and the preliminary allocation of the purchase price consideration (including goodwill arising on the acquisition), as well as the impacts on the Group's cash flows:
Fair value of net assets acquired |  | July 1, 2023
Assets |  |
Cash and cash equivalents |  | 770,887 |
Financial assets |  | 4,295,122 |
Investments in associates and joint ventures |  | 765 |
Property and equipment |  | 39,532 |
Intangible assets |  | 67,663 |
Other assets |  | 751,682 |
Total assets |  | 5,925,651 |
Liabilities |  |
Financial liabilities |  | 4,667,146 |
Other liabilities |  | 783,675 |
Total liabilities |  | 5,450,821 |
Net assets at fair value |  | 474,829 |
Identified assets |  |
Client portfolios |  | 221,457 |
Core deposits |  | 134,273 |
Trademarks |  | 29,909 |
Software |  | 4,311 |
Total identified assets |  | 864,779 |
Goodwill determination |  |
Purchase consideration transferred |  | 2,097,326 |
(Less) fair value of identified assets |  | (864,779) |
Goodwill |  | 1,232,547 |
Analysis of cash flow on acquisition |  |
Net cash acquired with the subsidiary |  | 770,887 |
Issuance of shares – XP Inc (non-cash) |  | — |
Net of cash flow on acquisition (investing activities) |  | 770,887 |
Summary of fair value of the identifiable assets acquired and liabilities1 [Table Text Block] |
|  | Habitat
Assets |  |
Cash |  | 275 |
Accounts receivable |  | 4,977 |
Securities |  | 240 |
Property and equipment |  | 251 |
Other assets |  | 1,063 |
|  | 6,806 |
Liabilities |  |
Tax and social security obligations |  | (1,424) |
Other liabilities |  | (66) |
Total identifiable net assets at fair value |  | 5,316 |
Goodwill arising on acquisition |  | 60,037 |
Purchase consideration transferred |  | 65,353 |

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