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Group structure (Tables)

12 Months Ended

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

X

- Definition

The disclosure of interests in subsidiaries. [Refer: Subsidiaries [member]]

+ References

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-Number 12
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