<SEC-DOCUMENT>0000945621-25-000442.txt : 20250509
<SEC-HEADER>0000945621-25-000442.hdr.sgml : 20250509
<ACCEPTANCE-DATETIME>20250509125741
ACCESSION NUMBER:		0000945621-25-000442
CONFORMED SUBMISSION TYPE:	SCHEDULE 13G/A
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20250509
DATE AS OF CHANGE:		20250509

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			XP Inc.
		CENTRAL INDEX KEY:			0001787425
		STANDARD INDUSTRIAL CLASSIFICATION:	SECURITY BROKERS, DEALERS & FLOTATION COMPANIES [6211]
		ORGANIZATION NAME:           	09 Crypto Assets
		EIN:				000000000
		STATE OF INCORPORATION:			E9
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		SCHEDULE 13G/A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	005-91394
		FILM NUMBER:		25929352

	BUSINESS ADDRESS:	
		STREET 1:		20, GENESIS CLOSE
		CITY:			GRAND CAYMAN, GEORGE TOWN
		STATE:			E9
		ZIP:			KY-1-1208
		BUSINESS PHONE:		55-11-3075-0429

	MAIL ADDRESS:	
		STREET 1:		20, GENESIS CLOSE
		CITY:			GRAND CAYMAN, GEORGE TOWN
		STATE:			E9
		ZIP:			KY-1-1208

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Mawer Investment Management Ltd.
		CENTRAL INDEX KEY:			0001538449
		ORGANIZATION NAME:           	
		EIN:				000000000
		STATE OF INCORPORATION:			A0
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		SCHEDULE 13G/A

	BUSINESS ADDRESS:	
		STREET 1:		517 10TH AVENUE S. W.
		STREET 2:		SUITE 600
		CITY:			CALGARY
		STATE:			A0
		ZIP:			T2R 0A8
		BUSINESS PHONE:		403-262-4673

	MAIL ADDRESS:	
		STREET 1:		517 10TH AVENUE S. W.
		STREET 2:		SUITE 600
		CITY:			CALGARY
		STATE:			A0
		ZIP:			T2R 0A8
</SEC-HEADER>
<DOCUMENT>
<TYPE>SCHEDULE 13G/A
<SEQUENCE>1
<FILENAME>primary_doc.xml
<TEXT>
<XML>
<?xml version="1.0" encoding="UTF-8"?><edgarSubmission xmlns="http://www.sec.gov/edgar/schedule13g" xmlns:com="http://www.sec.gov/edgar/common">
<headerData>
<submissionType>SCHEDULE 13G/A</submissionType>
<previousAccessionNumber>0000945621-24-000884</previousAccessionNumber>
<filerInfo>
<filer>
<filerCredentials>
<cik>0001538449</cik>
<ccc>XXXXXXXX</ccc>
</filerCredentials>
</filer>
<liveTestFlag>LIVE</liveTestFlag>



</filerInfo>
</headerData>
<formData>
<coverPageHeader>
<amendmentNo>2</amendmentNo>
<securitiesClassTitle>Class A Common Shares</securitiesClassTitle>
<eventDateRequiresFilingThisStatement>03/31/2025</eventDateRequiresFilingThisStatement>
<issuerInfo>
<issuerCik>0001787425</issuerCik>
<issuerName>XP Inc.</issuerName>
<issuerCusip>G98239109</issuerCusip>
<issuerPrincipalExecutiveOfficeAddress>
<com:street1>20, Genesis Close, Grand Cayman</com:street1>
<com:city>George Town</com:city>
<com:stateOrCountry>E9</com:stateOrCountry>
<com:zipCode>KY1-1208</com:zipCode>
</issuerPrincipalExecutiveOfficeAddress>
</issuerInfo>
<designateRulesPursuantThisScheduleFiled>
<designateRulePursuantThisScheduleFiled>Rule 13d-1(b)</designateRulePursuantThisScheduleFiled>
</designateRulesPursuantThisScheduleFiled>
</coverPageHeader>
<coverPageHeaderReportingPersonDetails>

<reportingPersonName>Mawer Investment Management Ltd.</reportingPersonName>
<citizenshipOrOrganization>A0</citizenshipOrOrganization>
<reportingPersonBeneficiallyOwnedNumberOfShares>
<soleVotingPower>24146660</soleVotingPower>
<sharedVotingPower>0</sharedVotingPower>
<soleDispositivePower>24589426</soleDispositivePower>
<sharedDispositivePower>0</sharedDispositivePower>
</reportingPersonBeneficiallyOwnedNumberOfShares>
<reportingPersonBeneficiallyOwnedAggregateNumberOfShares>24589426</reportingPersonBeneficiallyOwnedAggregateNumberOfShares>
<aggregateAmountExcludesCertainSharesFlag>N</aggregateAmountExcludesCertainSharesFlag>
<classPercent>5.67</classPercent>
<typeOfReportingPerson>IA</typeOfReportingPerson>
<comments>Based upon 434,047,695 Class A Common Shares of XP Inc. (the "Issuer") outstanding as of December 31, 2024, as reported in the Issuer's Form 20-F (Annual Report) filed with the Securities and Exchange Commissison on April 24, 2025.</comments>
</coverPageHeaderReportingPersonDetails>
<items>
<item1>
<issuerName>XP Inc.</issuerName>
<issuerPrincipalExecutiveOfficeAddress>20, Genesis Close, Grand Cayman, George Town, Cayman Islands, KY1-1208</issuerPrincipalExecutiveOfficeAddress>
</item1>
<item2>
<filingPersonName>Mawer Investment Management Ltd.</filingPersonName>
<principalBusinessOfficeOrResidenceAddress>600, 517 - 10th Avenue SW&#13;
Calgary, Alberta, Canada, T2R 0A8</principalBusinessOfficeOrResidenceAddress>
<citizenship>Canada</citizenship>
</item2>
<item3>
<notApplicableFlag>N</notApplicableFlag>
<typeOfPersonFiling>IA</typeOfPersonFiling>
</item3>
<item4>
<amountBeneficiallyOwned>24,598,426</amountBeneficiallyOwned>
<classPercent>5.67</classPercent>
<numberOfSharesPersonHas>
<solePowerOrDirectToVote>24,146,660</solePowerOrDirectToVote>
<sharedPowerOrDirectToVote>0</sharedPowerOrDirectToVote>
<solePowerOrDirectToDispose>24,589,426</solePowerOrDirectToDispose>
<sharedPowerOrDirectToDispose>0</sharedPowerOrDirectToDispose>
</numberOfSharesPersonHas>
</item4>
<item5>
<notApplicableFlag>Y</notApplicableFlag>
</item5>
<item6>
<notApplicableFlag>Y</notApplicableFlag>
</item6>
<item7>
<notApplicableFlag>Y</notApplicableFlag>
</item7>
<item8>
<notApplicableFlag>Y</notApplicableFlag>
</item8>
<item9>
<notApplicableFlag>Y</notApplicableFlag>
</item9>
<item10>
<notApplicableFlag>N</notApplicableFlag>
<certifications>By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.</certifications>
</item10>
</items>
<signatureInformation>
<reportingPersonName>Mawer Investment Management Ltd.</reportingPersonName>
<signatureDetails>
<signature>/s/ Manar Hassan-Agha</signature>
<title>Manar Hassan-Agha, Portfolio Manager</title>
<date>04/28/2025</date>
</signatureDetails>
</signatureInformation>
</formData>
</edgarSubmission>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
