UNITED STATES  

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 6-K

 

REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 UNDER THE SECURITIES EXCHANGE ACT OF 1934

 

For the month of June, 2020

 

 Commission File Number: 001-39155

 

XP Inc.

(Exact name of registrant as specified in its charter)

 

Av. Chedid Jafet, 75, Torre Sul, 30th floor,

Vila Olímpia – São Paulo

Brazil 04551-065

+55 (11) 3075-0429

(Address of principal executive office)

 

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:

 

Form 20-F

X

  Form 40-F  

 

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):

 

Yes     No

X

 

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):

 

Yes     No

X

 

 

 

 

 

 

SIGNATURE

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

    XP Inc.
     
     
      By: /s/ Bruno Constantino Alexandre dos Santos
        Name: Bruno Constantino Alexandre dos Santos
        Title: Chief Financial Officer

Date: June 8, 2020

 

 

 

EXHIBIT INDEX

 

Exhibit No. Description
99.1 Press Release dated June 8, 2020 – XP Inc. acquires stake in fintech Fliper in anticipation of the ongoing trend toward open banking.

 

 

 

 

 

Exhibit 99.1

 

 

 

XP INC. ACQUIRES STAKE IN FINTECH FLIPER IN ANTICIPATION

OF THE ONGOING TREND TOWARD OPEN BANKING

 

São Paulo, Brazil, June 8, 2020 – XP Inc. (Nasdaq: XP), a leading, technology-driven financial services platform and a trusted provider of low-fee financial products and services in Brazil, announces the acquisition of a majority ownership stake in Fliper, an automated investment consolidation platform that offers its users connectivity and tools to perform intuitive and intelligent financial self-management. The transaction allows XP Inc. to offer its customers additional resources to manage their investments, as the open banking trend continues to accelerate in Brazil.

 

The acquisition is part of XP Inc.'s growth strategy and reinforces the value that the company sees in innovative fintechs, constantly seeking to attract the best entrepreneurs to complement and improve its investment platform. Fliper’s founders (Felipe Bonani, Renan Georges and Walter Poladian) remain stakeholders in the company and maintain full independence to manage the business with the support of XP Inc.’s structure - security, technology, back-office and marketing - to drive sustainable growth.

 

Fliper was founded in 2017 with the purpose of transforming its users’ relationship with personal finance, providing a single view of their investments across several financial institutions, allowing automatic consolidation, comparison of portfolio performance and monitoring of the evolution of assets. Fliper has over R$7 billion of mapped assets on its platform and sees the potential to surpass 5 million users in the coming years.

 

“The solution will allow us to improve the experience of our clients, who in many cases have accounts with more than one financial institution. Our intention is that XP Inc. customers consolidate all their investments and services within the group's platforms. We are confident that with even more transparency and the ability to compare the quality of products, this migration will continue”, commented Gabriel Leal, XP’s Commercial Director. “Both XP and Fliper carry innovation and disruption in their DNA. Hence, we believe the partnership further complements our ecosystem and has a great potential for long-term value creation”, added Bruno Constantino, the group’s CFO.

 

Renan Georges, founding partner of Fliper, said “being part of XP Inc. opens various opportunities for exponential business growth as we leverage synergies in the coming years. Also, as we remain independent our users can be assured that we will work in the same manner with all financial institutions, offering transparency and always providing the best services aligning with their interests”.

 

The completion of the transaction is subject to approval by the Brazilian Central Bank.

 

About XP

 

XP is a leading, technology-driven financial services platform and a trusted provider of low-fee financial products and services in Brazil. XP’s mission is to disintermediate the legacy models of traditional financial institutions by:

 

·Educating new classes of investors;

 

·Democratizing access to a wider range of financial services;

 

·Developing new financial products and technology applications to empower clients; and

 

·Providing high-quality customer service and client experience in the industry in Brazil.

 

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XP provides customers with two principal types of offerings, (i) financial advisory services for retail clients in Brazil, high-net-worth clients, international clients and corporate and institutional clients, and (ii) an open financial product platform providing access to over 600 investment products including equity and fixed income securities, mutual and hedge funds, structured products, life insurance, pension plans, real-estate investment funds (REITs) and others from XP, its partners and competitors.

 

Forward Looking Statements

 

This press release contains "forward-looking statements" within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are made as of the date they were first issued and were based on current expectations, estimates, forecasts and projections as well as the beliefs and assumptions of management. Words such as "expect," "anticipate," "should," "believe," "hope," "target," "project," "goals," "estimate," "potential," "predict," "may," "will," "might," "could," "intend," variations of these terms or the negative of these terms and similar expressions are intended to identify these statements. Forward-looking statements are subject to a number of risks and uncertainties, many of which involve factors or circumstances that are beyond XP Inc’s control.

 

XP, Inc’s actual results could differ materially from those stated or implied in forward-looking statements due to several factors, including but not limited to: competition, change in clients, regulatory measures, a change the external forces among other factors.

 

For any questions, please contact:

 

Carlos Lazar, Head of Investor Relations Investor Contact: ir@xpi.com.br
André Martins,  Investor Relations Specialist IR Website: investors.xpinc.com

 

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