The transaction would allow XP to offer additional resources to its customers and enable them manage their investments
XP acquires ownership interest in Fliper. (Credit: Pixabay/Capri23auto)
Brazil-based financial services platform XP has acquired ownership stake in Fliper, an automated investment consolidation platform that offers connectivity and intelligent financial self-management tools for its users.
The transaction would allow XP to offer additional resources to its customers, enabling them manage their investments, as the open banking trend is advancing in Brazil.
The company said that the acquisition is part of its growth strategy and strengthen the the value that it sees in innovative fintechs to complement and improve its investment platform.
XP CFO Bruno Constantino said: “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.”
Fliper founders will continue as stakeholders in the company and manage the business
As part of the transaction, founders of Fliper including Felipe Bonani, Renan Georges and Walter Poladian will continue as stakeholders in the company and manage the business by leverage the support of XP’s security, technology, back-office and marketing structure.
Founded in 2017, Fliper was intended at transforming its users’ relationship with personal finance.
The company was formed to provide 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 claimed that it currently has more than R$7bn ($1.45bn) of mapped assets on its platform.
XP commercial director Gabriel Leal said: “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 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.”