Business
XP Inc. Reports Third Quarter Financial Results
SÃO PAULO--(BUSINESS WIRE)-- XP Inc. (NASDAQ: XP) (“XP” or the “Company”), a leading tech-enabled platform and a trusted pioneer in providing low-fee
About this update from Xp Inc.
[{"type":"text","content":" SÃO PAULO--(BUSINESS WIRE)--\nXP Inc. (NASDAQ: XP) (“XP” or the “Company”), a leading tech-enabled platform and a trusted pioneer in providing low-fee financial products and services in Brazil, reported today its financial results for the third quarter of 2022.\n\nTo our shareholders\n\nAfter two years as a listed company, we decided at the beginning of 2022 to write an annual letter, instead of quarterly, addressing the main events, successes and mistakes, and our strategic vision. However, as we often say internally, each month at XP feels like a whole year due to the dynamism and intensity of our company. For this reason, we believe now is an appropriate moment to address some topics which are relevant to all stakeholders of XP Inc.\n\nStrategy\n\nDespite the changes in the macroeconomic scenario in recent quarters, the number and size of opportunities in front of us have continued to grow. We have never lost sight of the big picture, which is our purpose and what we need to strive for everyday in order to succeed on this long-term journey.\n\nOur primary focus is to transform the investment market, providing access to products and services that help our clients build a better future. However, until a few years ago, only customers from premium segments had access to such offerings. Today, we are proud to deliver this experience to all investors, with no net worth restrictions.\n\nWe believe that investment services are based on trust and relationships, while other transactional services do not demand such a strong bond with clients. Hence, our strategy is to augment credibility, gain clients’ confidence and, consequently, connect them to a complete ecosystem of financial solutions, aligned with their long-term goals.\n\nIn a nutshell, we work very hard for the right to be the top-of-mind financial services provider for Brazilian investors.\n\nWith the addition of complementary services such as credit, insurance, payments, among others, we have strengthened our value proposition within Investments, creating a virtuous cycle in the relationship with customers. We noticed higher client engagement in cohorts with a greater number of products, with an increase in share of wallet and unit economics, a reduction in churn and, most importantly, greater satisfaction.\n\nPeople and Transformation\n\nWe consider our corporate culture t...