XP buys control of Wealthtech company Fliper that allows Brazilians track investments

June 8, 2020
Repórter Especial na Valor Econômico e autora do livro “Na Raça”
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valorinveste.globo.com
Application consolidates bank and brokerage accounts, in the open banking concept.

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XP Inc. bought a majority stake in fintech Fliper, its second acquisition since listing on the stock exchange in December. The amount was not revealed. Fliper has an application for consolidating brokerage and bank accounts, combining the information of a user in different financial institutions on the same screen - an app built on the concept of “open banking”.

“When we created Fliper, we wanted to use technology and innovation to solve a problem that still had no solution in the financial market. The essence of the business is to be an aggregator or financial GPS, ”says Renan Georges, one of the founders of fintech, created in 2017.

With the consolidated numbers, the user is able to identify, for example, his main sources of income and his biggest expenses. "The user authorizes the application to generate connectivity between all the accounts he has in financial institutions and the result is a map of his finances", explains Gabriel Leal, partner and commercial director at XP. “With the consolidated, it is much easier for the customer to understand where he spends more, the sum of his rates, the comparison of income in different houses and to define a route according to his objectives. This is the service that we will offer to the customer. ”

Today Fliper has 65 thousand active users, which add up to about 85 thousand investment and bank accounts with R $ 7 billion in portfolio. “Our average user has about R $ 200 thousand in investments, with 30% to 40% in variable income. The age group is between 25 and 40 years old, and each one has on average two accounts ”, says Georges.

Fintech already had an agreement with some offices of autonomous agents linked to XP - the case of Acqua Investimentos, one of the largest in the chain. The logic is that, with the total portfolio in hand, the investment advisor will be able to better guide his client in his portfolio composition. With the partnership with XP, this business gains scale. XP currently has about 2 million customers and R $ 385 billion in custody. "XP puts two airplane turbines in the business," says Georges.

Despite this possibility for the customer, Fliper will not be absorbed by XP. Fintech will continue with independent management, under the command of the three founders. Currently, the service is free, with no revenue from the app - the company plans to start establishing different ranges of services and charging in some of them. A future possibility, for example, is to use data and artificial intelligence to give tips on consumption - identifying products and services that the customer uses most and indicating places and options with the same profile but less cost.

Conversations between XP and Fliper started almost a year ago, but have only funneled into de facto society in recent months, including a pilot project that confirmed synergy between operations. In full quarantine, the transaction was conducted virtually - a series of meetings in the Teams app, digital signature and even the traditional burst of champagne that marks the conclusion of the deal, each in your home connected in the videoconference.

“We look at many companies that can complement our ecosystem and we find in Fliper a great synergy of business and culture with XP. We already had that proximity, so the transaction went very smoothly in the last three months ”, says Karel Luketic, responsible for XP's digital content area. “This acquisition is in line with the group's broader strategy to increasingly understand the customer and help him have more transparency about his portfolio.”

Fintech had already received two rounds of capital. The first, in its foundation, raised R $ 2 million from angel investors, and the second round, of R $ 4 million, in October last year - in this transaction, executives from the asset manager Perfin Asset Management and from technology company Certsys.

Las opiniones compartidas y expresadas por los analistas son libres e independientes, y de ellas son responsables sus autores. No reflejan ni comprometen el pensamiento u opinión de Latam Fintech Market, por lo cual no pueden ser interpretadas como recomendaciones emitidas por la platafomra. Esta plataforma es un espacio abierto para promover la diversidad de puntos de vista sobre el ecosistema Fintech.

XP Inc. bought a majority stake in fintech Fliper, its second acquisition since listing on the stock exchange in December. The amount was not revealed. Fliper has an application for consolidating brokerage and bank accounts, combining the information of a user in different financial institutions on the same screen - an app built on the concept of “open banking”.

“When we created Fliper, we wanted to use technology and innovation to solve a problem that still had no solution in the financial market. The essence of the business is to be an aggregator or financial GPS, ”says Renan Georges, one of the founders of fintech, created in 2017.

With the consolidated numbers, the user is able to identify, for example, his main sources of income and his biggest expenses. "The user authorizes the application to generate connectivity between all the accounts he has in financial institutions and the result is a map of his finances", explains Gabriel Leal, partner and commercial director at XP. “With the consolidated, it is much easier for the customer to understand where he spends more, the sum of his rates, the comparison of income in different houses and to define a route according to his objectives. This is the service that we will offer to the customer. ”

Today Fliper has 65 thousand active users, which add up to about 85 thousand investment and bank accounts with R $ 7 billion in portfolio. “Our average user has about R $ 200 thousand in investments, with 30% to 40% in variable income. The age group is between 25 and 40 years old, and each one has on average two accounts ”, says Georges.

Fintech already had an agreement with some offices of autonomous agents linked to XP - the case of Acqua Investimentos, one of the largest in the chain. The logic is that, with the total portfolio in hand, the investment advisor will be able to better guide his client in his portfolio composition. With the partnership with XP, this business gains scale. XP currently has about 2 million customers and R $ 385 billion in custody. "XP puts two airplane turbines in the business," says Georges.

Despite this possibility for the customer, Fliper will not be absorbed by XP. Fintech will continue with independent management, under the command of the three founders. Currently, the service is free, with no revenue from the app - the company plans to start establishing different ranges of services and charging in some of them. A future possibility, for example, is to use data and artificial intelligence to give tips on consumption - identifying products and services that the customer uses most and indicating places and options with the same profile but less cost.

Conversations between XP and Fliper started almost a year ago, but have only funneled into de facto society in recent months, including a pilot project that confirmed synergy between operations. In full quarantine, the transaction was conducted virtually - a series of meetings in the Teams app, digital signature and even the traditional burst of champagne that marks the conclusion of the deal, each in your home connected in the videoconference.

“We look at many companies that can complement our ecosystem and we find in Fliper a great synergy of business and culture with XP. We already had that proximity, so the transaction went very smoothly in the last three months ”, says Karel Luketic, responsible for XP's digital content area. “This acquisition is in line with the group's broader strategy to increasingly understand the customer and help him have more transparency about his portfolio.”

Fintech had already received two rounds of capital. The first, in its foundation, raised R $ 2 million from angel investors, and the second round, of R $ 4 million, in October last year - in this transaction, executives from the asset manager Perfin Asset Management and from technology company Certsys.

Las opiniones compartidas y expresadas por los analistas son libres e independientes, y solamente sus autores son responsables de ellas. No reflejan ni comprometen el pensamiento o la opinión del equipo de Latam Fintech Hub y, por lo tanto, no pueden interpretarse como recomendaciones emitidas por la plataforma. Esta plataforma es un espacio abierto para promover la diversidad de puntos de vista en el ecosistema Fintech.

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