XP buys Fintech Antecipa specialized in supply chain financing for SMEs in Brazil

July 27, 2020
Editor assistente at Valor Econômico
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Company had announced the acquisition of two other startups last week.

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XP acquired a majority stake in fintech Antecipa, which prepays receivables. The value of the transaction has not been revealed and the deal is still pending approval by the Central Bank.

Antecipa's founders will maintain independence in managing the business. With its platform, fintech integrates buyers and suppliers, allowing credit transactions without having a bank as an intermediary, thus reducing the bank spread and minimizing costs.

According to a statement, Antecipa determines the discount rate for each operation, reducing inefficiencies in the current systems. With its own algorithm, the platform seeks to optimize cash flows by providing a fair price for each transaction and a more agile process for disbursing resources to suppliers.

“Supply chain financing has traditionally been offered by banks in Brazil, but usually in combination with other less attractive types of financing. With XP's support, structure and credibility, we believe that we can maximize our growth possibilities ”, says in a note Camilo Telles, partner at Antecipa.

Last week, XP had already announced the acquisition of DM10 insurance fintech, a marketplace that connects independent distributors with life insurance and pension plan products. The value of the transaction was also not disclosed. DM10 has a network of around 1,000 brokers and was the first to offer a fully digital and open architecture platform. XP claims that, one year after its creation, its insurance arm is the fastest growing in the sector, reaching the leadership in net contributions and renewals in the pension industry in April, according to Fenaprevi data.

Another recent acquisition was fintech Fliper, which has an application for consolidating brokerage and bank accounts. The application anticipates the so-called “open banking” and manages to put a user's information on different financial institutions on the same screen.

Today Fliper has 65 thousand active users, which add up to around 85 thousand investment and bank accounts with R $ 7 billion in portfolio. 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. Fliper 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 technology company Certsys.

On Monday, XP announced a subsequent share offer (follow-on) that could move around $ 1 billion. The operation is entirely secondary and the selling shareholders are the manager General Atlantic (GA) and the holding company of the executive partners XP Controle. The offer will be priced on Wednesday.

According to two sources, the offer initiative came from GA. XP Controle wanted to join to make cash, which will be used to meet payment commitments with former partners - thus, the current executive partners are not pocketing capital. Itaú did not adhere to the sale and, unlike the IPO, it is not part of the coordinators. The operation is coordinated by XP Investimentos, Morgan Stanley, Goldman Sachs and J.P. Morgan.

On the same day, the company released its second quarter operating preview. Net income should be between R $ 420 million and R $ 520 million. The middle of this indicative range, of R $ 470 million, would mean an increase of 106% in relation to the profit of the second quarter of last year.

Gross revenue should be between R $ 1.850 billion and R $ 1.980 billion. The middle of the range, of R $ 1.915 billion, would represent an annual increase of R $ 55%. The adjusted net margin should be between 24% and 28%, compared to 20% in the same period of the previous year. Net inflows of funds to XP are expected to be between R $ 10 billion and R $ 12 billion in June. The figures for May (R $ 8.3 billion) and April (R $ 6.9 billion) were already known.

Yesterday, XP shares were down 3.47% and ended the day at $ 42.01 on the Nasdaq. (Collaborated by Maria Luíza Filgueiras and Sérgio Tauhata)

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 Hub, 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 acquired a majority stake in fintech Antecipa, which prepays receivables. The value of the transaction has not been revealed and the deal is still pending approval by the Central Bank.

Antecipa's founders will maintain independence in managing the business. With its platform, fintech integrates buyers and suppliers, allowing credit transactions without having a bank as an intermediary, thus reducing the bank spread and minimizing costs.

According to a statement, Antecipa determines the discount rate for each operation, reducing inefficiencies in the current systems. With its own algorithm, the platform seeks to optimize cash flows by providing a fair price for each transaction and a more agile process for disbursing resources to suppliers.

“Supply chain financing has traditionally been offered by banks in Brazil, but usually in combination with other less attractive types of financing. With XP's support, structure and credibility, we believe that we can maximize our growth possibilities ”, says in a note Camilo Telles, partner at Antecipa.

Last week, XP had already announced the acquisition of DM10 insurance fintech, a marketplace that connects independent distributors with life insurance and pension plan products. The value of the transaction was also not disclosed. DM10 has a network of around 1,000 brokers and was the first to offer a fully digital and open architecture platform. XP claims that, one year after its creation, its insurance arm is the fastest growing in the sector, reaching the leadership in net contributions and renewals in the pension industry in April, according to Fenaprevi data.

Another recent acquisition was fintech Fliper, which has an application for consolidating brokerage and bank accounts. The application anticipates the so-called “open banking” and manages to put a user's information on different financial institutions on the same screen.

Today Fliper has 65 thousand active users, which add up to around 85 thousand investment and bank accounts with R $ 7 billion in portfolio. 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. Fliper 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 technology company Certsys.

On Monday, XP announced a subsequent share offer (follow-on) that could move around $ 1 billion. The operation is entirely secondary and the selling shareholders are the manager General Atlantic (GA) and the holding company of the executive partners XP Controle. The offer will be priced on Wednesday.

According to two sources, the offer initiative came from GA. XP Controle wanted to join to make cash, which will be used to meet payment commitments with former partners - thus, the current executive partners are not pocketing capital. Itaú did not adhere to the sale and, unlike the IPO, it is not part of the coordinators. The operation is coordinated by XP Investimentos, Morgan Stanley, Goldman Sachs and J.P. Morgan.

On the same day, the company released its second quarter operating preview. Net income should be between R $ 420 million and R $ 520 million. The middle of this indicative range, of R $ 470 million, would mean an increase of 106% in relation to the profit of the second quarter of last year.

Gross revenue should be between R $ 1.850 billion and R $ 1.980 billion. The middle of the range, of R $ 1.915 billion, would represent an annual increase of R $ 55%. The adjusted net margin should be between 24% and 28%, compared to 20% in the same period of the previous year. Net inflows of funds to XP are expected to be between R $ 10 billion and R $ 12 billion in June. The figures for May (R $ 8.3 billion) and April (R $ 6.9 billion) were already known.

Yesterday, XP shares were down 3.47% and ended the day at $ 42.01 on the Nasdaq. (Collaborated by Maria Luíza Filgueiras and Sérgio Tauhata)

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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