XP to acquire Banco Modal for c.$529m.

XP, a technology-driven platform and a trusted provider of low-fee financial products and services, agreed to acquire Banco Modal, an investment banking firm, for c.$529m. “XP’s ecosystem has already demonstrated its cross-sell capabilities. Given the immaterial overlap between XP and Modal’s clients, we expect that interesting revenue synergies and client experience enhancements will be captured. Furthermore, with increased scale and pricing power, we will strengthen our purpose of better serving our clients with great products at lower prices, as we recently did with online brokerage fees,” Bruno Constantino, XP CFO.