XP (XP) 20-F 29 Apr 21 2020 FY Annual report (foreign) Financial data

Cover

Cover	12 Months Ended
	Dec. 31, 2020shares
Document Information [Line Items]
Document Type	20-F
Document Registration Statement	false
Document Annual Report	true
Document Period End Date	Dec. 31, 2020
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Document Shell Company Report	false
Entity File Number	001-39155
Entity Registrant Name	XP Inc.
Entity Incorporation, State or Country Code	E9
Entity Address, Address Line One	Av. Chedid Jafet, 75, Torre Su
Entity Address, Address Line Two	30th floor
Entity Address, City or Town	Vila Olímpia
Entity Address, Country	BR
Entity Address, Postal Zip Code	04551-065
Title of 12(b) Security	Class A common shares, par value US$0.00001 per share
Trading Symbol	XP
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Accounting Standard	International Financial Reporting Standards
Entity Shell Company	false
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	FY
Amendment Flag	false
Entity Central Index Key	0001787425
Business Contact
Document Information [Line Items]
Entity Address, Address Line One	Av. Chedid Jafet, 75, Torre Sul
Entity Address, Address Line Two	30th floor
Entity Address, City or Town	Vila Olímpia
Entity Address, Country	BR
Entity Address, Postal Zip Code	04551-065
Contact Personnel Name	Bruno Constantino Alexandre dos Santos
City Area Code	+55 (11)
Local Phone Number	3075-0429
Class A Common Share
Document Information [Line Items]
Entity Common Stock, Shares Outstanding	377,764,985
Class B Common Shares
Document Information [Line Items]
Entity Common Stock, Shares Outstanding	181,293,980

Consolidated balance sheets

Consolidated balance sheets R$ in Thousands, $ in Thousands	Dec. 31, 2020BRL (R$)	Dec. 31, 2019BRL (R$)
Statement of financial position [abstract]
Cash	R$ 1954788	R$ 109922
Financial assets	90,190,827
Fair value through profit or loss	57,149,446	26,528,396
Securities	49,590,013	22,443,392
Derivative financial instruments	7,559,433	4,085,004
Fair value through other comprehensive income	19,039,044	2,616,118
Securities	19,039,044	2,616,118
Evaluated at amortized cost	14,002,337	12,744,264
Securities	1,828,704	2,266,971
Securities purchased under agreements to resell	6,627,409	9,490,090
Securities trading and intermediation	1,051,566	504,983
Accounts receivable	506,359	462,029
Loan operations	3,918,328	386
Other financial assets	69,971	19,805
Other assets	1,760,999	643,619
Recoverable taxes	127,623	243,320
Rights-of-use assets	183,134	227,478
Prepaid expenses	1,393,537	89,684
Other	56,705	83,137
Deferred tax assets	505,046	284,533
Investments in associates and joint ventures	699,907	0
Property and equipment	204,032	142,464
Goodwill and Intangible assets	713,562	553,452
Total assets	96,029,161	43,622,768
Financial liabilities	70,600,989	31,842,054
Fair value through profit or loss	10,056,806	5,250,943
Securities loaned	2,237,442	2,021,707
Derivative financial instruments	7,819,364	3,229,236
Evaluated at amortized cost	60,544,183	26,591,111
Securities sold under repurchase agreements	31,839,344	15,638,407
Securities trading and intermediation	20,303,121	9,114,546
Deposits	3,021,750	70,195
Structured operations certificates	2,178,459	19,474
Accounts payables	859,550	266,813
Borrowings and lease liabilities	492,535	637,484
Debentures	335,250	835,230
Other financial liabilities	1,514,174	8,962
Other liabilities	14,522,206	4,619,623
Social and statutory obligations	667,448	492,723
Taxes and social security obligations	435,849	345,331
Private pension liabilities	13,387,913	3,759,090
Provisions and contingent liabilities	19,711	15,193
Other	11,285	7,286
Deferred tax liabilities	8,352	5,132
Total liabilities	85,131,547	36,466,809
Equity attributable to owners of the Parent company	10,894,609	7,153,396
Issued capital	23	23
Capital reserve	10,663,942	6,943,446
Other comprehensive income	230,644	209,927
Non-controlling interest	3,005	2,563
Total equity	10,897,614	7,155,959
Total liabilities and equity	R$ 96029161	R$ 43622768

Consolidated statements of inco

Consolidated statements of income and of comprehensive income - BRL (R$) R$ in Thousands		12 Months Ended
		Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Profit or loss [abstract]
Net revenue from services rendered		R$ 5016488	R$ 3595772	R$ 2054549
Net income from financial instruments at amortized cost and at fair value throughother comprehensive income		183,393	199,947	114,442
Net income from financial instruments at fair value through profit or loss		2,951,724	1,332,089	789,462
Total revenue and income		8,151,605	5,127,808	2,958,453
Operating costs		(2,645,359)	(1,596,650)	(933,026)
Selling expenses		(134,915)	(155,115)	(96,075)
Administrative expenses		(3,013,598)	(1,891,481)	(1,176,805)
Other operating income (expenses), net		171,053	153,357	(31,289)
Expected credit losses		(55,564)	(9,410)	(8,220)
Interest expense on debt		(52,671)	(84,400)	(72,310)
Share of profit or (loss) in joint ventures and associates		862	0	0
Income before income tax		2,421,413	1,544,109	640,728
Income tax expense		(339,924)	(454,625)	(175,398)
Net income for the year		2,081,489	1,089,484	465,330
Items that can be subsequently reclassified to income
Foreign exchange variation of investees located abroad		57,439	6,823	18,645
Gains (losses) on net investment hedge		(60,563)	(7,133)	(17,495)
Changes in the fair value of financial assets at fair value through other comprehensive income		24,203	698	4,160
Other comprehensive income (loss) for the year, net of tax		21,079	388	5,310
Total comprehensive income for the year		2,102,568	1,089,872	470,640
Net income attributable to:
Owners of the Parent company		2,076,430	1,080,484	461,440
Non-controlling interest		5,059	9,000	3,890
Total comprehensive income attributable to:
Owners of the Parent company		2,097,509	1,080,872	466,750
Non-controlling interest		R$ 5059	R$ 9000	R$ 3890
Earnings per share from total income attributable to the ordinary equity holders of the company
Basic earnings (loss) per share (in R$ per share)	[1]	R$ 3.7597	R$ 2.1125	R$ 0.9358
Diluted earnings (loss) per share (in R$ per share)	[1]	R$ 3.7138	R$ 2.1115	R$ 0.9358
[1]	(*) The basic and diluted earnings per common share are in effect with the reverse share split occurred on November 30, 2019.

Consolidated statements of chan

Consolidated statements of changes in equity - BRL (R$) R$ in Thousands	Total	Issued Capital	Additional paid-in capital	Other Reserves	Other comprehensive income	Retained Earnings	Total	Non-Controlling interest
Balance at beginning of period at Dec. 31, 2017	R$ 1151722	R$ 20	R$ 254602	R$ 685731	R$ 203446	R$ 0	R$ 1143799	R$ 7923
Net income for the year	465,330					461,440	461,440	3,890
Other comprehensive income, net	5,310				5,310		5,310
Capital contributions	673,294	1	673,293				673,294
Corporate reorganization	525			525			525
Gain (loss) in changes in interest of subsidiaries, net	(379)				409		409	(788)
Transfer to capital reserves				261,440		(261,440)
Dividends distributed	(204,090)					(200,000)	(200,000)	(4,090)
Balance at end of period at Dec. 31, 2018	2,091,712	21	927,895	947,696	209,165	0	2,084,777	6,935
Net income for the year	1,089,484					1,080,484	1,080,484	9,000
Other comprehensive income, net	388				388		388
Proceeds from the issuance of shares	4,504,826	2	4,504,824				4,504,826
Gain (loss) in changes in interest of subsidiaries, net	(1,855)				374		374	(2,229)
Transactions costs from proceeds from the issuance of shares	(22,824)		(22,824)				(22,824)
Share based plan	5,371			5,371			5,371
Transfer to capital reserves				580,484		(580,484)
Dividends distributed	(511,143)					(500,000)	(500,000)	(11,143)
Balance at end of period at Dec. 31, 2019	7,155,959	23	5,409,895	1,533,551	209,927	0	7,153,396	2,563
Net income for the year	2,081,489					2,076,430	2,076,430	5,059
Other comprehensive income, net	21,079				21,079		21,079
Proceeds from the issuance of shares	1,412,930		1,412,930				1,412,930
Gain (loss) in changes in interest of subsidiaries, net	582				(362)		(362)	944
Transactions costs from proceeds from the issuance of shares	(1,649)		(1,649)				(1,649)
Share based plan	232,791			232,785			232,785	6
Transfer to capital reserves				2,076,430		(2,076,430)
Dividends distributed	(5,567)							(5,567)
Balance at end of period at Dec. 31, 2020	R$ 10897614	R$ 23	R$ 6821176	R$ 3842766	R$ 230644	R$ 0	R$ 10894609	R$ 3005

Consolidated statements of cash

Consolidated statements of cash flows - BRL (R$) R$ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Operating activities
Income before income tax	R$ 2421413	R$ 1544109	R$ 640728
Adjustments to reconcile income before income taxes
Depreciation of property, equipment and right-of-use assets	67,422	53,080	24,470
Amortization of intangible assets	75,839	37,630	28,318
Loss or write-off of property, equipment, intangible assets and leases, net	73,140	11,245	19,915
Share of profit or (loss) in joint ventures and associates	(862)	0	0
Expected credit losses on financial assets	55,564	9,410	8,220
(Reversal of) Provision for contingencies, net	2,045	(1,601)	7,897
Net foreign exchange differences	1,478	3,636	(25,832)
Share based plan	232,791	5,371	0
Adjustments for interest expense	56,923	86,862	64,330
Changes in assets and liabilities
Securities (assets and liabilities)	(42,954,505)	(20,188,931)	(2,929,021)
Derivative financial instruments (assets and liabilities)	1,023,937	825,719	(492,024)
Securities trading and intermediation (assets and liabilities)	10,605,139	4,201,246	1,969,621
Securities purchased under agreements to resell	2,862,311	(2,919,480)	(5,635,630)
Accounts receivable	(46,247)	(243,893)	(92,809)
Loan operations	(3,925,042)	(386)	0
Prepaid expenses	(1,303,853)	7,040	(31,380)
Other assets and other financial assets	(23,078)	(14,162)	(58,964)
Securities sold under repurchase agreements	16,200,937	8,997,713	6,126,676
Accounts payable	564,324	132,235	63,000
Deposits	2,951,555	70,195	0
Structured operations certificates	2,158,985	19,474	0
Social and statutory obligations	174,725	241,033	81,253
Tax and social security obligations	182,391	(9,223)	4,463
Private pension liabilities	9,628,823	3,743,031	16,059
Other liabilities and other financial liabilities	1,016,397	8,829	14,524
Cash from operations	2,102,552	(3,379,819)	(196,186)
Income tax paid	(518,971)	(402,574)	(202,443)
Contingencies paid	(1,629)	(3,172)	(3,933)
Interest paid	(71,224)	(28,427)	(54,185)
Net cash flows from (used in) operating activities	1,510,728	(3,813,992)	(456,747)
Investment activities
Acquisition of intangible assets	(146,368)	(88,949)	(53,517)
Acquisition of property and equipment	(145,164)	(72,499)	(83,149)
Acquisition of subsidiaries, net of cash acquired	(62,443)	0	(10,413)
Investment in associates and joint ventures	(228,035)	0	0
Net cash flows used in investing activities	(582,010)	(161,448)	(147,079)
Financing activities
Proceeds from borrowings	0	0	325,370
Payments of borrowings and lease liabilities	(152,868)	(123,332)	(689,634)
Proceeds from issuance of debentures	0	400,000	400,000
Payments of debentures	(400,000)	(11,815)	0
Repurchase of debentures	(64,717)	0	0
Dividends paid to owners of the parent	0	(500,000)	(325,000)
Proceeds from the issuance of shares	1,411,281	4,482,002	673,294
Transactions with non-controlling interests	582	(1,855)	146
Dividends paid to non-controlling interests	(5,567)	(11,143)	(4,090)
Net cash flows from financing activities	788,711	4,233,857	380,086
Net increase (decrease) in cash and cash equivalents	1,717,429	258,417	(223,740)
Cash and cash equivalents at the beginning of the fiscal year	887,796	626,863	835,493
Effects of exchange rate changes on cash and cash equivalents	55,163	2,516	15,110
Cash and cash equivalents at the end of the fiscal year	2,660,388	887,796	626,863
Cash	1,954,788	109,922	68,407
Securities purchased under agreements to resell presented as cash equivalents	593,673	654,057	488,809
Interbank certificate deposits	R$ 111927	R$ 123817	R$ 69647

Operations

Operations	12 Months Ended
	Dec. 31, 2020
Operations [Abstract]
Operations	Operations XP Inc. (the “Company”) is a Cayman Island exempted company with limited liability, incorporated on August 29, 2019. The registered office of the Company is Ugland House, 121 South Church Street in George Town, Grand Cayman. The Company’s principal executive office is located in the city of São Paulo, Brazil. The Group carried out a corporate reorganization in order to prepare the structure for the Initial Public Offering of its shares. As result, XP Inc. was incorporated in 2019 and is currently the entity which is registered with the Securities Exchange Commission and for which these financial statements are presented.The comparative historical figures presented in these financial statements are the ones of the predecessor entity, XP Investimentos S.A. XP Inc. is a holding company controlled by XP Controle Participações S.A., which holds 55.40% of voting rights and whose is ultimately controlled by a group of individuals. XP Inc. and its subsidiaries (collectively, the “Company”, “Group” or “XP Group”) is a leading, technology-driven financial services platform and a trusted provider of low-fee financial products and services in Brazil. XP Group are principally engaged in providing its customers, represented by individuals and legal entities in Brazil and abroad, various financial products, services, digital content and financial advisory services, mainly acting as broker-dealer, including securities brokerage, private pension plans, commercial and investment banking products such as loan operations, transactions in the foreign exchange markets and deposits, through our brands that reach clients directly and through network of Independent Financial Advisers (“IFAs”). On November 29, 2019, the Group carried out a corporate reorganization in order to prepare the structure to the Initial Public Offering of its shares. As result, the capital contributed by the shareholders on XP Investimentos S.A. were transferred and incorporated on XP Inc. Therefore the shareholders have a direct stake on XP Inc. which controls XP Investimentos S.A. and the other operating companies of the Group. These consolidated financial statements were approved by the Board of Director’s meeting on April 23, 2021. 1.1 Initial Public Offering and resulting transactions On December 13, 2019, the Company completed its Initial Public Offering (“IPO”), offering 72,510,641 of Class A common shares, of which 42,553,192 new shares were offered by the Company and the remaining 29,957,449 shares were offered by selling shareholders. Additionally, the underwriters executed an option to purchase 10,876,596 additional Class A common shares at the initial public offering price which resulted in a total of 83,387,237 Class A common shares sold. The initial offering price per Class A common share was US$ 27.00, resulting in gross proceeds of US$ 1,148,936 thousand (or R$ 4,705,803) to XP Inc, deducting R$200,977 thousand as underwriting discounts and commissions. Additionally, the Company incurred in R$44,726 thousand regarding other offering expenses, of which R$21,902 thousand was recognized directly in income statements and an amount of R$22,824 in equity as transaction costs. The shares offered and sold in the IPO were registered under the Securities Act of 1933, as amended, pursuant to the Company’s Registration Statement on Form F-1 (Registration N° 333-234719), which was declared effective by the Securities and Exchange Commission on December 10, 2019. The common shares began trading on the Nasdaq Global Select Market (“NASDAQ-GS”) on December 11, 2019 under the symbol “XP”. 1.2 Follow-on public offering On July 1, 2020, XP Inc. concluded an underwritten public offering of 22,465,733 Class A common shares offered by General Atlantic (XP) Bermuda, L.P. and XP Controle Participações S.A. (“selling shareholders”) at a public offering price of US$42.50 per share, including the full exercise of the underwriters’ option to purchase an additional 2,930,313 Class A common shares from the selling shareholders. The Company did not receive any proceeds from the sale of Class A common shares by the selling shareholders and there were no changes in the Company’s control structure as a result of such transaction. On December 7, 2020, XP Inc closed of its underwritten secondary public offering of 31,654,894 Class A common shares, 7,130,435 of which were issued and sold by the Company and 24,524,459 of which were sold by ITB Holding Brasil Participações Ltda.. The offering was made pursuant to a registration statement on Form F-1 filed with the U.S. Securities and Exchange Commission (“SEC”). The offering price per Class A common share was US$ 39.00, resulting in gross proceeds of US$ 283,087 thousand (or R$1,444,530) to XP Inc, deducting R$31,599 thousand as underwriting discounts and commissions. Additionally, the Company incurred in R$7,271 thousand regarding other offering expenses, of which R$5,622 thousand was recognized directly in income statements and an amount of R$1,649 in equity as transaction costs. 1.3 COVID-19 Starting from January 2020, it was reported that a novel strain of coronavirus, later named COVID-19, spread worldwide. The current pandemic has negatively impacted the global, national and regional economies and disrupted supply chains and otherwise reduce international trade and business activity. As a consequence of this pandemic, most of the Group’s employees is working from home. During the pandemic, the Group maintained trading platforms and other services available to clients without interruption. XP has played a valuable role on keeping our clients connected to the market and reinforce our mission to our clients. Based on thorough assessments about the well-being and performance of our workforce, management announced on September 11, 2020, the permanent and company-wide adoption of the home-office model. The impacts is described in Note 16 (a).

Basis of preparation of the fin

Basis of preparation of the financial statements	12 Months Ended
	Dec. 31, 2020
Disclosure Of Basis Of Preparation Of Financial Statements Abstract [Abstract]
Basis of preparation of the financial statements	Basis of preparation of the financial statements (i) Basis of preparation The consolidated financial statements of the Group have been prepared in accordance with the International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”). The consolidated financial statements have been prepared on a historical cost basis, except for financial instruments that have been measured at fair value. The preparation of financial statements requires the use of certain critical accounting estimates. It also requires management to exercise its judgment in the process of applying the Group's accounting policies. The areas involving a higher degree of judgment or complexity, or areas where assumptions and estimates are significant to the financial statements, are disclosed in Note 4. The consolidated financial statements are presented in Brazilian reais (“R$”),our functional currency, and all amounts disclosed in the financial statements and notes have been rounded off to the nearest thousand currency units unless otherwise stated. The balance sheet is presented in order of liquidity of assets and liabilities. The timing of their realization or settlement is dependent not just on their liquidity, but also on management’s judgements on expected movements in market prices and other relevant aspects. (ii) New and amended standards adopted by the Group The Group applied for the first-time certain standards and amendments, which are effective for the consolidated financial statements beginning on or after 1 January 2020. The Group has not early adopted any other standard, interpretation or amendment that has been issued but not yet effective. Amendments to IFRS 3 Definition of a Business The amendment to IFRS 3 Business Combinations clarifies that to be considered a business, an integrated set of activities and assets must include, at a minimum, an input and a substantive process that, together, significantly contribute to the ability to create output. Furthermore, it clarifies that a business can exist without including all the of inputs and processes needed to create outputs. These amendments had no impact on the consolidated financial statements of the Group, but may impact future e periods should the Group enter into any business combinations. Amendments to IFRS 7, IFRS 9 and IAS 39 Interest Rate Benchmark Reform The amendments to IFRS 9 and IAS 39 Financial Instruments: Recognition and Measurement provide a number of reliefs, which apply to all hedging relationships that are directly affected by interest rate benchmark reform. A hedging relationship is affected if the reform gives rise to uncertainty about the timing and/or amount of benchmark-based cash flows of the hedge item or the hedging instrument. These amendments have no impact on the consolidated financial statements of the Group as it does not have any interest rate hedge relationships. Amendments to IAS 1 and IAS 8 Definition of Material The amendments provided a new definition of material that states, “information is material if omitting, misstating or obscuring it could reasonably be expected to influence decisions that the primary users of general purpose financial statements make on the basis of those financial statements, which provide financial information about a specific reporting entity.” The amendments clarify that materiality will depend on the nature or magnitude of information, either individually or in combination with order information, in the context of the financial statements. A misstatement of information is material if it could reasonably be expected to influence decisions made by the primary users. These amendments had no impact on the consolidated financial statements of, nor is there expected to be any future impact to the Group. Conceptual Framework for Financial Reporting The Conceptual Framewrok is not a standard, an none of the concepts contained therein override the concepts or requirements in any standard. The purpose of the Conceptual Framework is to assist the IASB in developing standards, to help prepares develop consistent accounting policies where there is no applicable standard in place and to assist all parties to understand and interpret the standards. This will affect those entities which developed their accounting policies based on the Conceptual Framework. The revised Conceptual Framework includes some new concepts, updated definitions and recognition criteria for assets and liabilities and clarifies some important concepts. These amendments had no impact on the consolidated financial statements of the Group. (iii) New standards and interpretations not yet adopted Certain new accounting standards and interpretations have been published that are not mandatory for the 31 December 2020 reporting period and have not been early adopted by the Group. These standards are not expected to have a material impact on the entity in the current or future reporting periods and on foreseeable future transactions. (iv) Basis of consolidation and equity accounting The consolidated financial statements comprise the consolidated balance sheets of the Company as of December 31, 2020 and 2019 and the consolidated statements of income and comprehensive income, consolidated statements of cash flows and consolidated statements of changes in equity for each of the years ended December 31, 2020, 2019 and 2018. (i) Subsidiaries Subsidiaries are all entities (including structured entities) over which the Group has control. The Group controls an entity when the Group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power to direct the activities of the entity. Subsidiaries are fully consolidated from the date on which control is transferred to the Group. They are deconsolidated from the date that control ceases. The acquisition method of accounting is used to account for business combinations by the Group (refer to Note 5. Intercompany transactions, balances and unrealized gains on transactions between Group companies are eliminated. Unrealized losses are also eliminated unless the transaction provides evidence of an impairment of the transferred asset. Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the Group. Non-controlling interests in the results and equity of subsidiaries are shown separately in the consolidated statement of income and of comprehensive income, statement of changes in equity and balance sheet respectively. (ii) Associates Associates are companies in which the investor has a significant influence but does not hold control. Investments in these companies are initially recognized at cost of acquisition and subsequently accounted for using the equity method. Investments in associates and joint ventures include the goodwill identified upon acquisition, net of any cumulative impairment loss. (iii) Joint ventures The Group has joint ventures whereby the parties that have joint control of the arrangement have rights to the net assets. (iv) Equity method Under the equity method of accounting, the investments are initially recognised at cost and adjusted thereafter to recognise the Group’s share of the post-acquisition profits or losses of the investee in profit or loss, and the Group’s share of movements in other comprehensive income of the investee in other comprehensive income. Dividends received or receivable from associates and joint ventures are recognised as a reduction in the carrying amount of the investment. Unrealised gains on transactions between the Group and its associates and joint ventures are eliminated to the extent of the Group’s interest in these entities. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred. Accounting policies of equity-accounted investees have been changed where necessary to ensure consistency with the policies adopted by the Group. If its interest in the associates and joint ventures decreases, but the Group retains significant influence or joint control, only the proportional amount of the previously recognized amounts in Other comprehensive income is reclassified in Income, when appropriate. (v) Segment reporting In reviewing the operational performance of the Group and allocating resources, the chief operating decision maker of the Group (“CODM”), who is the Group’s Chief Executive Officer (“CEO”) and the Board of Directors (“BoD”), represented by statutory directors holders of ordinary shares of the immediate parent of the Company, reviews selected items of the statement of income and of comprehensive income. The CODM considers the whole Group as a single operating and reportable segment, monitoring operations, making decisions on fund allocation and evaluating performance based on a single operating segment. The CODM reviews relevant financial data on a combined basis for all subsidiaries. Disaggregated information is only reviewed at the revenue level (Note 31), with no corresponding detail at any margin or profitability levels. The Group’s revenue, results and assets for this one reportable segment can be determined by reference to the consolidated statement of income and of comprehensive income and consolidated balance sheet. See Note 31 (c) for a breakdown of revenues and income and selected assets from external customers by country of domicile. (vi) Foreign currency translation (i) Functional and presentation currency Items included in the financial statements of each of the Group’s entities are measured using the currency of the primary economic environment in which the entity operates (‘the functional currency’). The consolidated financial statements are presented in Brazilian Reais (“R$”), which is the Group functional and presentation currency. The functional currency for all the Company’s subsidiaries in Brazil is also the Brazilian reais. Certain subsidiaries outside of Brazil have different functional currencies, including US Dollar ("USD"), Euro ("EUR"), Pound sterling (“GBP”) and Swiss Franc (“CHF”). (ii) Transactions and balances Foreign currency transactions are translated into the functional currency using the exchange rates at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation of monetary assets and liabilities denominated in foreign currencies at year end exchange rates are generally recognized in profit or loss. They are deferred in equity if they relate to qualifying cash flow hedges and qualifying net investment hedges or are attributable to part of the net investment in a foreign operation. Foreign exchange gains and losses that relate to borrowings are presented in the statement of income and other comprehensive income, within finance costs. All other foreign exchange gains and losses are presented in the statement of profit or loss on a net basis within interest expense on debt. Non-monetary items that are measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value was determined. Translation differences on assets and liabilities carried at fair value are reported as part of the fair value gain or loss. For example, translation differences on non-monetary assets and liabilities such as equities held at fair value through profit or loss are recognized in profit or loss as part of the fair value gain or loss and translation differences on non-monetary assets such as equities classified as at fair value through other comprehensive income are recognized in other comprehensive income. (iii) Group companies The results and financial position of foreign operations (none of which has the currency of a hyperinflationary economy) that have a functional currency different from the presentation currency are translated into the presentation currency as follows: • assets and liabilities for each balance sheet presented are translated at the closing rate at the date of that balance sheet; • income and expenses for each statement of profit or loss and statement of comprehensive income are translated at average exchange rates (unless this is not a reasonable approximation of the cumulative effect of the rates prevailing on the transaction dates, in which case income and expenses are translated at the dates of the transactions); and • all resulting exchange differences are recognized in other comprehensive income. On consolidation, exchange differences arising from the translation of any net investment in foreign entities, and of borrowings and other financial instruments designated as hedges of such investments, are recognized in other comprehensive income. When a foreign operation is sold or any borrowings forming part of the net investment are repaid, the associated exchange differences are reclassified to profit or loss, as part of the gain or loss on sale.

Summary of significant accounti

Summary of significant accounting policies	12 Months Ended
	Dec. 31, 2020
Summary of Significant Accounting Policies [Abstract]
Summary of significant accounting policies	Summary of significant accounting policies This note provides a description of the significant accounting policies adopted in the preparation of these consolidated financial statements in addition to other policies that have been disclosed in other notes to these consolidated financial statements. These policies have been consistently applied to all periods presented, unless otherwise stated. (i) Business combinations The acquisition method of accounting is used to account for all business combinations, regardless of whether equity instruments or other assets are acquired. The consideration transferred for the acquisition of a subsidiary comprises the: • fair values of the assets transferred; • liabilities incurred to the former owners of the acquired business; • equity interests issued by the Group; • fair value of any asset or liability resulting from a contingent consideration arrangement; and • fair value of any pre-existing equity interest in the subsidiary. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are, with limited exceptions, measured initially at their fair values at the acquisition date. The Group recognises any non-controlling interest in the acquired entity on an acquisition-by-acquisition basis either at fair value or at the non-controlling interest’s proportionate share of the acquired entity’s net identifiable assets. Acquisition-related costs are expensed as incurred. The excess of the consideration transferred, amount of any non-controlling interest in the acquired entity, and acquisition-date fair value of any previous equity interest in the acquired entity over the fair value of the net identifiable assets acquired is recorded as goodwill. If those amounts are less than the fair value of the net identifiable assets of the business acquired, the difference is recognized directly in profit or loss as a bargain purchase. Where settlement of any part of cash consideration is deferred, the amounts payable in the future are discounted to their present value as at the date of exchange. The discount rate used is the entity’s incremental borrowing rate, being the rate at which a similar borrowing could be obtained from an independent financier under comparable terms and conditions. Contingent consideration, when applicable, is classified either as equity or a financial liability. Amounts classified as a financial liability are subsequently remeasured to fair value with changes in fair value recognized in profit or loss. If the business combination is achieved in stages, the acquisition date carrying value of the acquirer’s previously held equity interest in the acquiree is remeasured to fair value at the acquisition date. Any gains or losses arising from such remeasurement are recognized in profit or loss. (ii) Financial instruments A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity. 1) Financial assets Initial recognition and measurement On initial recognition, financial assets are classified as instruments measured at amortized cost, fair value through other comprehensive income (“FVOCI”) and fair value through profit and loss (“FVPL”). The classification of financial assets at initial recognition is based on either (i) the Company’s business model for managing the financial assets and (ii) the instruments’ contractual cash flows characteristics. For a financial asset to be classified and measured at amortized cost or FVOCI, it needs to give rise to cash flows that are 'Solely Payments of Principal and Interest' (the "SPPI" criterion) on the principal amount outstanding. This assessment is referred to as the SPPI test and is performed at an instrument level. The Group's business model for managing financial assets refers to how it manages its financial assets in order to generate cash flows. The business model considers whether the Company’s objective is to receive cash flows from holding the financial assets, from selling the assets or a combination of both. Purchases or sales of financial assets that require delivery of assets within a time frame set by regulation or market practice (regular way trades) are recognized on the trade date, i.e., the date that the Group commits to purchase or sell the asset. Classification and subsequent measurement (i) Financial assets at FVPL Financial assets at FVPL include Securities, financial assets designated upon initial recognition at FVPL, or financial assets mandatorily required to be measured at fair value. This category includes securities and Derivative financial instruments, including equity instruments which the Group had not irrevocably elected to classify at FVOCI. Financial assets are classified as fair value through profit and loss if they either fail the contractual cash flow test or in the Group’s business model are acquired for the purpose of selling or repurchasing in the near term. Financial assets may be designated at FVPL on initial recognition if doing so eliminates, or significantly reduces, an accounting mismatch. Derivative financial instruments, including separated embedded derivatives, are also classified as Securities unless they are designated as effective hedging instruments. Financial assets with cash flows that do not meet the SPPI criteria are classified and measured at FVPL, irrespective of the business model. Financial assets at FVPL are carried in the statement of financial position at fair value with net changes in fair value recognized in profit or loss. The net gain or loss recognized in profit or loss includes any dividend or interest earned on the financial asset. Financial assets measured at FVTPL consist of Securities owned and sold short. A derivative embedded in a hybrid contract, with a financial liability or non-financial host, is separated from the host and accounted for as a separate derivative if: (i) the economic characteristics and risks are not closely related to the host; a separate instrument with the same terms as the embedded derivative would meet the definition of a derivative; (ii) and the hybrid contract is not measured at FVPL. Embedded derivatives are measured at fair value with changes in fair value recognized in profit or loss. Reassessment only occurs if there is either a change in the terms of the contract that significantly modifies the cash flows that would otherwise be required or a reclassification of a financial asset out of the FVPL category. A derivative embedded within a hybrid contract containing a financial asset host is not accounted for separately. The financial asset host together with the embedded derivative is required to be classified in its entirety as a financial asset at fair value through profit or loss. (ii) Financial assets at FVOCI The Group measures financial assets at FVOCI if both of the following conditions are met: • The financial asset is held within a business model with the objective of both holding to collect contractual cash flows and to sell. • The contractual terms of the financial asset give rise on specified dates to cash flows that meet the SPPI criteria. For financial assets at FVOCI, interest income, foreign exchange revaluation and impairment losses or reversals are recognized in profit or loss and similarly to financial assets measured at amortized cost. The remaining fair value changes are recognized in OCI. Upon derecognition, the cumulative fair value change recognized in OCI is recycled to profit or loss. The Group's financial assets at FVOCI includes certain debt instruments. Upon initial recognition, the Group can elect to classify irrevocably equity investments at FVOCI when they meet the definition of equity under IAS 32 - "Financial Instruments: Presentation" and are not financial assets at FVPL. The classification is determined on an instrument-by-instrument basis. Gains and losses on these financial assets are never recycled to profit or loss. Dividends are recognized as income in the profit or loss when the right of payment has been established, except when the Group benefits from such proceeds as a recovery of part of the cost of the financial asset, in which case, such gains are recorded in OCI. Equity instruments designated at FVOCI are not subject to impairment assessment. The Group has no equity instruments that have been irrevocably classified under this category. (iii) Financial assets at amortized cost A financial asset is measured at amortized cost if both of the following conditions are met: • The financial asset is held within a business model with the objective to hold the financial asset in order to collect contractual cash flows. • The contractual terms of the financial asset give rise on specified dates to cash flows that meet the SPPI criteria. Financial assets at amortized cost are subsequently measured using the Effective Interest Rate ("EIR") method and are subject to impairment. Gains and losses are recognized in profit or loss when the asset is derecognized, modified or impaired. The Group's financial assets at amortized cost mainly includes ‘Securities’, 'Securities purchased under agreements to resell', 'Securities trading and intermediation', ‘Loan operations’, 'Accounts receivable' and 'Other financial assets. The Company reclassifies financial assets only when its business approach for managing those assets changes. Derecognition A financial asset (or, where applicable, a part of a financial asset or part of a group of similar financial assets) is primarily derecognized (i.e., removed from the Group's consolidated statement of financial position) when: • The contractual rights to receive cash flows from the asset have expired. • The Group has transferred its contractual rights to receive cash flows from the asset or has assumed a contractual obligation to pay the received cash flows in full without material delay to a third party under a "pass-through" arrangement; and either (a) the Group has transferred substantially all the risks and rewards of the asset; or (b) the Group has neither transferred nor retained substantially all the risks and rewards of the asset, but has transferred control of the asset. When the Group has transferred its contractual rights to receive cash flows from an asset or has entered into a pass-through arrangement, it evaluates if, and to what extent, it has retained the risks and rewards of ownership. When it has neither transferred nor retained substantially all the risks and rewards of the asset, nor transferred control of the asset, the Group continues to recognize the transferred asset to the extent of its continuing involvement. In that case, the Group also recognizes an associated liability. The transferred asset and the associated liability are measured on a basis that reflects the rights and obligations that the Group has retained. Continuing involvement that takes the form of a guarantee over the transferred asset is measured at the lower of the original carrying amount of the asset and the maximum amount of consideration that the Group could be required to repay. Expected credit loss on financial assets The Group recognizes expected credit losses ("ECLs") for all debt instruments not held at FVPL. ECLs are based on the difference between the contractual cash flows due in accordance with the contract and all the cash flows that the Group expects to receive, discounted at an approximation of the original effective interest rate. The expected cash flows will include cash flows from the sale of collateral held or other credit enhancements that are integral to the contractual terms. The Group classifies assets in three stages to measure the expected credit loss, in which the financial assets migrate from one stage to another in accordance with the changes in credit risk. Stage 1: overdue less than 30 days. It is understood that a financial instrument in this stage does not present a significant increase in the risk since initial recognition. The provision for this asset represents the expected loss resulting from possible noncompliance in the next 12 months. Stage 2: overdue 30 days. If a significant increase in the risk is identified from the initial recognition, and no deterioration is realized, the financial instrument falls within this stage. In this case, the amount related to the provision for expected loss reflects the estimated loss of the financial instrument remaining life (lifetime). Stage 3: overdue 90 days. The Group considers a financial asset in default when contractual payments are 90 days past due. However, in certain cases, the Group may also consider a financial asset to be in default when internal or external information indicates that the Group is unlikely to receive the outstanding contractual amounts in full before considering any credit enhancements held by the Group. A financial asset is written off when there is no reasonable expectation of recovering the contractual cash flows. For accounts receivables, and other financial contract assets, the Group applies a simplified approach in calculating ECLs. Therefore, the Group does not track changes in credit risk, but instead recognizes a loss allowance based on lifetime ECLs at each reporting date. The Group has established a provision matrix that is based on its historical credit loss experience, adjusted for forward-looking factors specific to the debtors and the economic environment. For debt instruments at FVOCI, the Group applies the low credit risk simplification at every reporting date, the Group evaluates whether the debt instrument is considered to have low credit risk using all reasonable and supportable information that is available without undue cost or effort. In making that evaluation, the Group reassesses the internal credit rating of the debt instrument. In addition, the Group considers that there has been a significant increase in credit risk when contractual payments are more than 30 days past due. 2) Financial liabilities Initial recognition and measurement Financial liabilities are classified, at initial recognition, as financial liabilities at FVPL, amortized cost or as Derivative financial instruments designated as hedging instruments in an effective hedge, as appropriate. All financial liabilities are recognized initially at fair value and, in the case of amortized cost, net of directly attributable transaction costs. The Group's financial liabilities include 'Securities Loaned', 'Derivative financial instruments', 'Securities purchased under agreements to resell', 'Securities trading and intermediation', long-term debts such as 'Borrowings and lease liabilities' and 'Debentures', 'Accounts payables' and 'Other financial liabilities'. Classification and subsequent measurement (i) Financial liabilities at FVPL Financial liabilities at FVPL include securities loaned and derivatives financial instruments designated upon initial recognition as at FVPL. Financial liabilities are classified as securities loaned if they are incurred for the purpose of repurchasing in the near term. This category also includes derivative financial instruments entered by the Group that are not designated as hedging instruments in hedge relationships as defined by IFRS 9. Separated embedded derivatives are also classified as fair value through PL unless they are designated as effective hedging instruments. Gains or losses on liabilities at fair value through PL are recognized in profit or loss. Financial liabilities designated upon initial recognition at FVPL are designated at the initial date of recognition, and only if the criteria in IFRS 9 are satisfied. Securities loaned, and derivative financial instruments are classified as fair value through PL and recognized at fair value. (ii) Amortized cost After initial recognition, these financial liabilities are subsequently measured at amortized cost using the Effective Interest Method (“EIR”) method. Gains and losses are recognized in profit or loss when the liabilities are derecognized as well as through the EIR amortization process. Amortized cost is calculated by considering any discount or premium on acquisition and fees or costs that are an integral part of the EIR. The EIR amortization is included as finance costs in the profit or loss. This category generally applies to Securities sold under repurchase agreements, ‘Securities trading and intermediation’, 'Borrowings and Lease Liabilities', 'Debentures', 'Accounts payables' and 'Other financial liabilities'. Derecognition A financial liability is derecognized when the obligation under the liability is discharged or cancelled or expires. When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as the derecognition of the original liability and the recognition of a new liability. The difference in the respective carrying amounts is recognized in profit or loss. 3) Fair value of financial instruments The fair value of financial instruments actively traded in organized financial markets is determined based on purchase prices quoted in the market at the close of business at the reporting date, without deducting transaction costs. The fair value of financial instruments for which there is no active market is determined by using measurement techniques. These techniques may include the use of recent market transactions (on an arm's length basis); reference to the current fair value of another similar instrument; analysis of discounted cash flows or other measurement models. See Note 37. 4) Derivative financial instruments and hedging activities Derivative financial instruments are financial contracts, the value of which is derived from the value of the underlying assets, interest rates, indexes or currency exchange rates. Derivatives are initially recognised at fair value on the date a derivative contract is entered into, and they are subsequently remeasured to their fair value at the end of each reporting period. The accounting for subsequent changes in fair value depends on whether the derivative is designated as a hedging instrument and, if so, the nature of the item being hedged. The group designates certain derivatives as either: • hedges of the fair value of recognised assets or liabilities or a firm commitment (fair value hedges), or • hedges of a net investment in a foreign operation (net investment hedges). At inception of the hedge relationship, the group documents the economic relationship between hedging instruments and hedged items, including whether changes in the cash flows of the hedging instruments are expected to offset changes in the cash flows of hedged items. The group documents its risk management objective and strategy for undertaking its hedge transactions. If the hedge no longer meets the criteria for hedge accounting, the adjustment to the carrying amount of a hedged item for which the effective interest method is used is amortized to profit or loss over the remaining period until maturity, using a recalculated effective interest rate. a) Hedge ineffectiveness Hedge effectiveness is determined at the inception of the hedge relationship, and through periodic prospective effectiveness assessments to ensure that an economic relationship exists between the hedged item and hedging instrument. To evaluate the effectiveness and to measure the ineffectiveness of such strategies, The Group uses the Dollar Offset Method. The Dollar Offset Method is a quantitative method that consists of comparing the change in fair value or cash flows of the hedging instrument with the change in fair value or cash flows of the hedged item attributable to the hedged risk. (iii) Cash and cash equivalents Cash is not subject to a significant risk of change in value and are held for the purpose of meeting short-term cash commitments and not for investments or other purposes. Transactions are considered short-term when they have maturities in three months or less from the date of acquisition. For purposes of consolidated statement of cash flows, cash equivalents refer to collateral held securities purchased under agreements to resell and bank deposit certificates measured at fair value through profit and loss that are readily convertible into a known cash amount and for which are no subject to a significant risk of change in value. (iv) Securities purchased under agreements to resell and obligations related to securities sold under repurchase agreements The Group has purchased securities with resale agreement (resale agreements) and sold securities with repurchase agreement (repurchase agreement) of financial assets. Resale and repurchase agreements are accounted for under Securities purchased under agreements to resell and Securities sold under repurchase agreements, respectively. The difference between the sale and repurchase prices is treated as interest and recognized over the life of the agreements using the effective interest rate method. The financial assets accepted as collateral in our resale agreements can be used by us, if provided for in the agreements, as collateral for our repurchase agreements or can be sold. (v) Securities trading and intermediation (receivable and payable) Refers to transactions at B3 S.A. – Brasil, Bolsa, Balcão (“B3”) on behalf of and on account of third parties. Brokerages on these transactions are classified as revenues and service provision expenses are recognized at the time of the transactions. These balances are offset and the net amount shown in the balance sheet when, and only when, there is a legal and enforceable right to offset and the intention to liquidate them on a net basis, or to realize the assets and settle the liabilities simultaneously. Amounts due from and to customers represent receivables for securities sold and payables for securities purchased that have been contracted for but not yet settled or delivered on the balance sheet date respectively. The due from customers balance is held for collection. These amounts are subdivided into the following items: • Cash and settlement records - Represented by the registration of transactions carried out on the stock exchanges on its own behalf and for customers; and • Debtors/Creditors pending settlement account - debtor or creditor balances of customers, in connection with transactions with fixed income securities, shares, commodities and financial assets, pending settlement as of the statement of reporting date. Sales transactions are offset and in the event the final amount is a credit, it will be recorded in liabilities, on the other hand if this amount is debt, it will be recorded in assets, provided that the offset balances refer to the same counterparty. These amounts are recognized initially at fair value and subsequently measured at amortized cost. At each reporting date, the Group shall measure the loss allowance on amounts due from customer at an amount equal to the lifetime expected credit losses if the credit risk has increased significantly since initial recognition. If, at the reporting date, the credit risk has not increased significantly since initial recognition, the Group shall measure the loss allowance at an amount equal to 12-month expected credit losses. Significant financial difficulties of the customer, probability that the customer will enter bankruptcy or financial reorganization, and default in payments are all considered indicators that a loss allowance may be required. If the credit risk increases to the point that it is considered to be credit impaired, interest income will be calculated based on the gross carrying amount adjusted for the loss allowance. A significant increase in credit risk is defined by management as any contractual payment which is more than 30 days past due. Any contractual payment which is more than 90 days past due is considered credit impaired. The estimated credit losses for brokerage clients and related activity was immaterial for all periods presented. (vi) Loan operations Loan operations consist in arrangements under which clients can borrow stipulated amounts under defined terms and conditions. They are subsequently measured at amortised cost using the effective interest method, less expected credit loss. See note 10 for further information about the Company’s accounting for Loan Operations and note 3(iii) for a description of the Company’s Expected Losses on Financial Assets. Interest income from these financial assets is included in Net income from financial instruments at amortized cost using the effective interest rate method. Any gain or loss arising on derecognition of the loan operations is recognized directly in profit or loss and presented in Note 14. Expected credit losses are presented as a separate line item in profit or loss. (vii) Prepaid expenses Prepaid expenses are recognized as an asset in the balance sheet. These expenditures include incentives to IFAs, prepaid software licenses, certain professional services and insurance premiums. (viii) Leases As of January 1, 2019 the Group has adopted IFRS 16, replacing IAS 17, which was applicable until December 31, 2018. Both accounting practices are explained below. IAS 17 - Leases Leases in which a significant portion of the risks and rewards of ownership were not transferred to the Group as lessee were classified as operating leases. Payments made under operating leases (net of any incentives received from the lessor) were charged to profit or loss on a straight-line basis over the period of the lease. Lease income from operating leases where the Group is a lessor is recognized in income on a straight-line basis over the lease term. Initial direct costs incurred in obtaining an operating lease are added to the carrying amount of the underlying asset and recognized as expense over the lease term on the same basis as lease income. The respective leased assets are included in the balance sheet based on their nature. The Group did not need to make any adjustments to the accounting for assets held as lessor as a result of adopting the new leasing standard. IFRS 16 Leases Effective from January 1, 2019, IFRS 16 was issued in January 2016 and supersedes IAS 17 Leases , IFRIC 4 Determining whether an Arrangement contains a Lease , SIC-15 Operating Leases-Incentives and SIC-27 Evaluating the Substance of Transactions Involving the Legal Form of a Lease . The standard establishes the principles for the recognition, measurement, presentation and disclosure of leases and requires lessees to account for all leases under a single model in the balance sheet, similar to the recognition of finance leases under IAS 17. The Group has adopted IFRS 16 from January 1, 2019 using the modified retrospective method of adoption, under which the standard is applied retrospectively with the cumulative effect of initially applying the standard recognized at the date of initial application and not restated comparatives for the 2018 and 2017 reporting period. The reclassifications and the adjustments arising from the new leasing rules are therefore recognized in the opening balance sheet on January 1, 2019. Practical expedients and exemptions applied In applying IFRS 16 for the first time, the Group has used the following permitted practical expedients: • applying only to contracts that were previously identified as leases applying IAS 17 and IFRIC 4 at the date of initial application; • applying a single discount rate to a portfolio of leases with reasonably similar characteristics; • relying on previous assessments on whether leases are onerous as an alternative to performing an impairment review – there were no onerous contracts as of January 1, 2019; • exempting leases contracts with a remaining lease term of less than 12 months as of January 1, 2019 and not containing a purchase option (short-term leases); • exempting lease contracts for which the underlying asset is of low value (low-value assets); • excluding initial direct costs for the measurement of the right-of-use asset at the date of initial application; and • using hindsight in determining the lease term where the contract contains options to extend or terminate the lease. i) Measurement of lease liabilities and right-of-use assets The Group leases its main offices and certain equipments under non-cancelable operating lease agreements. The lease terms varies from one As a result of initial adoption, there is no impact to retained earnings in equity on January 1, 2019. Right-of-use assets are presented in a separate line item in the balance sheet under “Right-of-use assets” group, while the lease liabilities are presented within borrowings in the line item “Borrowings and lease liabilities” in the balance sheet. Set out below are the new accounting policies of the Group upon adoption of IFRS 16, which have been applied from the date of initial application: Right-of-use assets The Group recognizes right-of-use assets at the commencement date of the lease (i.e., the date the underlying asset is available for use). Right-of-use assets are measured at cost, less any accumulated depreciation and impairment losses, and adjusted for any remeasurement of lease liabilities. The cost of right-of-use assets includes the amount of lease liabilities recognized, initial direct costs incurred, and lease payments made at or before the commencement date less any lease incentives received. Unless the Group is reasonably certain to obtain ownership of the leased asset at the end of the lease term, the recognized right-of-use assets are depreciated on a straight-line basis over the shorter of its estimated useful life and the lease term. Right-of use assets are subject to impairment. Lease liabilities At the commencement date of the lease, the Group recognizes lease liabilities measured at the present value of lease payments to be made over the lease term. The lease payments include fixed payments (including in-substance fixed payments) less any lease incentives receivable, variable lease payments that depend on an index or a rate, and amounts expected to be paid under residual value guarantees. The lease payments also include the exercise price of a purchase option reasonably certain to be exercised by the Group and payments of penalties for terminating a lease, if the lease term reflects the Group exercising the option to terminate. The variable lease payments that do not depend on an index or a rate are recognized as expense in the period on which the event or condition that triggers the payment occurs. In calculating the present value of lease payments, the Group uses the incremental borrowing rate at the lease commencement date if the interest rate implicit in the lease is not readily determinable. After the commencement date, the amount of lease liabilities is increased to reflect the accretion of interest and reduced for the lease payments made. In addition, the carrying amount of lease liabilities is remeasured if there is a modification, a change in the lease term, a change in the in-substance fixed lease payments or a change in the assessment to purchase the underlying asset. Short-term leases and leases of low-value assets The Group applies the short-term lease recognition exemption to its short-term leases of properties (i.e., those leases that have a lease term of 12 months or less from the commencement date and do not contain a purchase option). It also applies the lease of low-value assets recognition exemption to leases that are considered of low value. Lease payments on short-term leases and leases of low-value assets are recognized as expense on a straight-line basis over the lease term. Significant judgement in determining the lease term of contracts with renewal options The Group determines the lease term as the non-cancellable term of the lease, together with any periods covered by an option to extend the lease if it is reasonably certain to be exercised, or any periods covered by an option to terminate the lease, if it is reasonably certain not to be exercised. The Group has the option, under some of its leases to lease the assets for additional terms. The Group applies judgement in evaluating whether it is reasonably certain to exercise the option to renew. That is, it considers all relevant factors that create an economic incentive for it to exercise the renewal. After the commencement date, the Group reassesses the lease term if there is a significant event or change in circumstances that is within its control and affects its ability to exercise (or not to exer

Significant estimated and judge

Significant estimated and judgements	12 Months Ended
	Dec. 31, 2020
Significant and Estimated Judgements [Abstract]
Significant estimated and judgements	Significant estimated and judgements The preparation of the financial statements according to accounting policies described in Note 3 requires Management to make judgments, estimates and assumptions that affect the application of accounting policies and the reported amounts for assets, liabilities, revenues and expenses. Actual results may differ from these estimates. In addition, this note also explains where there have been actual adjustments this year as a result of and error and of changes to previous estimates. Information about uncertainties on assumptions and estimates that have a significant risk of resulting in a material adjustment in the future fiscal year is included as follows: (i) Estimation fair value of certain financial assets The fair value of financial instruments that are not traded in an active market is determined using valuation techniques. The Group uses its judgment to select a variety of methods and make assumptions that are mainly based on market conditions existing at the end of each reporting period. (ii) Expected credit losses on financial assets The expected credit losses for financial assets are based on assumptions about risk of default and expected loss rates. The Group uses judgement in making these assumptions and selecting the inputs to the impairment calculation, based on the Group’s past history and existing market conditions, as well as forward-looking estimates at the end of each reporting period. (iii) Recognition of deferred tax asset for carried-forward tax losses Deferred tax assets are recognized for all unused tax losses to the extent that sufficient taxable profit will likely be available to allow the use of such losses. Significant judgment from management is required to determine the amount of deferred tax assets that can be recognized, based on the likely timing and level of future taxable profits, together with future tax planning strategies. The Group has concluded that the deferred assets will be recoverable using the estimated future taxable income based on the approved business plans and budgets for the subsidiaries where a deferred tax asset has been recognized. (iv) Property and equipment and intangible assets useful lives Property and equipment and intangible assets include the use of estimates to determine the useful life for depreciation and amortization purposes. Useful life determination requires estimates in relation to the expected technological advances and alternative uses of assets. There is a significant element of judgment involved in making technological development assumptions, since the timing and nature of future technological advances are difficult to predict. As of December 31, 2020, the Group did not identify evidence that could indicate that useful lives described in Note 3 ((ix) and (x)) should be revised. Therefore, the Group concluded that changes to the estimated useful live was not deemed necessary. (v) Impairment of non-financial assets, including goodwill The Group assesses, at each reporting date, whether there is an indication that an asset may be impaired. Intangible assets with indefinite useful lives and goodwill are tested for impairment annually at the level of the CGU, as appropriate, and when circumstances indicate that the carrying value may be impaired. Impairment exists when the carrying value of an asset or cash generating unit exceeds its recoverable amount, which is the higher of its fair value less costs to sell and its value in use. Technological obsolescence, suspension of certain services and other changes in circumstances that demonstrate the need for recording a possible impairment are also regarded in estimates. (vi) Provision for contingent liabilities Provisions for the judicial and administrative proceedings are recorded when the risk of loss of administrative or judicial proceeding is considered probable and the amounts can be reliably measured, based on the nature, complexity and history of lawsuits and the opinion of legal counsel internal and external. Provisions are made when the risk of loss of judicial or administrative proceedings is assessed as probable and the amounts involved can be measured with sufficient accuracy, based on best available information. They are fully or partially reversed when the obligations cease to exist or are reduced. Given the uncertainties arising from the proceedings, it is not practicable to determine the timing of any outflow (cash disbursement).

Group structure

Group structure	12 Months Ended
	Dec. 31, 2020
Disclosure of subsidiaries [abstract]
Group structure	Group structure (i) Subsidiaries The following are the direct and indirect interests of Company in its subsidiaries for the purposes of these consolidated financial statements: % of Group’s interest (i) Entity name Country of incorporation Principal activities 2020 2019 2018 Directly controlled XP Investimentos S.A. Brazil Holding 100.00 % 100.00 % — Indirectly controlled XP Investimentos Corretora de Câmbio, Títulos e Valores Mobiliários S.A. Brazil Broker-dealer 100.00 % 100.00 % 100.00 % XP Vida e Previdência S.A. (iv) Brazil Private pension and insurance 100.00 % 100.00 % 100.00 % Banco XP S.A. Brazil Multipurpose bank 100.00 % 100.00 % — XP Controle 3 Participações S.A. Brazil Financial Holding 100.00 % 100.00 % 100.00 % XPE Infomoney Educação Assessoria Empresarial e Participações Ltda. Brazil Digital Content services 100.00 % 99.99 % 99.70 % Tecfinance Informática e Projetos de Sistemas Ltda. Brazil Rendering of IT services 99.76 % 99.76 % 99.73 % XP Corretora de Seguros Ltda. Brazil Insurance Broker 99.99 % 99.99 % 99.82 % XP Gestão de Recursos Ltda. Brazil Asset management 94.80 % 93.70 % 92.80 % XP Finanças Assessoria Financeira Ltda. Brazil Investment consulting service 99.99 % 99.99 % 99.99 % Infostocks Informações e Sistemas Ltda. Brazil Mediation of information systems 99.99 % 99.99 % 99.99 % XP Advisory Gestão Recursos Ltda. Brazil Asset management 99.50 % 99.57 % 99.52 % XP Vista Asset Management Ltda. Brazil Asset management 99.45 % 99.42 % 99.60 % XP Controle 4 Participações S.A. Brazil Insurance holding 100.00 % 100.00 % 100.00 % Leadr Serviços Online Ltda. Brazil Social media 99.99 % 99.99 % — Spiti Análise Ltda. Brazil Research 95.00 % 99.99 % — Chamaleon Bravery Unipessoal LDA Portugal Investment Advisor (pending regulatory approval) 100.00 % 100.00 % — XP Investments UK LLP UK Inter-dealer broker and Organized Trading Facility (OTF) 100.00 % 100.00 % 100.00 % Sartus Capital LTD UK Investment advisor 100.00 % 100.00 % 100.00 % XP Private (Europe) S.A. Switzerland Investment advisor 100.00 % 100.00 % 100.00 % XP Holding UK Ltd UK International financial holding 100.00 % 100.00 % 100.00 % XP Investments US, LLC USA Broker-dealer 100.00 % 100.00 % 100.00 % Xperience Market Services LLC (vi) USA Non-operational 100.00 % 100.00 % — XP Holding International LLC (ii) USA International financial holding 100.00 % 100.00 % 100.00 % XP Advisory US USA Investment advisor 100.00 % 100.00 % 100.00 % XP PE Gestão de Recursos Ltda. (v) Brazil Asset management 98.70 % — — XP LT Gestão de Recursos Ltda. (v) Brazil Asset management 92.00 % — — Carteira Online Controle de Investimentos Ltda. - ME (iii) Brazil Investment consolidation platform 99.99 % — — Antecipa S.A. (iii) Brazil Receivables Financing Market 100.00 % — — XP Allocation Asset Management Ltda. (v) Brazil Asset management 99.99 % — — Track Índices Consultoria Ltda. (v) Brazil Index Provider 100.00 % — — XP Eventos Ltda. (v) Brazil Media and Events 99.00 % — — DM10 Corretora de Seguros Ltda. (iii) Brazil Insurance Broker 100.00 % — — Consolidated investments funds Falx Fundo de Investimento Multimercado Crédito Privado Investimento no Exterior Brazil Investment fund 100.00 % 100.00 % 100.00 % Gladius Fundo de Investimento Multimercado Investimento no Exterior Brazil Investment fund 100.00 % 100.00 % 100.00 % % of Group’s interest (i) Entity name Country of incorporation Principal activities 2020 2019 2018 Scorpio Debentures Incentivadas Fundo de Investimento Multimercado Crédito Privado Brazil Investment fund 100.00 % 100.00 % 100.00 % Galea Fundo de Investimento Multimercado Crédito Privado Investimento no Exterior (vi) Brazil Investment fund — 100.00 % 100.00 % Javelin Fundo de Investimento Multimercado Crédito Privado Investimento no Exterior Brazil Investment fund 100.00 % 100.00 % 100.00 % Spatha Fundo de Investimento Multimercado Crédito Privado Investimento no Exterior (vi) Brazil Investment fund — 100.00 % 100.00 % Frade Fundo de Investimento em Cotas de Fundos de Investimento em Direitos Creditórios NP Brazil Investment fund 100.00 % 100.00 % 100.00 % Frade III Fundo de Investimento em Cotas de Fundo de Investimento Multimercado Crédito Privado Brazil Investment fund 100.00 % 100.00 % — Balista Debentures Incentivadas Fundo de Investimento Multimercado Crédito Privado (vi) Brazil Investment fund — 100.00 % — Coliseu Fundo de Investimento Multimercado Crédito Privado Investimento no Exterior Brazil Investment fund 100.00 % 100.00 % — NIMROD Fundo de Investimento Multimercado Crédito Privado Investimento no Exterior (v) Brazil Investment fund 100.00 % 100.00 % — XP High Yield Fund SP (v) Cayman Investment fund 100.00 % 100.00 % — XP International Fund SPC (v) Cayman Investment fund 100.00 % 100.00 % — XP Managers Fundo de Investimento em Participações Multiestratégia (v) Brazil Investment fund 100.00 % 100.00 % — (i) The percentage of participation represents the Group’s interest in total capital and voting capital of its subsidiaries. (ii) Subsidiaries legally merged into their respective immediate parent, with no impact on the consolidated financial statements. (iii) New subsidiaries acquired in 2020. See further details in Note 5 (ii) below. (iv) Subsidiaries incorporated in 2018 for operating in the private pension and life insurance business, which is regulated by the Superintendency of Private Insurance (SUSEP) in Brazil (v) New subsidiaries and investment funds incorporated in the year. (vi) Subsidiaries and investment funds closed or incorporated by others during the year. (ii) Business combinations Acquisitions in 2020 The preliminary fair value of the identifiable assets acquired and liabilities assumed as of each acquisition date were: Fliper Antecipa DM10 Total Assets Cash 617 1,917 275 2,809 Other assets 0 79 411 490 Intangible assets (Note 16(b)) 2,869 7,819 2,950 13,638 3,486 9,815 3,636 16,936 Liabilities Other liabilities (6,159) (198) (1,522) (7,879) Total identifiable net assets at fair value (2,673) 9,617 2,114 9,057 Goodwill arising on acquisition (Note 16 (b)) 39,832 22,965 14,886 77,683 Contingent consideration 10,100 4,083 — 14,183 Purchase consideration transferred 47,259 36,665 17,000 100,923 Analysis of cash flows on acquisition Net cash acquired with the subsidiary (617) (1,917) (275) (2,809) Payable in installments — (15,487) (6,000) (21,488) Contingent consideration (10,100) (4,083) — (14,183) Net of cash flow on acquisition (investing activities) 36,542 15,178 10,724 62,443 For the purchase price allocation, the following intangible assets were identified. The valuation techniques used for measuring the fair value of separately identified intangible assets acquired were as follows: Assets Amount Method Expected amortization period Customer list 2,181 Multi-period excess earning method 5.5 years Trademark 3,314 Relief from royalty 5 years Technology 8,143 Relief from royalty 5 years For the concluded acquisitions, the total consideration paid is R$100,923, being: i) R$62,443 paid in cash, ii) R$21,488 payable in three consecutives annual installments from 2020 to 2022 adjusted by the Interbank Certificates of Deposit (“CDI”) rate and iii) R$14,183 as a fair value of the contingent consideration. The preliminary goodwill recognized includes the value of expected synergies arising from the acquisition, which is not separately recognized. The preliminary goodwill recognized is not expected to be deductible for income taxes purposes. The Company has not yet finalized the valuation of all identifiable assets acquired and liabilities assumed in the business combination presented above and therefore some of these amounts are preliminary. These amounts may be adjusted when the valuations are finalized. In addition, the Company incurred direct costs for the business combinations which were expensed as incurred. The results of operations of the businesses acquired for periods prior to acquisitions, individually and in the aggregate, were not material to the Company´s consolidated statements of income and, accordingly, pro forma information has not been presented. Acquisition of Carteira Online Controle de Investimentos Ltda.-ME (“Fliper”) On June 5, 2020, the Group entered into an agreement, to acquire 100% of total share capital of Carteira Online Controle de Investimentos Ltda.-ME (“Fliper”). Fliper is an automated investment consolidation platform that offers its users connectivity and tools to perform intuitive and intelligent financial self-management. The transaction allows the Group to offer its customers additional resources to manage their investments, as the open banking trend continues to accelerate in Brazil. On July 13, 2020, the acquisition was consummated, through approval of Central Bank (BACEN). Acquisition of DM10 Corretora de Seguros e Assessoria Ltda. (“DM10”) On June 9, 2020, the Group entered into an agreement, to acquire 100% of total share capital of DM10 Corretora de Seguros e Assessoria Ltda. (“DM10”). DM10 is an marketplace that connects hundreds of independent distributors with Life Insurance and Pension Plan products, adding value through technology and education. With the transaction, the Group enhances its distribution network in the insurance division. On September 24, 2020, the acquisition was consummated, through approval of Central Bank (BACEN). Acquisition of Antecipa S.A. (“Antecipa”) On June 29, 2020, the Group entered into an agreement, to 100% of total share capital of Antecipa S.A. (“Antecipa”). Antecipa is a digital platform focused on financing of receivables and offering an efficient alternative for companies to optimize its cash flow management. For the Group, the acquisition represents an opportunity to further expand its product range and reinforce the company’s presence in the Small to Medium Enterprise (SME) and corporate segments in Brazil, similar to XP’s transformational initiatives across the Retail, High-Income and Private Market channels. On September 1, 2020, acquisition was consummated, through approval of Central Bank (BACEN). Acquisition of Riza Capital Consultoria de Investimentos S.A (“Riza”) On December 23, 2020 the Group entered into an agreement, to acquire 100% of total share capital of Riza an independent financial advisory company. Riza has one of the most seasoned and respected teams in the segment, with experience in important financial institutions and active participation in some of the most relevant M&A transactions over the last decades. The transaction is aligned with XP Inc.’s strategy to reinforce its Capital Markets ecosystem.

Securities purchased under agre

Securities purchased under agreements to resell	12 Months Ended
	Dec. 31, 2020
Securities purchased under agreements to resell [Abstract]
Securities purchased under agreements to resell	Securities purchased under agreements to resell 2020 2019 Available portfolio 1,409,637 971,991 National Treasury Notes (NTNs) (a) 876,102 771,099 Financial Treasury Bills (LFTs) (a) 452,691 195,980 National Treasury Bills (LTNs) (a) 44,091 4,912 Debentures (b) 36,753 — Collateral held 5,217,772 8,518,099 National Treasury Bills (LTNs) (a) 976,419 1,764,410 National Treasury Notes (NTNs) (a) 4,241,353 6,753,689 Total (c) 6,627,409 9,490,090 (a) Refers to fixed-rate fixed-income and low-risk investments issued by financial institutions, collateral-backed by debentures. (b) Investments in purchase and sale commitments collateral-backed by sovereign debt securities refer to transactions involving the purchase of sovereign debt securities with a commitment to sale originated in the subsidiary XP CCTVM and in exclusive funds and were carried out at an average fixed rate of 1.91% p.a. (4.63% p.a. as of December 31, 2019). (c) Includes expected credit loss in the amount of R$370.The reconciliation of gross carrying amount and the expected credit loss segregated by stages are presented in the Note 14. As of December 31, 2020, R$593,673 (2019 - R$654,057) from the total amount of available portfolio is being presented as cash equivalents in the statements of cash flows.

Securities

Securities	12 Months Ended
	Dec. 31, 2020
Subclassifications of assets, liabilities and equities [abstract]
Securities	Securities a) Securities classified at fair value through profit and loss and at fair value through other comprehensive income are presented in the following table: 2020 2019 Gross carrying amount Fair value Gross carrying amount Fair value Financial assets (ii) At fair value through profit or loss 49,157,111 49,590,013 22,332,936 22,443,392 Brazilian government bonds 30,752,903 31,129,671 15,404,300 15,494,046 Investment funds (ii) 11,216,914 11,221,774 3,047,198 3,047,198 Stocks issued by public-held company 3,802,610 3,802,470 1,562,965 1,562,965 Debentures 1,111,595 1,114,967 885,344 885,068 Uniated States government bonds 590,710 602,214 — — Structured transaction certificate 485,012 515,960 237,112 256,381 Bank deposit certificates (i) 371,455 372,329 244,071 246,827 Agribusiness receivables certificates 359,607 363,721 598,085 589,525 Certificate of real estate receivable 97,606 96,930 75,922 75,123 Financial credit bills 81,465 82,209 98,068 106,759 Real estate credit bill 474 477 1,282 1,300 Others (iii) 286,760 287,291 178,589 178,200 (i) Bank deposit certificates include R$111,927 (December 31, 2019 – R$123,817) is being presented as cash equivalents in the statements of cash flows. (ii) Financial assets include R$13,387,913 (December 31, 2019 – R$3,759,090) amounts related to Specially Constituted Investment Fund (“FIE”) as presented in Note 26. Investments funds include R$10,625,520 (December 31, 2019 – R$2,249,459) of XP Vida e Previdência S.A.. (iii) Mainly related to bonds issued and traded overseas. b) Securities at fair value through other comprehensive income are presented in the following table: 2020 2019 Gross carrying amount Fair value Gross carrying amount Fair value Financial assets At fair value through other comprehensive income National treasury bill (i) 19,011,499 19,039,044 2,608,325 2,616,118 (i) Includes expected credit losses in the amount of R$8,855. The reconciliation of gross carrying amount and the expected credit loss segregated by stages are presented in the Note 14. c) Securities evaluated at amortized cost are presented in the following table: 2020 2019 Gross carrying amount Book value Gross carrying amount Book value Financial assets At amortized cost Bonds (i) 1,829,791 1,828,704 2,266,971 2,266,971 (i) Includes expected credit losses in the amounts of R$1,087. The reconciliation of gross carrying amount and the expected credit loss segregated by stages are presented in the Note 14. d ) Securities on the financial liabilities classified at fair value through profit or loss are presented in the following table: 2020 2019 Gross carrying amount Fair value Gross carrying amount Fair value Financial liabilities At fair value through profit or loss Securities loaned 2,237,442 2,237,442 2,021,707 2,021,707 Below is presented the securities classified by maturity: Assets Liabilities 2020 2019 2020 2019 Financial assets At fair value through PL and at OCI Current 34,572,107 9,804,819 2,237,442 2,021,707 Non-stated maturity 15,246,105 4,999,333 2,237,442 2,021,707 Up to 3 months 794,025 257,544 — — From 3 to 12 months 18,531,977 4,547,942 — — Non-current 34,065,805 15,254,691 — — After one year 34,065,805 15,254,691 — — Evaluated at amortized cost Current 1,829,791 2,266,971 — — Up to 3 months 1,623,487 807,218 — — From 3 to 12 months 206,304 1,459,753 — — Total 70,467,703 27,326,481 2,237,442 2,021,707 The reconciliation of expected loss to financial assets at amortized cost – securities segregate by stage according with IFRS 9 is demonstrated in Note 14. Following are the breakdown of the carrying amount of loan operations by class, sector of debtor, maturity and concentration: Loans by type 2020 2019 Retail Pledged asset loan 2,698,018 388 Non-pledged loan 116,978 — Credit card 51,270 — Corporate Pledged asset loan 946,008 — Non-pledged loan 113,155 — Total Loans operations 3,925,429 388 Expected Credit Loss (Note 14(b)) (7,101) (2) Total loans operations, net of Expected Loss 3,918,328 386 By maturity 2020 2019 Due in 3 months or less 160,918 388 Due after 3 months through 12 months 580,183 — Due after 12 months 3,184,328 — Total Loans operations 3,925,429 388 By concentration 2020 2019 Largest debtor 150,040 71 10 largest debtors 726,904 310 20 largest debtors 1,043,583 375 50 largest debtors 1,521,310 388 100 largest debtors 1,885,614 388 XP Inc offers loan products through Banco XP to its customers. The loan products offered to its customers are fully collaterized by customers’ investments on XP platform and credit product strictly related to investments in structured notes, in which the borrower is able to operate leveraged, retaining the structured note itself as guarantee for the loan. Certain loans operations originated by the collateralized credit has insignificant risk of loss, which results in no loss allowance being recognised in accordance with the Group's expected credit loss model. The carrying amount of such financial assets is R$297,443 at December 31, 2020 (December 31, 2019:nil). The reconciliation of gross carrying amount and the expected credit loss in loan operations segregate by stage according with IFRS 9 were demonstrated in Note 14. These stages are periodically reassessed in accordance with XP Inc.’s credit risk policy.

Derivative financial instrument

Derivative financial instruments	12 Months Ended
	Dec. 31, 2020
Subclassifications of assets, liabilities and equities [abstract]
Derivative financial instruments	Derivative financial instruments The Group uses the derivatives to manage its overall exposures of foreign exchange rates, interest rates and price of shares. The fair value of derivative financial instruments, comprised of futures, forward, options, and swaps operations, is determined in accordance with the following criteria: • Swap – These operations swap cash flow based on the comparison of profitability between two indexers, Thus, the agent assumes both positions – put in one indexer and call on another. • Forward - at the market quotation value, and the installments receivable or payable are prefixed to a future date, adjusted to present value, based on market rates published at B3. • Futures – Foreign exchange rates, prices of shares and commodities are commitments to buy or sell a financial instrument at a future date, at a contracted price or yield and may be settled in cash or through delivery. Daily cash settlements of price movements are made for all instruments. • Options - option contracts give the purchaser the right to buy the instrument at a fixed price negotiated at a future date. Those who acquire the right must pay a premium to the seller. This premium is not the price of the instrument, but only an amount paid to have the option (possibility) to buy or sell the instrument at a future date for a previously agreed price. Positions with derivative financial instruments as of December 31, 2020 and 2019 are shown below: 2020 Assets Liabilities Fair value Notional Fair value Notional Swaps 777,816 5,578,227 870,393 6,143,671 Forward contracts 456,724 2,905,411 200,272 3,035,011 Futures contracts 26,535 43,100,609 13,221 44,981,642 Options 6,298,358 681,464,674 6,735,478 614,741,256 Total 7,559,433 733,048,921 7,819,364 668,901,580 2019 Assets Liabilities Fair value Notional Fair value Notional Swaps 1,133,768 3,955,473 485,164 3,420,857 Forward contracts 187,392 1,857,542 2,480 164,209 Futures contracts 21,809 15,920,584 - - Options 2,742,035 498,484,022 2,741,592 488,482,756 Total 4,085,004 520,217,621 3,229,236 492,067,822 Below is the composition of the Derivative financial instruments portfolio (assets and liabilities) by type of instrument, stated fair value and by maturity: 2020 Fair Value % Up to 3 months From 4 to 12 months Above 12 months Assets Swap contracts 777,816 10 % 35,241 206,921 535,654 Forward contracts 456,724 6 % 230,862 201,324 24,538 Future contracts 26,535 1 % 26,535 — — Options 6,298,358 83 % 2,327,062 2,351,285 1,620,011 Total 7,559,433 100 % 2,619,700 2,759,530 2,180,203 Liabilities Options 6,735,478 87 % 2,152,890 2,378,689 2,203,899 Forward contracts 200,272 3 % 133,679 49,102 17,491 Future contracts 13,221 1 % 542 1,742 10,937 Swap contracts 870,393 11 % 99,249 213,532 557,612 Total 7,819,364 100 % 2,386,360 2,643,065 2,789,939 2019 Fair value % Up to 3 months From 4 to 12 months Above 12 months Assets Swap contracts 1,133,768 0 10,418 700,668 422,682 Forward contracts 187,392 0 159,163 28,175 54 Future contracts 21,809 0 21,809 — — Options 2,742,035 0 1,837,073 577,177 327,785 Total 4,085,004 0 2,028,463 1,306,020 750,521 Liabilities Options 2,741,592 0 1,745,532 637,393 358,667 Forward contracts 2,480 0 1,693 325 462 Swap contracts 485,164 0 15,838 40,687 428,639 Total 3,229,236 0 1,763,063 678,405 787,768 Derivatives financial instruments by index: 2020 2019 Notional Fair Value Notional Fair Value Swap Contracts Asset Position Interest 5,014,934 776,215 3,955,473 1,133,768 Foreign exchange 563,293 1,601 — — Liability Position Interest 6,143,671 (870,393) 3,420,857 (485,164) Forward Contracts Asset Position Foreign exchange 2,546,940 98,253 1,710,648 40,499 Share 325,519 325,519 — — Interest 32,952 32,952 146,893 146,893 Liability Position Foreign exchange 3,002,067 (167,328) 162,551 (822) Shares — — 1,658 (1,658) Interest 32,944 (32,944) — — Future Contracts Purchase commitments Foreign exchange — — 965 329 Interest 43,100,609 26,535 15,919,619 21,480 Commitments to sell Interest 44,981,642 (13,221) — — Options Purchase commitments Foreign exchange — — 37,500 82,369 Share 5,827,205 1,074,507 1,770,220 210,448 Interest 675,637,469 5,223,851 496,676,302 2,449,218 Commitments to sell Foreign exchange — — 37,500 (94,612) Shares 9,229,113 (945,828) 2,511,960 (229,291) Commodities — — Interest 605,512,143 (5,789,650) 485,933,296 (2,417,689) Assets 7,559,433 4,085,004 Liabilities (7,819,364) (3,229,236) Net (259,931) 855,768

Hedge accounting

Hedge accounting	12 Months Ended
	Dec. 31, 2020
Disclosure of detailed information about hedged items [abstract]
Hedge accounting	Hedge accounting The Group has two types of hedge relationships: hedge of net investment in foreign operations and fair value hedge. For hedge accounting purposes, the risk factors measured by the Group are: • Interest Rate: Risk of volatility in transactions subject to interest rate variations; • Currency: Risk of volatility in transactions subject to foreign exchange variation. The structure of risk limits is extended to the risk factor level, where specific limits aim at improving the monitoring and understanding processes, as well as avoiding concentration of these risks. The structures designed for interest rate and exchange rate categories take into account total risk when there are compatible hedging instruments. In certain cases, management may decide to hedge a risk for the risk factor term and limit of the hedging instrument. a) Hedge of net investment in foreign operations In the year ended December 31, 2020, the objective for the Group was to hedge the risk generated by the US$ variation from investments in our subsidiaries in the United States, XP Holdings International and XP Advisors Inc. The Group has entered into forward contracts to protect against changes in future cash flows and exchange rate variation of net investments in foreign operations known as Non Deliverable Forward (“NDF”) contracts. The Group undertakes risk management through the economic relationship between hedge instruments and hedged item, in which it is expected that these instruments will move in opposite directions, in the same proportions, with the aim of neutralizing the risk factors. Hedged item Hedge instrument Book Value Variation in value recognized in Other comprehensive income Notional value Variation in the Strategies Assets Liabilities 2020 Foreign exchange risk Hedge of net investment in foreign operations 245,986 — 52,299 349,218 (60,563) Total 245,986 — 52,299 349,218 (60,563) 2019 Foreign exchange risk Hedge of net investment in foreign operations 186,412 — 5,946 248,896 (7,133) Total 186,412 — 5,946 248,896 (7,133) 2018 Foreign exchange risk Hedge of net investment in foreign operations 147,179 — 18,645 225,901 (17,495) Total 147,179 — 18,645 225,901 (17,495) b) Fair value hedge The fair value hedging strategy of the Group consists of hedging the exposure of Fixed-Income securities carried out through structured operations certificates. The market risk hedge strategy involves avoiding temporary fluctuations in earnings arising from changes in the interest rate market in Reais. Once this risk is offset, the Group seeks to index the portfolio to the CDI, through the use of derivatives (DI1 Futuro). The hedge is contracted in order to neutralize the total exposure to the market risk of the fixed-income funding portfolio, excluding the portion of the fixed-income compensation represented by the credit spread of Banco XP S.A, seeking to obtain the closest match deadlines and volumes as possible. The effects of hedge accounting on the financial position and performance of the Group are presented below: Hedged item Hedge instrument Book Value Variation in value recognized in income Notional value Variation in the Strategies Assets Liabilities 2020 Interest rate risk Hedge of fixed-income securities — 2,178,459 (47,923) 2,188,732 46,795 Total — 2,178,459 (47,923) 2,188,732 46,795 There was no ineffectiveness during 2020, 2019 and 2018 in relation to the foreign net investment hedge. 2020 Notional amount Book value (i) Variation in fair value used to calculate hedge ineffectiveness Hedge ineffectiveness recognized in income Hedge Instruments Assets Liabilities Interest rate risk Futures 2,188,732 — 2,178,459 46,795 (1,128) (i) Amounts recorded within financial statement line “Derivative financial instruments”. See Note 8. The table below presents, for each strategy, the notional amount and the fair value adjustments of hedge instruments and the book value of the hedged item: December 31, 2020 December 31, 2019 December 31, 2018 Strategies Hedge instruments Hedge item Hedge instruments Hedge item Hedge instruments Hedge item Notional amount Fair value adjustments Book value Notional amount Fair value adjustments Book value Notional amount Fair value adjustments Book value Hedge of Fair Value 2,188,732 (47,923) 46,795 — — — — — — Hedge of net investment in foreign operations 349,218 52,299 (60,563) 248,896 5,946 (7,133) 225,901 18,645 (17,495) Total 2,537,950 4,376 (13,768) 248,896 5,946 (7,133) 225,901 18,645 (17,495) The table below shows the breakdown notional value by maturity of the hedging strategies: 2020 0-1 year 1-2 years 2-3 years 3-4 years 4-5 years 5-10 years Total Hedge of Fair Value 1,977 13,375 94,099 44,843 672,978 1,361,460 2,188,732 Hedge of net investment in foreign operations — — 146,547 202,671 — — 349,218 Total 1,977 13,375 240,646 247,514 672,978 1,361,460 2,537,950 2019 0-1 year 1-2 years 2-3 years 3-4 years 4-5 years 5-10 years Total Hedge of net investment in foreign operations 7,658 — — 91,698 149,540 — 248,896 Total 7,658 — — 91,698 149,540 — 248,896 2018 0-1 year 1-2 years 2-3 years 3-4 years 4-5 years 5-10 years Total Hedge of net investment in foreign operations — — — — — 225,901 225,901 Total — — — — — 225,901 225,901

Loan operations

Loan operations	12 Months Ended
	Dec. 31, 2020
Disclosure of financial assets [abstract]
Loan operations	Securities a) Securities classified at fair value through profit and loss and at fair value through other comprehensive income are presented in the following table: 2020 2019 Gross carrying amount Fair value Gross carrying amount Fair value Financial assets (ii) At fair value through profit or loss 49,157,111 49,590,013 22,332,936 22,443,392 Brazilian government bonds 30,752,903 31,129,671 15,404,300 15,494,046 Investment funds (ii) 11,216,914 11,221,774 3,047,198 3,047,198 Stocks issued by public-held company 3,802,610 3,802,470 1,562,965 1,562,965 Debentures 1,111,595 1,114,967 885,344 885,068 Uniated States government bonds 590,710 602,214 — — Structured transaction certificate 485,012 515,960 237,112 256,381 Bank deposit certificates (i) 371,455 372,329 244,071 246,827 Agribusiness receivables certificates 359,607 363,721 598,085 589,525 Certificate of real estate receivable 97,606 96,930 75,922 75,123 Financial credit bills 81,465 82,209 98,068 106,759 Real estate credit bill 474 477 1,282 1,300 Others (iii) 286,760 287,291 178,589 178,200 (i) Bank deposit certificates include R$111,927 (December 31, 2019 – R$123,817) is being presented as cash equivalents in the statements of cash flows. (ii) Financial assets include R$13,387,913 (December 31, 2019 – R$3,759,090) amounts related to Specially Constituted Investment Fund (“FIE”) as presented in Note 26. Investments funds include R$10,625,520 (December 31, 2019 – R$2,249,459) of XP Vida e Previdência S.A.. (iii) Mainly related to bonds issued and traded overseas. b) Securities at fair value through other comprehensive income are presented in the following table: 2020 2019 Gross carrying amount Fair value Gross carrying amount Fair value Financial assets At fair value through other comprehensive income National treasury bill (i) 19,011,499 19,039,044 2,608,325 2,616,118 (i) Includes expected credit losses in the amount of R$8,855. The reconciliation of gross carrying amount and the expected credit loss segregated by stages are presented in the Note 14. c) Securities evaluated at amortized cost are presented in the following table: 2020 2019 Gross carrying amount Book value Gross carrying amount Book value Financial assets At amortized cost Bonds (i) 1,829,791 1,828,704 2,266,971 2,266,971 (i) Includes expected credit losses in the amounts of R$1,087. The reconciliation of gross carrying amount and the expected credit loss segregated by stages are presented in the Note 14. d ) Securities on the financial liabilities classified at fair value through profit or loss are presented in the following table: 2020 2019 Gross carrying amount Fair value Gross carrying amount Fair value Financial liabilities At fair value through profit or loss Securities loaned 2,237,442 2,237,442 2,021,707 2,021,707 Below is presented the securities classified by maturity: Assets Liabilities 2020 2019 2020 2019 Financial assets At fair value through PL and at OCI Current 34,572,107 9,804,819 2,237,442 2,021,707 Non-stated maturity 15,246,105 4,999,333 2,237,442 2,021,707 Up to 3 months 794,025 257,544 — — From 3 to 12 months 18,531,977 4,547,942 — — Non-current 34,065,805 15,254,691 — — After one year 34,065,805 15,254,691 — — Evaluated at amortized cost Current 1,829,791 2,266,971 — — Up to 3 months 1,623,487 807,218 — — From 3 to 12 months 206,304 1,459,753 — — Total 70,467,703 27,326,481 2,237,442 2,021,707 The reconciliation of expected loss to financial assets at amortized cost – securities segregate by stage according with IFRS 9 is demonstrated in Note 14. Following are the breakdown of the carrying amount of loan operations by class, sector of debtor, maturity and concentration: Loans by type 2020 2019 Retail Pledged asset loan 2,698,018 388 Non-pledged loan 116,978 — Credit card 51,270 — Corporate Pledged asset loan 946,008 — Non-pledged loan 113,155 — Total Loans operations 3,925,429 388 Expected Credit Loss (Note 14(b)) (7,101) (2) Total loans operations, net of Expected Loss 3,918,328 386 By maturity 2020 2019 Due in 3 months or less 160,918 388 Due after 3 months through 12 months 580,183 — Due after 12 months 3,184,328 — Total Loans operations 3,925,429 388 By concentration 2020 2019 Largest debtor 150,040 71 10 largest debtors 726,904 310 20 largest debtors 1,043,583 375 50 largest debtors 1,521,310 388 100 largest debtors 1,885,614 388 XP Inc offers loan products through Banco XP to its customers. The loan products offered to its customers are fully collaterized by customers’ investments on XP platform and credit product strictly related to investments in structured notes, in which the borrower is able to operate leveraged, retaining the structured note itself as guarantee for the loan. Certain loans operations originated by the collateralized credit has insignificant risk of loss, which results in no loss allowance being recognised in accordance with the Group's expected credit loss model. The carrying amount of such financial assets is R$297,443 at December 31, 2020 (December 31, 2019:nil). The reconciliation of gross carrying amount and the expected credit loss in loan operations segregate by stage according with IFRS 9 were demonstrated in Note 14. These stages are periodically reassessed in accordance with XP Inc.’s credit risk policy.

Accounts receivable

Accounts receivable	12 Months Ended
	Dec. 31, 2020
Trade and other receivables [abstract]
Accounts receivable	Accounts receivable 2020 2019 Customers (a) 455,253 458,776 Dividends and interest receivable on equity capital - Funds 6,393 7,052 Other (b) 51,131 702 (-) Expected credit losses on accounts receivable (Note 14(b)) (6,418) (4,501) Total 506,359 462,029 (a) Refers to receivables from management fee arising from the distribution of funds and amounts receivable related to service provision, which have an average term of 30 days. There is no concentration on the balances receivable as of December 31, 2020 and 2019. (b) Mainly related to accounts receivable from B3. The reconciliation of gross carrying amount and the expected credit loss in Accounts receivable segregate by stage according with IFRS 9 were demonstrated in Note 14.

Recoverable taxes

Recoverable taxes	12 Months Ended
	Dec. 31, 2020
Subclassifications of assets, liabilities and equities [abstract]
Recoverable taxes	Recoverable taxes 2020 2019 Prepayments of income taxes (IRPJ and CSLL) 122,070 225,465 Contributions over revenue (PIS and COFINS) 3,993 16,859 Taxes on services (ISS) 979 846 Value added taxes (VAT) 581 150 Total 127,623 243,320 Current 127,623 243,320 Non-current — —

Prepaid expenses

Prepaid expenses	12 Months Ended
	Dec. 31, 2020
Subclassifications of assets, liabilities and equities [abstract]
Prepaid expenses	Prepaid expenses 2020 2019 Commissions and premiums paid in advance (a) 1,314,771 49,233 Marketing expenses 28,056 9,678 Services paid in advance 6,245 2,043 Other expenses paid in advance 44,465 28,730 Total 1,393,537 89,684 Current 283,183 56,605 Non-current 1,110,354 33,079 (a) Mostly comprised by long term investment programs implemented by XP CCTVM through its network of IFAs. These commissions and premiums paid are recognized at the signing date of each contract and are amortized in the statement of income of the Company, linearly, according to the investment term period.

Expected credit losses on finan

Expected credit losses on financial assets and reconciliation of carrying amount	12 Months Ended
	Dec. 31, 2020
Disclosure of fair value measurement of assets [abstract]
Expected credit losses on financial assets and reconciliation of carrying amount	Expected Credit Losses on Financial Assets and Reconciliation of carrying amount a) Reconciliation of carrying amount of Financial Assets It is presented below the reconciliation by stage of gross carrying amount of Financial assets through other comprehensive income and Financial assets measured at amortized cost – that have their ECLs (Expected Credit Losses) measured using the three stage model and the low credit risk simplification. Stage 1 Balance at December 31, 2019 Acquisition / (Settlements) Transfer to Transfer to Cure from Cure from Closing balance December 31, 2020 Financial assets at fair value through other comprehensive income Securities 2,616,118 16,431,781 — — — — 19,047,899 Financial assets amortized cost Securities 2,266,971 (437,180) — — — — 1,829,791 Securities purchased under agreements to resell 9,490,090 (2,862,311) — — — — 6,627,779 Loans and credit card operations — 3,599,808 — — — — 3,599,808 Total on-balance exposures 14,373,179 16,732,098 — — — — 31,105,277 Total exposures 14,373,179 16,732,098 — — — — 31,105,277 Stage 2 Balance at December 31, 2019 Acquisition / (Settlements) Transfer to stage 1 Transfer to stage 3 Cure from stage 1 Cure from stage 3 Closing balance December 31, 2020 Financial assets amortized cost Loans and credit card operations — 325,621 — — — — 325,621 Total on-balance exposures — 325,621 — — — — 325,621 Off-balance exposures (credit card limits) — 35,810 — — — — 35,810 Total exposures — 361,431 — — — — 361,431 Consolidated Stages Balance at December 31, 2019 Derecognition Purchases / (Settlements) Closing balance December 31, 2020 Financial assets at fair value through other comprehensive income Securities 2,616,118 — 16,431,781 19,047,899 Financial assets amortized cost Securities 2,266,971 — (437,180) 1,829,791 Securities purchased under agreements to resell 9,490,090 — (2,862,311) 6,627,779 Loans and credit card operations — — 3,925,429 3,925,429 Total on-balance exposures 14,373,179 — 17,057,719 31,430,898 Off-balance exposures (credit card limits) — — — 35,810 Total exposures 14,373,179 — 17,057,719 31,466,708 For December 31, 2020, XP Group does not have financial assets classified as a Stage 3. Stage 1 Balance at December 31, 2018 Acquisition / (Settlements) Transfer to stage 2 Transfer to stage 3 Cure from stage 2 Cure from stage 3 Closing balance December 31, 2019 Financial assets at fair value through other comprehensive income Securities 695,778 1,920,340 — — — — 2,616,118 Financial assets amortized cost Securities 155,292 2,111,679 — — — — 2,266,971 Securities purchased under agreements to resell 6,570,610 2,919,480 — — — — 9,490,090 Total on-balance exposures 7,421,680 6,951,499 — — — — 14,373,179 Total exposures 7,421,680 6,951,499 — — — — 14,373,179 Consolidated Stages Balance at December 31, 2018 Purchases / (Settlements) Closing balance December 31, 2019 Financial assets at fair value through other comprehensive income Securities 695,778 1,920,340 2,616,118 Financial assets amortized cost Securities 155,292 2,111,679 2,266,971 Securities purchased under agreements to resell 6,570,610 2,919,480 9,490,090 Total on-balance exposures 7,421,680 6,951,499 14,373,179 Total exposures 7,421,680 6,951,499 14,373,179 For December 31, 2019, XP Group does not have financial assets classified as a Stage 3. The following table presents the gross carrying amount of Financial assets measured at amortized cost that have their ECLs measured using the simplified approach: Operations 2020 2019 Financial assets amortized cost Securities trading and intermediation 1,107,051 523,613 Accounts Receivable 512,777 466,530 Other financial assets 73,466 23,301 Total 1,693,294 1,013,444 b) Expected credit loss The table below presents the changes in ECLs, measured according three stage model, for assets classified as Financial assets through other comprehensive income –and Financial assets measured at amortized cost in the period ended December 31, 2020 and December 31, 2019, segregated by stages: Stage 1 ECL at December 31, 2019 Increase / (Reversal) Transfer to stage 2 Transfer to stage 3 Cure from stage 2 Cure from stage 3 ECL at December 31, 2020 Financial assets at fair value through other comprehensive income Securities — 8,855 — — — 8,855 Financial assets amortized cost Securities — 1,087 — — — — 1,087 Securities purchased under agreements to resell — 370 — — — — 370 Loans and credit card operations 2 5,646 — — — — 5,648 Total on-balance exposures 2 15,958 — — — — 15,960 Total exposures 2 15,958 — — — — 15,960 Stage 2 ECL at December 31, 2019 Increase / (Reversal) Transfer to stage 1 Transfer to stage 3 Cure from stage 1 Cure from stage 3 ECL at December 31, 2020 Financial assets amortized cost Loans and credit card operations — 1,453 — — — — 1,453 Total on-balance exposures — 1,453 — — — — 1,453 Total exposures — 1,453 — — — — 1,453 Consolidated Stages ECL at December 31, 2019 Derecognition Increase / (Reversal) ECL at December 31, 2020 Financial assets at fair value through other comprehensive income Securities — — 8,855 8,855 Financial assets amortized cost Securities — — 1,087 1,087 Securities purchased under agreements to resell — — 370 370 Loans and credit card operations 2 — 7,099 7,101 Total on-balance exposures 2 — 17,411 17,413 Total exposures 2 — 17,411 17,413 The table below presents the ECLs for the financial assets measured according to simplified approach approach in the period ended December 31, 2020 and December 31, 2019: Expected Credit Losses 2020 2019 Financial assets amortized cost Securities trading and intermediation 55,485 18,630 Accounts Receivable 6,418 4,501 Other financial assets 3,312 3,497 Total 65,215 26,628 c) Expected credit losses segregated by products It is presented below the expected credit losses for 2020 and 2019, segregated by the products: Expected Credit Losses 2020 2019 Financial assets at fair value through other comprehensive income 8,855 — Securities 8,855 — Financial assets amortized cost 73,956 27,247 Securities 1,087 — Securities purchased under agreements to resell 370 — Loans and credit card operations 7,101 2 Securities trading and intermediation 55,485 18,630 Accounts Receivable 6,418 4,501 Other financial assets 3,495 4,114 Total losses for exposures 82,811 27,247

Investments in associates and j

Investments in associates and joint ventures	12 Months Ended
	Dec. 31, 2020
Disclosure of associates [abstract]
Investments in associates and joint ventures	Investments in associates and joint ventures Set out below are the associates and joint venture of the Group as of December 31, 2020. The entities listed below have share capital consisting solely of ordinary shares, which are held directly by the Group. The country of incorporation or registration is also their principal place of business, and the proportion of ownership interest is the same as the proportion of voting rights held. Name of entity % of ownership interest Nature of relationship Measurement method Equity Carrying amount Du Agro Holdings S.A. 49 % Joint Venture (1) Equity method 3,213 1,574 Wealth High Governance Holding de Participações S.A. 49.9 % Associate (2) Equity method 149,520 74,610 O Primo Rico Mídia, Educacional e Participações Ltda. 20 % Associate (3) Equity method 10,330 2,066 Total equity-accounted investments 163.063 78.250 (1) On June 23, 2020, the Company acquired a 49% interest in DuAgro Holdings S.A. (“DuAgro”), a joint venture involved in the agribusiness. DuAgro is an integrated platform that utilizes technology to finance the purchase of agricultural inputs. The focus is on small- and medium-sized producers. (2) On September 8, 2020, the Company entered into an agreement to hold a 49.9% minority stake of the total share capital of Wealth High Governance Holding de Participações S.A. (“WHG”) formely denominated VPL Gestão Patrimonial e Participações S.A. With this transaction XP Inc. is complementing the existing offering to ultra-high-net-worth individual in the Wealth Management segment. (3) O Primo Rico is a company focused on digital content services, including developing and selling financial education courses and online events. Entity December 31, 2019 Acquisition/Equity Equity in earnings Other comprehensive income Goodwill (i) December 31, 2020 Du Agro Holdings S.A. — 2,335 (777) 17 408 1,983 Wealth High Governance Holding de Participações S.A. (ii) — 74,851 (240) — 621,248 695,859 O Primo Rico — 242 1,879 (56) — 2,065 Total — 77,428 862 (39) 621,656 699,907 (i) Related to the acquisitions of associates and joint ventures. As of December 31, 2020 the goodwill recognized is includes the value of expected synergies arising from the investments. (ii) The Goodwill included an element of contingent consideration. The fair value of the contingent consideration is in Note 23.

Property, equipment, intangible

Property, equipment, intangible assets and leases	12 Months Ended
	Dec. 31, 2020
Disclosure of detailed information about property, plant and equipment [abstract]
Property, Equipment, Intangible Assets and Leases	Property, equipment, intangible assets and leases (a) Property and equipment Data processing system Furniture and equipment Security systems Facilities Fixed assets in progress (ii) Total Balance as of January 1, 2018 13,743 13,261 4,907 15,162 — 47,073 Additions 22,319 10,448 376 9,930 40,076 83,149 Write-offs (40) (924) (30) (5,078) (553) (6,625) Transfers 31 2,109 192 37,191 (39,523) — Depreciation in the year (7,282) (3,253) (2,892) (11,043) — (24,470) Balance as of December 31, 2018 28,771 21,641 2,553 46,162 — 99,127 Cost 48,023 29,613 6,388 47,843 — 131,867 Accumulated depreciation (19,252) (7,972) (3,835) (1,681) — (32,740) Balance as of January 1, 2019 28,771 21,641 2,553 46,162 — 99,127 Additions 15,039 9,942 664 22,315 24,539 72,499 Write-offs (304) (2,047) — (6,112) — (8,463) Transfers — 2,409 — 22,130 (24,539) — Depreciation in the year (9,059) (4,189) (1,673) (5,778) — (20,699) Balance as of December 31, 2019 34,447 27,756 1,544 78,717 — 142,464 Cost 62,235 38,086 7,716 84,726 — 192,763 Accumulated depreciation (27,788) (10,330) (6,172) (6,009) — (50,299) Balance as of January 1, 2020 34,447 27,756 1,544 78,717 — 142,464 Additions 15,457 5,539 1,239 2,650 120,279 145,164 Write-offs (i) (2,432) (6,191) (535) (41,376) (963) (51,497) Transfers (2,411) 516 (820) 14,279 (17,706) (6,142) Depreciation in the year (11,179) (5,004) (425) (9,349) — (25,957) Balance as of December 31, 2020 33,882 22,616 1,003 44,921 101,610 204,032 Cost 53,871 32,592 2,158 54,890 101,610 245,121 Accumulated depreciation (19,989) (9,976) (1,155) (9,969) — (41,089) (i) As previously mentioned on Note 1.3, as a result of the COVID-19 pandemic, the Group decided to implement a permanent remote work model, which has resulted in the write-off of the corresponding properties and equipments of these offices. (ii) In 2020 are mainly related to the costs incurred so far in the development and construction of the new XP Inc’s headquarter - “Bioma XP”, located out of the city of São Paulo. (b) Intangible assets Software Goodwill Costumer list Trademarks Other intangible Assets Total Balance as of January 1, 2018 25,700 372,701 49,970 20,238 14,598 483,207 Additions 27,828 9,799 — 1,009 24,680 63,316 Write-offs (15) — — — (13,275) (13,290) Amortization in the year (14,742) — (8,426) (2,024) (3,126) (28,318) Balance as of December 31, 2018 38,771 382,500 41,544 19,223 22,877 504,915 Cost 56,127 382,500 72,072 22,239 31,308 564,246 Accumulated amortization (17,356) — (30,528) (3,016) (8,431) (59,331) Balance as of January 1, 2019 38,771 382,500 41,544 19,223 22,877 504,915 Additions 51,348 — 27,000 — 10,601 88,949 Write-offs (2,283) — — (33) (466) (2,782) Amortization in the year (21,526) — (7,945) (2,702) (5,457) (37,630) Balance as of December 31, 2019 66,310 382,500 60,599 16,488 27,555 553,452 Cost 104,270 382,500 105,977 22,239 39,823 654,809 Accumulated amortization (37,960) — (45,378) (5,751) (12,268) (101,357) Balance as of January 1, 2020 66,310 382,500 60,599 16,488 27,555 553,452 Additions 117,129 — 1,188 — 28,051 146,368 Business combination (Note 5(ii)) 8,143 91,866 2,181 3,314 — 105,504 Write-offs (22,064) — — — — (22,064) Transfers 2,857 — — — 3,285 6,142 Amortization in the year (57,222) — (5,683) (9,054) (3,881) (75,840) Balance as of December 31, 2020 115,153 474,366 58,285 10,748 55,010 713,562 Cost 219,029 474,366 76,050 52,616 55,010 877,071 Accumulated amortization (103,876) — (17,765) (41,868) — (163,508) (c) Impairment test for goodwill Given the interdependency of cash flows and the merger of business practices, all Group’s entities are considered a single cash generating units (“CGU”) and, therefore, goodwill impairment test is performed at the single operating level. Therefore, the carrying amount considered for the impairment test represents the Company’s equity. The Group tests whether goodwill has suffered any impairment on an annual basis. For the years ended December 31, 2020 and 2019, the recoverable amount of the single CGU was determined based on value-in-use calculations which require the use of assumptions. The calculations use cash flow projections based on financial budgets approved by management covering a four-year period. Cash flows beyond the four-year period are extrapolated using the estimated growth rates, which are consistent with forecasts included in industry reports specific to the industry in which the Group operates. The Group performed its annual impairment test as of December 31, 2020 and 2019 which did not result in the need to recognize impairment losses on the carrying value of goodwill. Key assumptions used in value-in-use calculations and sensitivity to changes in assumptions are: Assumption Approach used to determine values Sales Average annual growth rate over the four-year forecast period; based on past performance and management’s expectations of market development. Budgeted gross margin Based on past performance and management’s expectations for the future. Other operating costs Fixed costs, which do not vary significantly with sales volumes or prices. Management forecasts these costs based on the current structure of the business, adjusting for inflationary increases but not reflecting any future restructurings or cost saving measures. The amounts disclosed above are the average operating costs for the four-year forecast period. Annual capital expenditure Expected cash costs. This is based on the historical experience of management, and the planned refurbishment expenditure. No incremental revenue or cost savings are assumed in the value-in-use model as a result of this expenditure. Long-term growth rate This is the weighted average growth rate used to extrapolate cash flows beyond the budget period. The rates are consistent with forecasts included in industry reports. Pre-tax discount rates Reflect specific risks relating to the relevant segments and the countries in which they operate. The long-term growth rate utilized in the impairment test of goodwill is 6.50%. Discount rates represent the current market assessment of the risks specific to the Group, taking into consideration the time value of the money and risks of the underlying assets that have not been incorporated in the cash flow estimates. The discount rate calculation is based on the specific circumstances of the Group and is derived from its weighted average cost of capital (WACC). The WACC takes into account both debt and equity. The cost of equity is derived from the expected return on investment by the Group’s investors. The cost of debt is based on the interest-bearing borrowings the Group has. Adjustments to the discount rate are made to factor in the specific amount and timing of the future tax flows in order to reflect a pre-tax discount rate. The average pre-tax discount rate applied to cash flow projections is 10.47%. d) Leases Set out below, are the carrying amounts of the Group’s right-of-use assets and lease liabilities and the movements during the period: Right-of-use assets Lease liabilities As of January 1, 2019 133,870 148,494 Additions (i) 123,529 124,283 Depreciation expense (32,831) — Interest expense — 17,613 Effects of exchange rate 2,910 2,995 Payment of lease liabilities — (37,979) As of December 31, 2019 227,478 255,406 Current — 52,771 Non-current 227,478 202,635 As of January 1, 2020 227,478 255,406 Additions (i) 62,003 55,820 Depreciation expense (41,465) — Write-offs (78,321) (78,321) Interest expense — 19,456 Revaluation (9,115) (10,050) Impairment 422 — Effects of exchange rate 22,132 23,610 Payment of lease liabilities — (57,473) As of December 31, 2020 183,134 208,448 Current — 34,019 Non-current 183,134 174,429 (i) Additions to right-of-use assets in the period include prepayments to lessors and accrued liabilities. The Group recognized rent expense from short-term leases and low-value assets of R$1,910 for the period ended December 31, 2020 (1,746 – December 31, 2019). The total rent expense of R$9,615 (R$9,225 – December 31, 2019), include other expenses related to leased offices such as condominium.

Deposits

Deposits	12 Months Ended
	Dec. 31, 2020
Subclassifications of assets, liabilities and equities [abstract]
Deposits	Deposits 2020 2019 Demands deposits (i) 44,536 70,190 Time deposits 2,977,214 4 Total 3,021,750 70,194 Current 2,524,651 70,194 Non-Current 497,099 — (i) Mainly related to contributions to be invested from clients of XP Vida e Previdência S.A. Maturity 2020 Class Within 30 days From 31 to 60 days From 61 to 90 days From 91 to 180 days From 181 to 360 days After 360 days Total Demand deposits 44,536 — — — — — 44,536 Time deposits 67,501 1,185 57,781 191,886 2,161,762 497,099 2,977,214 Total 112,037 1,185 57,781 191,886 2,161,762 497,099 3,021,750 Maturity 2019 Class Within 30 days From 31 to 60 days From 61 to 90 days From 91 to 180 days From 180 to 366 days After 360 days Total Demand deposits 70,190 — — — — — 70,190 Time deposits 4 — — — — — 4 Total 70,194 — — — — — 70,194

Structured operations certifica

Structured operations certificates	12 Months Ended
	Dec. 31, 2020
Subclassifications of assets, liabilities and equities [abstract]
Structured operations certificates	Structured operations certificates Structured Operations Certificates (COE) are financial instruments combining fixed and variable income elements, with returns linked to assets indices such as exchange, inflation, shares and international assets. All the financial instruments its originate by Banco XP S.A. 2020 2019 Maturity From 91 to 180 days 945 — From 180 to 360 days 1,489 — After 360 days 2,176,025 19,474 Total 2,178,459 19,474 Current 2,434 — Non-Current 2,176,025 19,474

Securities sold under repurchas

Securities sold under repurchase agreements	12 Months Ended
	Dec. 31, 2020
Disclosure of offsetting of financial liabilities [abstract]
Securities Sold Under Repurchase Agreements	Securities sold under repurchase agreements 2020 2019 National Treasury Bills (LTNs) 18,318,498 5,653,994 National Treasury Notes (NTNs) 13,497,944 8,533,113 Financial Treasury Bills (LFTs) — 1,451,300 Debentures 22,902 — Total 31,839,344 15,638,407 As of December 31, 2020, securities sold under repurchase agreements were agreed with average interest rates of 1.89% p.a. (2019 – 4.48% p.a.), with assets pledged as collateral (Note 6).

Borrowings and lease liabilitie

Borrowings and lease liabilities	12 Months Ended
	Dec. 31, 2020
Disclosure of detailed information about borrowings [abstract]
Borrowings and lease liabilities	Borrowings and lease liabilities Interest rate % Maturity 2020 2019 Bank borrowings – domestic (i) 113% of CDI(*) March 2021 10,523 52,668 Related parties 10,523 52,668 Financial institution (ii) CDI (*)+ 0.774% April 2023 273,564 329,410 Third parties 273,564 329,410 Total borrowings 284,087 382,078 Lease liabilities 208,448 255,406 Total borrowings and lease liabilities 492,535 637,484 Current 51,656 116,450 Non-current 440,879 521,034 (*) Brazilian Interbank Offering Rate (CDI) (i) Loan agreement with Itaú Unibanco with maturity on March 8, 2021, payable in 36 monthly installments. (ii) Loan agreement entered into on March 28, 2018 with the International Finance Corporation (IFC). The principal amount is due on the maturity date and accrued interests payable at every six months. All the obligations above contain financial covenants, which comply with certain performance conditions. The Group has complied with these covenants throughout the reporting period (Note 39 (ii)).

Debentures

Debentures	12 Months Ended
	Dec. 31, 2020
Disclosure of detailed information about borrowings [abstract]
Debentures	Debentures On May 15, 2019 and September 28, 2018, the Company issued Debentures, non-convertible into shares, in the amount of R$800,000, with the objective of funding the Group’s working capital and treasury investments. As of December 31, 2020, the total balance is comprised of the following issuances: Issuance Quantity Issued (units) Annual rate Issuance Maturity date Unit value at issuance Unit value at period-end Book value 1st 400,000 108.0% CDI 9/28/2018 9/28/2020 R$ 1,000.00 — — 2nd 400,000 107.5% CDI 5/15/2019 5/15/2022 R$ 1,000.00 R$1,002.57 335,250 Total 800,000 335,250 2020 2019 Principal 400,000 800,000 Interest 25,091 47,127 Payments (25,124) (11,897) Repurchase (a) (64,717) — Total 335,250 835,230 Current 204,731 435,230 Non-current 130,519 400,000 (a) As of September 30, 2020 the Group repurchased 65,611 units of the second series of non-convertible debentures. The principal amount and accrued interest payables related to the first issuance are due and was paid on the maturity date, while for the second issuance, 50% of the principal amount is due on May 15, 2021 and the remaining balance on the maturity date, and accrued interest payable every 12 months from the issuance date. On September 28, 2020 the first series of non-convertible debentures was fully prepaid in the amount of R$432,793, which includes principal and interest.

Securities trading and intermed

Securities trading and intermediation	12 Months Ended
	Dec. 31, 2020
Summary of Securities, Trading and Intermediation Assets and Liabilities [Abstract]
Securities Trading and Intermediation	Securities trading and intermediation Represented by operations at B3 on behalf of and on account of third parties, with liquidation operating cycle between D+1 and D+3. 2020 2019 Cash and settlement records 18,128 13,823 Debtors pending settlement 847,620 499,325 Other 241,303 10,465 (-) Expected losses on Securities trading and intermediation (a) (55,485) (18,630) Total Assets 1,051,566 504,983 Cash and settlement records 59,712 474,759 Creditors pending settlement 20,243,409 8,639,787 Total Liabilities 20,303,121 9,114,546

Other financial liabilities

Other financial liabilities	12 Months Ended
	Dec. 31, 2020
Subclassifications of assets, liabilities and equities [abstract]
Other financial liabilities	Other financial liabilities 2020 2019 Structured financing (i) 874,771 — Contingent consideration (ii) 462,000 — Foreign exchange portfolio 70,208 8,962 Credit cards operations (iii) 50,727 — Financial bills (iii) 16,389 — Others 40,079 — Total 1,514,174 8,962 Current 1,035,785 8,962 Non-current 478,389 8,962 (i) Financing for maintenance of financial assets required to perform financial transactions. (ii) Contractual contingent considerations mostly associated to the investment acquisition of WHG, as described in Note 15. The contingent consideration arrangement requires that the Company pay the selling shareholders an amount principally associated to the performance (net income without dividends). The maturity of the total contingent consideration payment is up to 6 years and the contractual maximum amount payable is R$653,222 (the minimum amount is zero). (iii) Related to operations of Banco XP S.A.

Social and statutory obligation

Social and statutory obligations	12 Months Ended
	Dec. 31, 2020
Subclassifications of assets, liabilities and equities [abstract]
Social and Statutory obligations	Social and Statutory obligations Social and Statutory obligations is mainly composed from the Group sharing program for its employees which does not extend to the Executive Board. As of December 31, 2020, the balance of unrealized gains on the balance sheet under the "Social and statutory obligations” line item is R$667,448 (R$492,723 as of December 31, 2019). 2020 2019 Obligations to non-controlling interest 82,524 35,666 Employee profit-sharing (a) 483,378 395,568 Salaries and other benefits payable 101,546 61,489 Total 667,448 492,723 (a) The Group has a bonus scheme for its employees based on profit sharing program as agreed under collective bargaining with the sindicate, which does not extend to the Executive Board. The bonus is calculated at each half of the year and payments made in the February and August.

Tax and social security obligat

Tax and social security obligations	12 Months Ended
	Dec. 31, 2020
Tax and Social Security Obligations [Abstract]
Tax and social security obligations	Tax and social security obligations 2020 2019 Income Tax (IRPJ and CSLL) 261,490 264,258 Contributions over revenue (PIS and COFINS) 46,136 34,247 Taxes on services (ISS) 23,729 18,141 Contributions for Social Security (INSS) 65,540 7,712 Others 38,954 20,973 Total 435,849 345,331 Current 435,849 345,331 Non-current — — The Group income tax liability is presented net of tax assets which the entities are allowed to offset during current year. The line includes current Corporate Income Tax (CIT) liability of R$536,422 (594,037 - 2019) and Prepayments CIT of R$291,973 (361,771 – 2019). The line also includes taxes that XP is responsible to pay on behalf of its clients (i.e., withholding taxes over client’s investments) in the amount of R$20,219 (R$31,992 – 2019).

Private pension liabilities

Private pension liabilities	12 Months Ended
	Dec. 31, 2020
Disclosure of defined benefit plans [abstract]
Private pension liabilities	Private pension liabilities As of December 31, 2020, active plans are principally accumulation of financial resources through products PGBL and VGBL structured in the form of variable contribution, for the purpose of granting participants with returns based on the accumulated capital in the form of monthly withdraws for a certain term or temporary monthly withdraws. In this respect, such financial products represent investment contracts that have the legal form of private pension plans but which do not transfer insurance risk to the Group. Therefore, contributions received from participants are accounted for as liabilities and balance consists of the balance of the participant in the linked FIE at the reporting date (Note 7 (a)). Changes in the period 2020 2019 As of January 1 3,759,090 16,059 Contributions received 1,678,532 609,639 Transfer with third party plans 7,657,636 3,047,492 Withdraws (304,194) (20,153) Interest from assets within FIEs 596,849 106,053 As of December 31 13,387,913 3,759,090

Income tax

Income tax	12 Months Ended
	Dec. 31, 2020
Major components of tax expense (income) [abstract]
Income Tax	Income tax (a) Deferred income tax Deferred tax assets (DTA) and deferred tax liabilities (DTL) are comprised of the main following components: Balance Sheet Net change in the year 2020 2019 2020 2019 2018 Tax losses carryforwards 7,382 17,146 (9,764) (38,212) 37,774 Goodwill on business combinations (i) 22,838 22,303 535 (37,690) (56,789) Provisions for IFAs’ commissions 94,544 68,041 26,503 37,010 4,744 Revaluations of financial assets at fair value (16,780) 25,259 (42,039) 23,862 (2,427) Expected credit losses 19,444 5,666 13,778 2,587 (2,345) Financial instruments taxed on redemption (9) — (9) 13,041 (6,230) Profit sharing plan 164,808 141,136 23,672 141,136 — Net gain on hedge instruments 20,987 (36,384) 57,371 (34,943) (51,423) Share-base compensation 115,976 2,950 113,025 2,950 Other provisions 67,504 33,284 34,220 29,260 (2,572) Total 496,694 279,401 217,292 139,001 (79,268) Deferred tax assets 505,046 284,533 Deferred tax liabilities (8,352) (5,132) (i) For tax purposes, goodwill is amortized over 5 years on a straight-line basis when the entity acquired is sold or merged into another entity. The changes in the net deferred tax were recognized as follows: 2020 2019 2018 At January 1 279,401 140,400 219,668 Foreign exchange variations 6,373 (3,461) (9,259) Charges to statement of income 196,498 139,411 (76,455) Tax relating to components of other comprehensive income 14,423 3,051 6,446 At December 31 496,694 279,401 140,400 Unrecognized deferred taxes Deferred tax assets are recognized for tax losses to the extent that the realization of the related tax benefit against future taxable profits is probable. The Group did not recognize deferred tax assets of R$37,309 (2019 - R$18,402) mainly in respect of losses from subsidiaries overseas and that can be carried forward and used against future taxable income. (b) Income tax expense reconciliation The tax on the Group's pre-tax profit differs from the theoretical amount that would arise using the weighted average tax rate applicable to profits of the consolidated entities. The following is a reconciliation of income tax expense to profit (loss) for the year, calculated by applying the combined Brazilian statutory rates at 34% for the year ended December 31: 2020 2019 2018 Income before taxes 2,421,413 1,544,109 640,728 Combined tax rate in Brazil (a) 34.00 % 34.00 % 34.00 % Tax expense at the combined rate 823,280 524,997 217,848 Income from entities not subject to deferred taxation (12,470) (9,551) (3,647) Effects from entities taxed at different rates 35,377 25,948 16,444 Effects from entities taxed at different taxation regimes (b) (443,579) (24,089) (18,183) Intercompany transactions with different taxation regimes (74,289) (50,138) (38,255) Tax incentives (14,354) (9,772) (1,408) Non-deductible expenses (non-taxable income) 49,640 33,854 (689) Others (23,680) (36,624) 3,288 Total 339,924 454,625 175,398 Effective tax rate 14.04 % 29.44 % 27.20 % Current 536,422 594,037 98,943 Deferred (196,498) (139,412) 76,455 Total expense 339,924 454,625 175,398 (a) Considering that XP Inc. is domiciled in Cayman and there is no income tax in that jurisdiction, the combined tax rate of 34% demonstrated above is the current rate applied to XP Investimentos S.A. which is the holding company of all operating entities of XP Inc. in Brazil. (b) Certain eligible subsidiaries adopted the PPM tax regime and the effect of the presumed profit of subsidiaries represents the difference between the taxation based on this method and the amount that would be due based on the statutory rate applied to the taxable profit of the subsidiaries. Additionally, some entities and investment funds adopt different taxation regimes according to the applicable rules in their jurisdictions. Other comprehensive income The tax (charge)/credit relating to components of other comprehensive income is as follows: Before tax (Charge) / Credit After tax Foreign exchange variation of investees located abroad 18,645 — 18,645 Gains (losses) on net investment hedge (26,508) 9,013 (17,495) Changes in the fair value of financial assets at fair value 6,727 (2,567) 4,160 As of December 31, 2018 (1,136) 6,446 5,310 Foreign exchange variation of investees located abroad 6,823 — 6,823 Gains (losses) on net investment hedge (10,543) 3,410 (7,133) Changes in the fair value of financial assets at fair value 1,057 (359) 698 As of December 31, 2019 (2,663) 3,051 388 Foreign exchange variation of investees located abroad 57,439 — 57,439 Gains (losses) on net investment hedge (91,762) 31,199 (60,563) Changes in the fair value of financial assets at fair value 40,979 (16,776) 24,203 As of December 31, 2020 6,656 14,423 21,079

Equity

Equity	12 Months Ended
	Dec. 31, 2020
Disclosure of classes of share capital [abstract]
Equity	Equity (a) Issued capital The Company has an authorized share capital of US$35 thousand, corresponding to 3,500,000,000 authorized shares with a par value of US$ 0.00001 each of which: • 2,000,000,000 shares are designated as Class A common shares and issued; and • 1,000,000,000 shares are designated as Class B common shares and issued. The remaining 500,000,000 authorized but unissued shares are presently undesignated and may be issued by our board of directors as common shares of any class or as shares with preferred, deferred or other special rights or restrictions. Therefore, the Company is authorized to increase capital up to this limit, subject to approval of the Board of Directors. As of December 31, 2020, the Company have R$23 thousand of issued capital which were represented by 377,764,985 Class A common shares and 181,293,980 Class B common shares. In the IPO that took place on December 11, 2019, the Company issued 83,387,238 new Class A common shares, with a corresponding increased of R$2 in the issued capital of the Company. (b) Additional paid-in capital and capital reserve In December 2019, immediately prior the completion of the IPO, we had 257,456,251,558 Class A common shares and 251,790,558 Class B common shares of our authorized share capital issued. Class A and Class B common shares, have the following rights: • Each holder of a Class B common share is entitled, in respect of such share, to 10 votes per share, whereas the holder of a Class A common share is entitled, in respect of such share, to one vote per share. • Each holder of Class A common shares and Class B common shares vote together as a single class on all matters (including the election of directors) submitted to a vote of shareholders, except as provided below and as otherwise required by law. • Class consents from the holders of Class A common shares and Class B common shares, as applicable, shall be required for any modifications to the rights attached to their respective class of shares the rights conferred on holders of Class A common shares shall not be deemed to be varied by the creation or issue of further Class B common shares and vice versa; and • the rights attaching to the Class A common shares and the Class B common shares shall not be deemed to be varied by the creation or issue of shares with preferred or other rights, including, without limitation, shares with enhanced or weighted voting rights. The Articles of Association provide that at any time when there are Class A common shares in issue, Class B common shares may only be issued pursuant to: (a) a share split, subdivision of shares or similar transaction or where a dividend or other distribution is paid by the issue of shares or rights to acquire shares or following capitalization of profits; (b) a merger, consolidation, or other business combination involving the issuance of Class B common shares as full or partial consideration; or (c) an issuance of Class A common shares, whereby holders of the Class B common shares are entitled to purchase a number of Class B common shares that would allow them to maintain their proportional ownership and voting interests in XP Inc. Below is a summary of the issuances and conversions of shares during 2020, 2019 and 2018, after giving effect to the share split mentioned before: Class A Class B Total Shares As of Januray 1, 2018 276,000,013 208,918,504 484,918,517 Issued for cash — 24,328,617 24,328,617 Transfer of classes (20,867,198) 20,867,198 — As of December 31, 2018 255,132,815 254,114,319 509,247,134 Corporate reorganization 30,807,911 (30,807,911) — Transfer of classes 25,687,428 (25,687,428) — Initial public offering 42,553,192 — 42,553,192 As of December 31, 2019 354,181,346 197,618,980 551,800,326 Transfer of classes 16,325,000 (16,325,000) — Follow on offering 7,258,639 — 7,258,639 As of December 31, 2020 377,764,985 181,293,980 559,058,965 On August 9, 2018, shareholders also approved the conversion of 83,468,792 (20,867,198 Class A common reverse shares after reverse share split and reclassification) of the Company into preferred shares, with no contributions or changes in the share capital. On August 31, 2018, the Company received capital contributions in the amount of R$673,294, upon the issuance of 97,314,470 (24,328,617 Class B common shares after reverse share split) new preferred shares. At the Board of Directors meetings on November 30, 2019, the Company’s shareholders approved a reverse share split of 4:1 (four for one) for a initial consideration to IPO with a conversion of 2,036,988,542 into 509,247,134 shares. On the same event shareholders also approved the conversion of 30,807,911 Class B common shares of the Company into Class A common shares. In December 2019, as a result of the completion of the IPO describe in Note 1.1, 42,553,192 new Class A common shares were issued. In December 2020, as a result of the completion of the secondary public offering describe in Note 1.2 a number of 7,258,639 Class A common shares were offered by the controlling shareholder of XP Inc. As mentioned in Note 35, the Board of Directors approved on December 2019 a share based long-term incentive plan, which the maximum number of shares should not exceed 5% of the issued and outstanding shares. As of December 31, 2020, the outstanding number of company reserved under the plans were 11,079,736 restricted share units (“RSUs”) (2019 - 1,921,669) and 2,819,912 performance restricted units (“PSUs”) (2019 - 2,190,377) to be issued at the vesting date. The additional paid-in capital refers to the difference between the purchase price that the shareholders pay for the shares and their par value. Under Cayman Law, the amount in this type of account may be applied by the Company to pay distributions or dividends to members, pay up unissued shares to be issued as fully paid, for redemptions and repurchases of own shares, for writing off preliminary expenses, recognized expenses, commissions or for other reasons. All distributions are subject to the Cayman Solvency Test which addresses the Company’s ability to pay debts as they fall due in the natural course of business. (c) Dividends distribution The Group has not adopted a dividend policy with respect to future distributions of dividends. The amount of any distributions will depend on many factors such as our results of operations, financial condition, cash requirements, prospects and other factors deemed relevant by our board of directors and, where applicable, our shareholders. The proposal and payment of dividends recorded in the Company's financial statements, subject to the approval of the shareholders in General Meetings, is detailed below: 2019 2018 Net income 1,089,484 465,330 Total dividends 500,000 200,000 At January 1 — 125,000 Amount recognized in the year 500,000 200,000 Dividends paid in the year (500,000) (325,000) At December 31 — — For period ended December 31, 2020, XP Inc. has not declared and paid dividends to the shareholders. Non-controlling shareholders of some XP Inc’s subsidiaries has received dividends in the years ended December 31, 2020, 2019 and 2018. (d) Other comprehensive income Other comprehensive income is comprised of changes in the fair value of financial assets at fair value through other comprehensive income, while this financial assets are not realized. Also includes gains (losses) on net investment hedge and foreign exchange variation of investeeds located abroad.

Related party transactions

Related party transactions	12 Months Ended
	Dec. 31, 2020
Disclosure of transactions between related parties [abstract]
Related party transactions	Related party transactions Transactions and remuneration of services with related parties are carried out in the ordinary course of business and under commutative conditions, including interest rates, terms and guarantees, and do not involve risks greater than normal collection or present other disadvantages. (a) Key-person management compensation Key management includes executive statutory directors, members of the Board of Directors and Executive Boards. The compensation paid or payable to key management for their services is shown below: 2020 2019 2018 Fixed compensation 6,335 4,821 3,329 Variable compensation 55,909 22,060 30,316 Total 62,244 26,881 33,645 In 2019 and 2020, the Board of Directors approved the grant of performance share unit (“PSUs”) to certain directors. The executive statutory directors of XP Inc control XP Controle Participações S.A. (b) Transactions with related parties The main transactions carried with related parties for year-end balances arising from such transactions are as follows: Assets/(Liabilities) Revenue/(Expenses) Relation and transaction 2020 2019 2020 2019 2018 Shareholders with significant influence (i) (5,667,588) (732,420) (53,881) (49,779) (40,585) Securities 112,127 123,813 9,629 10,381 147,258 Securities purchased under agreements to resell — 196,009 — 1,550 — Accounts receivable 11,238 594 505 1,025 — Securities sold under repurchase agreements (5,780,430) (1,000,168) (62,951) (58,078) (3,586) Borrowings (10,523) (52,668) (1,064) (4,657) (184,257) (i) These transactions are mainly related to Itaú Unibanco who became shareholder of the Company in 2018 and since then a related party. Transactions with related parties also includes transactions among the Company and its subsidiaries in the course of normal operations include services rendered such as: (i) education, consulting and business advisory; (ii) financial advisory and financial consulting in general; (iii) management of resources and portfolio management; (iv) information technology and data processing; and (v) insurance. The effects of these transactions have been eliminated and do not have effects on the consolidated financial statements.

Provisions and contingent liabi

Provisions and contingent liabilities	12 Months Ended
	Dec. 31, 2020
Disclosure of other provisions [abstract]
Provisions and Contingent Liabilities	Provisions and contingent liabilities The Company and its subsidiaries are party to judicial and administrative litigations before various courts and government bodies, arising from the normal course of operations, involving tax, civil and labor matters and other issues. Periodically, Management evaluates the tax, civil and labor and risks, based on legal, economic and tax supporting data, in order to classify the risks as probable, possible or remote, in accordance with the chances of them occurring and being settled, taking into consideration, case by case, the analyses prepared by external and internal legal advisors. 2020 2019 Tax contingencies 10,097 9,878 Civil contingencies 4,281 2,673 Labor contingencies 5,333 2,642 Total provision 19,711 15,193 Judicial deposits (i) 10,199 18,403 (i) There are circumstances in which the Group is questioning the legitimacy of certain litigations or claims filed against it. As a result, either because of a judicial order or based on the strategy adopted by management, the Group might be required to secure part or the whole amount in question by means of judicial deposits, without this being characterized as the settlement of the liability. These amounts are classified as “Other assets” on the consolidated balance sheets and referred above for information. Changes in the provision during the year 2020 2019 2018 Balance at January 1 15,193 17,474 11,843 Monetary correction 4,102 2,492 1,667 Provision 3,499 2,338 9,105 Reversed (1,454) (3,939) (1,208) Payments (1,629) (3,172) (3,933) Balance at December 31 19,711 15,193 17,474 Nature of claims a) Tax As of December 31, 2020, the Group has claims classified as probable risk of loss in the amount of R$10,097 (December 31, 2019 - R$9,878), regarding social contributions on revenue (PIS and COFINS), questioning the exclusion of this own taxes on the calculation basis over revenues. In accordance with Brazilian laws and tax regulations, this practice is legal for VAT (ICMS) taxes, and other companies have recently obtained significant success in applying this concept for PIS and COFINS taxes. These lawsuits are supported by court deposits in its entirety. b) Civil The majority of the civil and administratives claims involve matters that are normal and specific to the business, and refer to demands for indemnity primarily due to: (i) financial losses in the stock market; (ii) portfolio management; and (iii) alleged losses generated from the liquidation of costumers assets in portfolio due to margin cause and/or negative balance. As of December 31, 2020, there were 71 civil and administrative claims for which the likelihood of loss has been classified as probable, in the amount of R$4,281 (December 31, 2019 - R$2,673). An amount of R$100 was deposited in court as of December 31, 2020 (December 31, 2019 – R$9,744). c) Labor Labor claims to which the Group is party primarily concern: (i) the existence (or otherwise) of a working relationship between the Group and IFAs; and (ii) severance payment of former employees. As of December 31, 2020, the Company and its subsidiaries are the defendants in approximately 10 cases involving labor matters for which the likelihood of loss has been classified as probable, in the amount of R$5,333 (December 31, 2019 - R$2,642). Contingent liabilities - probability of loss classified as possible In addition to the provisions constituted, the Company and its subsidiaries have several labor, civil and tax contingencies in progress, in which they are the defendants, and the likelihood of loss, based on the opinions of the internal and external legal advisors, is considered possible, and the contingencies amount to approximately R$217,426 (December 31, 2019 - R$153,951). Below is summarized these claims by nature: 2020 2019 Tax (i) 71,027 69,386 Civil (ii) 136,228 81,414 Labor 10,171 3,151 Total 217,426 153,951 (i) In December 2019, the Group was notified by tax authorities for a requirement of social security contributions due to employee profit sharing payments related to the calendar year 2015, allegedly in violation of Brazilian Law 10,101/00. Currently, the first appeal was denied by the first administrative level of the Revenue Service Office. The Group will provide the ordinary appeal to Administrative Council of Tax Appeals (“CARF”). There are other favorable CARF precedents on the subject and the Group obtained legal opinions that support the Group’s defense and current practice. (ii) The Group is defendant in 586 civil and administrative claims by customers and investment agents, mainly related to portfolio management, risk rating, copyrights and contract termination. The total amount represents the collective maximum value to which the Group is exposed based on the claims’ amounts monetarily restated.

Total revenue and income

Total revenue and income	12 Months Ended
	Dec. 31, 2020
Analysis of income and expense [abstract]
Total Revenue and Income	Total revenue and income a) Net revenue from services rendered Revenue from contracts with customers derives mostly from services rendered and fees charged at daily transactions from customers, therefore mostly recognized at a point in time. Disaggregation of revenue by major service lines are as follows: 2020 2019 2018 Major service lines Brokerage commission 2,139,985 1,288,135 861,068 Securities placement 1,429,824 1,154,786 631,949 Management fees 1,224,125 1,035,224 527,644 Insurance brokerage fee 112,802 106,438 56,713 Educational services 118,272 97,986 42,653 Other services 477,584 275,467 160,409 5,502,592 3,958,036 2,280,436 (-) Sales taxes and contributions on revenue (i) (486,104) (362,264) (225,887) 5,016,488 3,595,772 2,054,549 (i) Mostly related to taxes on services (ISS) and contributions on revenue (PIS and COFINS). b) Net income from financial instruments 2020 2019 2018 Net Income of financial instruments at fair value through profit or loss 3,020,698 1,360,207 821,617 Net Income of financial instruments measured at amortized cost and at fair value through other comprehensive income 188,196 199,947 114,442 (-) Taxes and contributions on financial income (73,777) (28,118) (32,155) 3,135,117 1,532,036 903,904 c) Disaggregation by geographic location 2020 2019 2018 Brazil 7,454,304 4,790,236 2,716,459 United States 655,817 307,456 204,207 Europe 41,484 30,116 37,787 Total Revenue and Income 8,151,605 5,127,808 2,958,453 2020 2019 Brazil 3,244,421 1,208,737 United States 129,956 224,244 Europe 4,123 16,476 Selected assets (i) 3,378,500 1,449,457 (i) Selected assets are Total assets of the Company, less: financial assets and deferred tax assets and are presented by geographic location. None of the clients represented more than 10% of our revenues for the periods presented.

Operating costs

Operating costs	12 Months Ended
	Dec. 31, 2020
Analysis of income and expense [abstract]
Operating Costs	Operating costs 2020 2019 2018 Commission and incentive costs 2,087,197 1,269,309 750,103 Operating losses 31,295 13,922 1,769 Other costs 526,867 313,419 181,154 Clearing house fees 344,278 201,083 96,896 Third parties’ services 92,997 76,669 53,124 Other 89,592 35,667 31,134 Total 2,645,359 1,596,650 933,026

Operating expenses by nature

Operating expenses by nature	12 Months Ended
	Dec. 31, 2020
Analysis of income and expense [abstract]
Operating expenses by nature	Operating expenses by nature 2020 2019 2018 Selling expenses 134,915 155,115 96,075 Advertising and publicity 134,915 155,115 96,075 Administrative expenses 3,013,598 1,891,481 1,176,805 Personnel expenses 2,138,470 1,261,887 712,060 Compensation 846,742 408,394 221,746 Employee profit-sharing and bonus 807,640 645,992 356,938 Executives profit-sharing 194,419 67,547 50,656 Benefits 75,302 47,457 35,922 Social charges 208,151 88,960 45,115 Other 6,216 3,537 1,683 Other taxes expenses 44,029 39,691 43,945 Depreciation of property and equipment and right-of-use assets 67,422 53,530 26,278 Amortization of intangible assets 75,839 37,630 26,510 Other administrative expenses 687,838 498,743 368,012 Data processing 322,659 178,860 130,678 Technical services 101,389 85,782 76,476 Third parties' services 168,019 145,730 63,333 Rent expenses 17,955 10,575 41,950 Communication 29,311 17,495 11,457 Travel 9,923 21,676 13,804 Legal and judicial 6,976 3,406 9,023 Other 31,606 35,219 21,291 Total 3,148,513 2,046,596 1,272,880

Other operating income, net

Other operating income, net	12 Months Ended
	Dec. 31, 2020
Analysis of income and expense [abstract]
Other Operating Income, Net	Other operating income, net 2020 2019 2018 Other operating income 377,480 208,245 20,682 Revenue from incentives from Tesouro Direto, B3 and others 352,879 101,615 9,931 Interest received on tax 5,521 31,782 — Recovery of charges and expenses 1,798 53,453 6,873 Reversal of operating provisions 1,366 9,767 2,641 Other 15,916 11,628 1,237 Other operating expenses (206,427) (54,888) (51,971) Legal, administrative proceedings and agreement with customers (45,277) (9,499) (16,385) Losses on write-off and disposal of assets (52,102) (10,265) (11,064) Tax incentive expenses (8,136) (7,060) (2,015) Fines and penalties (16,995) (1,191) (7,446) Associations and regulatory fees (13,524) (4,216) (3,059) Charity (41,654) (6,751) (5,938) Other (28,739) (15,906) (6,064) Total 171,053 153,357 (31,289)

Share-based plan

Share-based plan	12 Months Ended
	Dec. 31, 2020
Disclosure of terms and conditions of share-based payment arrangement [abstract]
Share-based plan	Share-based plan a) Share-based Plan The establishment of the Plan was approved by the Board of Director’s meeting on December 6, 2019 and the first grant of RSUs and PSUs was on December 10, 2019. Under the Restricted Stock Unit plan, stocks are awarded at no cost to the recipient upon their grant date. RSUs are granted semi-annually, their vesting conditions are service related and they vest at a rate determined in each granted date and the limit to vest is until five years. After the vesting periods, common shares will be issued to the recipients. For the PSUs, the vesting is the following: (i) 33% will vest on the third year after the grant, (ii) 33% will vest on the fourth year after the grant and (iii) 34% will vest on the fifth year after the grant date. Under the Performance Share Unit, stocks are granted to eligible participants and their vesting conditions are based on five-year period metrics and also based on the total shareholder return (TSR), including share price growth, dividends and capital returns. If an elegible participant ceases to be employed by the Company, within the vesting period, the rights will be forfeited, except in limited circumstances that are approved by the board on a case-bycase basis. Once the PSUs are vested, the shares of common stock that are delivered must be held for an additional one-year period, typically for a total combined vesting and holding period of six years from the grant date. b) Fair value of shares granted Estimating fair value for share-based payment transactions requires determination of the most appropriate valuation model and underlying assumptions, which depends on the terms and conditions of the grant and the information available at the grant date. The Company uses certain methodologies to estimate fair value which include the following: • Estimation of fair value based on equity transactions with third parties close to the grant date; and • Other valuation techniques including share pricing models such as Monte Carlo. These estimates also require determination of the most appropriate inputs to the valuation models including assumptions regarding the expected life of a share-based payment or appreciation right, expected volatility of the price of the Group’s shares and expected dividend yield. c) Outstanding shares granted and valuation inputs The maximum number of shares available for issuance under the share-based plan shall not exceed 5% of the issued and outstanding shares. As of December 31, 2020, the outstanding number of Company reserved under the plans were 13,899,648 (December 31, 2019 - 4,112,046) including 11,079,736 RSUs (December 31, 2019 - 1,921,669) and 2,819,912 PSUs (December 31, 2019 - 2,190,377). Set out below are summaries of XP Inc's RSU and PSU activity for 2020. RSUs PSUs Total (In thousands, except weighted-average data, and where otherwise stated) Number of units Number of units Number of units Outstanding, January 1 1,921,669 2,190,377 4,112,046 Granted 9,730,422 629,535 10,359,957 July 1, 2020 139,660 - 139,660 September 1, 2020 1,783,200 - 1,783,200 October 1, 2020 7,807,562 629,535 8,437,097 Forfeited (572,355) - (572,355) January 1, 2020 (94,496) - (94,496) September 1, 2020 (337,840) - (337,840) October 1, 2020 (140,019) - (140,019) Outstanding, December 31 11,079,736 2,819,912 13,899,648 No options expired ou vested during the periods covered by the above table. In December 31, 2020, total compensation expense of the plans were R$292,817, including R$60,026 of tax provisions and does not include any tax benefits on total share-based compensation expense once, as this expense is not deductible for tax purposes. The tax benefits will be perceived when the shares are converted into common shares. The original weighted-average grant-date fair value of RSU and PSU shares was US$27 and US$34.56 respectively. In May 2020, the Company decided to update the measurement condition of its PSU shares, replacing the TSR measurement from US Dollars (US$) to Brazilian Reais (R$), being therefore subject to exchange variation. The weighted-average grant-date fair value of PSU shares for the updated plan was US$52.41. The incremental fair value will be recognised as an expense over the period from the modification date to the end of the vesting period. All other conditions of the PSU shares plan has not been modified. The average grant date fair value in the period was US$46.48.

Earnings per share (basic and d

Earnings per share (basic and diluted)	12 Months Ended
	Dec. 31, 2020
Basic and diluted earnings per share [abstract]
Earnings per share (basic and diluted)	Earnings per share (basic and diluted) Basic earnings per share is calculated by dividing net income for the period attributed to the owners of the parent by the weighted average number of ordinary shares outstanding during the period. Diluted earnings per share is calculated by dividing net income attributable to owners of XP Inc by the weighted average number of shares outstanding during the year plus the weighted average number of shares that would be issued on conversion of all dilutive potential shares into shares. The shares in the share based plan are the only shares with potential dilutive effect. The following table presents the calculation of net income applicable to the owners of the parent and basic and diluted EPS for the years ended December 31, 2020, 2019 and 2018. 2020 2019 2018 Net Income attributable to owners of the Parent 2,076,430 1,080,484 461,440 Basic weighted average number of outstanding shares (i) (iii) 552,291 511,462 493,117 Basic earnings per share - R$ 3.7597 2.1125 0.9358 Effect of dilution Shared-based plan (ii) (iii) 6,817 248 — Diluted weighted average numer of outstanding shares (iii) 559,108 511,710 493,117 Diluted earnings per share - R$ 3.7138 2.1115 0.9358 (i) See on note 28, the number of XP Inc.’s outstanding common shares during the year. (ii) See on note 35, the number of shares granted and forfeited during the year regarding XP Inc.’s Share-based plan. (iii) Thousands of shares.

Determination of fair value

Determination of fair value	12 Months Ended
	Dec. 31, 2020
Subclassifications of assets, liabilities and equities [abstract]
Determination of fair value	Determination of fair value The Group measures financial instruments such as certain financial investments and derivatives at fair value at each balance sheet date. Level 1: The fair value of financial instruments traded in active markets is based on quoted market prices at the end of the reporting period. The financial instruments included in the level 1 consist mainly in public financial instruments and financial instruments negotiated on active markets (i.e., Stock Exchanges). Level 2: The fair value of financial instruments that are not traded in active markets is determined using valuation techniques, which maximize the use of observable market data and rely as little as possible on entity-specific estimates. If all significant inputs required to fair value as instrument are directly or indirectly observable, the instrument is included in level 2. The financial instruments classified as level 2 are composed mainly from private financial instruments and financial instruments negotiated in a secondary market. Level 3: If one or more of the significant inputs is unobservable, the instrument is included in level 3. This is the case for unlisted equity securities. Fair values have been assessed for purposes of measurement based on the methods below, (a) Cash and cash equivalents, Securities purchased under agreements to resell and Securities sold under repurchase agreements The fair value of cash and cash equivalents, securities purchased under agreements to resell and securities sold under repurchase agreements approximates the carrying amount. (b) Financial assets (other than derivatives) The fair value of securities is determined by reference to their closing prices on the date of presentation of the consolidated financial statements. The fair value of loans operations and securities with no market quotation are estimated based on the present value of future cash flows discounted using the observable rates and market rates on the date of presentation. (c) Derivative financial instruments Criteria and methodologies for calculating the fair value of derivative financial instruments are described in Note 8. (d) Other financial assets and liabilities Fair value, which is determined for disclosure purposes, is calculated based on the present value of the principal and future cash flows, discounted using the observable rates and market rates on the date the financial statements are presented. Financial instruments not measured at fair value (securities trading and intermediation, accounts receivable and accounts payables) were not disclosed as their carrying amounts approximates their fair values. Below are the Group financial assets and liabilities by level within the fair value hierarchy. The Group assessment of the significance of a particular input to the fair value measurement requires judgment and may affect the valuation of fair value assets and liabilities and their placement within the fair value hierarchy levels: 2020 Level 1 Level 2 Level 3 Fair Value Book Value Financial Assets Financial assets at Fair value through profit or loss Securities 35,549,047 14,040,966 — 49,590,013 49,590,013 Derivative financial instruments 26,535 7,532,898 — 7,559,433 7,559,433 Fair value through other comprehensive income Securities 19,039,044 — — 19,039,044 19,039,044 Evaluated at amortized cost Securities 1,830,031 — — 1,830,031 1,828,704 Securities purchased under agreements to resell — 6,627,044 — 6,627,044 6,627,409 Securities trading and intermediation — 1,051,566 — 1,051,566 1,051,566 Accounts receivable — 506,359 — 506,359 506,359 Loan operations — 4,037,954 — 4,037,954 3,918,328 Other financial assets — 69,971 — 69,971 69,971 Financial liabilities Fair value through profit or loss Securities loaned 2,237,442 — — 2,237,442 2,237,442 Derivative financial instruments 13,221 7,806,143 — 7,819,364 7,819,364 Evaluated at amortized cost Securities sold under repurchase agreements — 31,810,893 — 31,810,893 31,839,344 Securities trading and intermediation — 20,303,121 — 20,303,121 20,303,121 Deposits — 2,636,085 — 2,636,085 3,021,750 Structured operations certificates — 2,178,459 — 2,178,459 2,178,459 Borrowings and lease liabilities — 492,441 — 492,441 492,535 Debentures — 331,520 — 331,520 335,250 Accounts payables — 859,550 — 859,550 859,550 Other financial liabilities — 1,052,174 462,000 1,514,174 1,514,174 2019 Level 1 Level 2 Fair Value Book Value Financial Assets Financial assets at Fair value through profit or loss Securities 20,277,031 2,166,361 22,443,392 22,443,392 Derivative financial instruments 21,809 4,063,195 4,085,004 4,085,004 Fair value through other comprehensive income Securities 2,616,118 — 2,616,118 2,616,118 Evaluated at amortized cost Securities — 3,914,923 3,914,923 2,266,971 Securities purchased under agreements to resell — 9,490,090 9,490,090 9,490,090 Securities trading and intermediation — 504,983 504,983 504,983 Accounts receivable — 462,029 462,029 462,029 Loans operations — 386 386 386 Other financial assets — 19,805 19,805 19,805 Financial liabilities Fair value through profit or loss Securities loaned 2,021,707 — 2,021,707 2,021,707 Derivative financial instruments — 3,229,236 3,229,236 3,229,236 Evaluated at amortized cost Securities sold under repurchase agreements — 15,638,407 15,638,407 15,638,407 Securities trading and intermediation — 9,114,546 9,114,546 9,114,546 Deposits — 70,165 70,165 70,195 Structure operations certificates — 19,474 19,474 19,474 Borrowings and lease liabilities — 633,781 633,781 637,484 Debentures — 836,001 836,001 835,230 Accounts payables — 266,813 266,813 266,813 Other financial liabilities — 8,962 8,962 8,962 As of December 31, 2020 the total contingent consideration liability is reported at fair value and is dependent on the profitability of the acquired associate (WHG) and businesses (Flipper and Antecipa).The total contingent consideration is classified within Level 3 of the fair value hierarchy. The contigent consideration liability represents the maximum amount payable under the purchase and sale agreements discounted using a weighted average rate of 5.33% p.a. Change in the discount rate by 100 bps would increase/decrease the fair value by R$14,713. The change in the fair value in the contingent consideration between the acquisition date and December 31, 2020 was not material. Transfers into and out of fair value hierarchy levels are analysed at the end of each consolidated financial statements. As of December 31, 2020 the Group had no transfers between Level 2 and Level 3.

Management of financial risks a

Management of financial risks and financial instruments	12 Months Ended
	Dec. 31, 2020
Subclassifications of assets, liabilities and equities [abstract]
Management of financial risks and financial instruments	Management of financial risks and financial instruments (a) Overview The Group is exposed to the following risks: (i) Credit risk; (ii) Liquidity risk; (iii) Market risk; • Currency risk; • Interest rate risk; • Price risk. (iv) Operating risk. (b) Risk management structure Management has overall responsibility for establishing and supervising the risk management structure of the Group. Risk Management is under a separated structure from business areas, reporting directly to senior management, to ensure exemption of conflict of interest, and segregation of functions appropriate to good corporate governance and market practices. The risk management policies of the Group are established to identify and analyze the risks faced, to set appropriate risk limits and controls, and to monitor risks and adherence to the limits. Risk management policies and systems are reviewed regularly to reflect changes in market conditions and in the activities of the Group. The Group, through its training and management standards and procedures, developed a disciplined and constructive control environment within which all its employees are aware of their duties and obligations. Regarding the subsidiary XP CCTVM and the others subsidiaries components of XP Prudential Conglomerate (Brazilian Central Bank oversight definition), the organizational structure is based on the recommendations proposed by the Basel Accord, in which procedures, policies and methodology are formalized consistent with risk tolerance and with the business strategy and the various risks inherent to the operations and/or processes, including market, liquidity, credit and operating risks. The Group seek to follow the same risk management practices as those applying to all companies. Such risk management processes are also related to going concern management procedures, mainly in terms of formulating impact analyses, business continuity plans, contingency plans, backup plans and crisis management. (c) Credit risk Credit risk is defined as the possibility of losses associated with the failure, by the borrower or counterparty, of their respective financial obligations under the agreed terms, the devaluation of the credit agreement resulting from the deterioration in the borrower's risk rating, the reduction gains or remuneration, the advantages granted in the negotiation and the costs of recovery. The Risk Management document establishes its credit policy based on the composition of the portfolio by security, by internal rating of issuer and/or the issue, by the current economic activity, by the duration of the portfolio, by the macroeconomic variables, among others. The Credit Analysis department is also actively involved in this process and it is responsible for assessing the credit risk of issues and issuers with which it maintains or intends to maintain credit relationships, also using an internal credit risk allocation methodology (rating) to classify the likelihood of loss of counterparties. For the loan operations XP Inc uses client’s investments as collaterals to reduce potential losses and protect against credit risk exposure by managing these collaterals so that they are always sufficient, legally enforceable (effective) and viable, XP monitors the value of the collaterals. The Credit Risk Management provides subsidies to define strategies as risk appetite, to establish limits, including exposure analysis and trends as well as the effectiveness of the credit policy. The loans operations have an high credit quality and the Group often uses risk mitigation measures, primarily through client’s investments as collaterals, which explains the low provision ratio. The Group's policies regarding obtaining collateral have not significantly changed during the reporting period and there has been no significant change in the overall quality of the collateral held by the Group since the prior period. Management undertakes credit quality analysis of assets that are not past due or reduced to recoverable value. As of December 31, 2020 and 2019, such assets were substantially represented by Loan operations and Securities purchased under agreements to resell of which the counterparties are Brazilian banks with low credit risk, securities issued by the Brazilian government, as well as derivative financial instruments transactions, which are mostly traded on the stock exchange (B3 S.A. – Brasil, Bolsa, Balcão) and which, therefore, have its guarantee. The carrying amount of the financial assets representing the maximum exposure to credit risk is shown in the table below: 2020 2019 Financial assets Securities purchased under agreements to resell 6,627,409 9,490,090 Securities 70,457,761 27,326,481 Public securities 51,944,301 20,381,125 Private securities 18,513,460 6,945,356 Derivative financial instruments 7,559,433 4,085,004 Securities trading and intermediation 1,051,566 504,983 Accounts receivable 506,359 462,029 Loan operations 3,918,328 386 Other financial assets 69,971 19,805 Off-balance exposures (credit card limits) 35,810 — Total 90,226,637 41,888,778 (d) Liquidity risk Liquidity risk is the possibility that the institution will not be able to efficiently honor its expected, unexpected, current or future obligations. Liquidity management operates in line with the Group's strategy and business model, being compatible with the nature of operations, the complexity of its products and the relevance of risk exposure. This liquidity management policy establishes actions to be taken in cases of liquidity contingency, and these must be sufficient to generate a new meaning for cash within the required minimum limits. The group maintains an adequate level of liquidity at all times, always working with a minimum cash limit. This is done through management that is compatible and consistent with your ability obtaining resources in the market, with its budgetary targets for the evolution of the volume of its assets and is based on the management of cash flows, observing the minimum limits of daily cash balances and cash needs projections, in the management of stocks of highly liquid assets and simulations of adverse scenarios. Risk structure and management are the responsibility of the Risk department, reporting to the Executive Board, thus avoiding any conflict of interest with departments that require liquidity. (d1) Maturities of financial liabilities The tables below summarizes the Group’s financial liabilities into groupings based on their contractual maturities: 2020 Liabilities Up to 1 month From 2 to 3 months From 3 to 12 months From 1 to 5 years Above 5 years Contractual cash flow Securities loaned 2,237,442 — — — — 2,237,442 Derivative financial instruments 1,572,140 814,220 2,643,065 2,205,410 584,529 7,819,364 Securities sold under repurchase agreements 31,839,344 — — — — 31,839,344 Securities trading and intermediation 20,303,121 — — — — 20,303,121 Deposits 112,037 58,966 2,353,648 497,099 — 3,021,750 Structured operations certificates — — 2,434 853,118 1,322,907 2,178,459 Borrowings and lease liabilities 6,378 12,710 32,568 375,504 65,375 492,535 Debentures — — — 335,250 — 335,250 Accounts payables 859,550 — — — — 859,550 Other financial liabilities 1,052,174 — — 462,000 — 1,514,174 Total 57,982,186 885,896 5,031,715 4,728,381 1,972,811 70,600,989 2019 Liabilities Up to 1 month From 2 to 3 months From 3 to 12 months From 1 to 5 years Above 5 years Contractual cash flow Securities loaned 2,021,707 — — — — 2,021,707 Derivative financial instruments 1,557,088 211,882 685,566 732,286 42,414 3,229,236 Securities sold under repurchase agreements 15,638,407 — — — — 15,638,407 Securities trading and intermediation 9,114,546 — — — — 9,114,546 Deposits 70,195 — — — — 70,195 Structured operations certificates — — — — 19,474 19,474 Borrowings and lease liabilities 8,239 26,258 81,953 521,034 — 637,484 Debentures — — 435,230 400,000 — 835,230 Accounts payables 266,813 — — — — 266,813 Other financial liabilities 8,962 — — — — 8,962 Total 28,685,957 238,140 1,202,749 1,653,320 61,888 31,842,054 (e) Market risk Market risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market prices. Market risk comprises mainly three types of risk: foreign exchange variation, interest rates and share prices. The aim of market risk management is to control exposure to market risks, within acceptable parameters, while optimizing return. Market risk management for operations is carried out through policies, control procedures and prior identification of risks in new products and activities, with the purpose to maintain market risk exposure at levels considered acceptable by the Group and to meet the business strategy and limits defined by the Risk Committee. The main tool used to measure and control the exposure risk of the Group to the market, mainly in relation to their trading assets portfolio, is the Maps Luna program, which calculates the capital allocation based on the exposure risk factors in the regulations issued by Brazil Central Bank (“BACEN”) for financial institutions, which are taken as a basis for the verification of the risk exposure of the assets of the Group. In order to comply with the provisions of the regulatory body, the financial institutions of the Group make daily control of the exposure by calculating the risk portions, recording the results in Document 2011 - Daily Statement of Capital Requirements (DDR) in BACEN Circular Letter No, 3,331/08, submitting it daily to this institution. With the formalized rules, the Risk Department has the objective of controlling, monitoring and ensuring compliance with the pre-established limits, and may refuse, in whole or in part, to receive and/or execute the requested transactions, upon immediate communication to customers, in addition to intervening in cases of non-compliance and reporting all atypical events to the Committee. In addition to the control performed by the tool, the Group adopt guidelines to control the risk of the assets that mark the Treasury operations so that the own portfolios of the participating companies are composed of assets that have low volatility and, consequently, less exposure to risk, In the case of non-compliance with the operational limits, the Treasury Manager shall take the necessary measures to reframe as quickly as possible. (e1) Currency risk The Group is subject to foreign currency risk as they hold interest in XP Holding International, XP Advisors Inc, and XP Holding UK Ltd, whose equity as of December 31, 2020 was US$46,534 thousand (US$43,323 thousand as of December 31, 2019), US$801 thousand (US$744 thousand as of December 31, 2019) and GBP 2,268 thousand (GBP 3,059 thousand as of December 31, 2019) respectively. The risk of the XP Holding International and XP Advisors Inc, is hedged with the objective of minimizing the volatility of the functional currency (BRL) against the US$ arising from foreign investment abroad (see Note 9). The foreign currency exposure risk of XP Holding UK Ltd, is not hedged. (e2) Interest rate risk It arises from the possibility that the Group incur in gains or losses arising from fluctuations in interest rates on its financial assets and liabilities. Below are presented the risk rates that The Group are exposed: • Selic/DI • IGPM • IPCA • PRE • Foreign exchange coupon (e3) Price risk Price risk is the risk arising from the change in the price of the investment fund portfolio and of shares listed on the stock exchange, held in the portfolio of the Group, which may affect its profit or loss, The price risk is controlled by the management of the Group, based on the diversification of its portfolio and/or through the use of derivatives contracts, such as options or futures. (e4) Sensitivity analysis According to the market information, the Group performed the sensitivity analysis by market risk factors considered relevant. The largest losses, by risk factor, in each of the scenarios were presented with an impact on the profit or loss, providing a view of the exposure by risk factor of the Group in exceptional scenarios. The following sensitivity analyzes do not consider the functioning dynamics of risk and treasury areas, since once these losses are detected, risk mitigation measures are quickly triggered, minimizing the possibility of significant losses. 2020 Trading portfolio Exposures Scenarios Risk factors Risk of variation in: I II III Pre-fixed Pre-fixed interest rate in Reais (191) (9,056) (33,402) Exchange coupons Foreign currencies coupon rate (379) (5,508) (11,184) Foreign currencies Exchange rates (1,997) (169,318) (373,807) Price indexes Inflation coupon rates (311) (14,384) (28,434) Shares Shares prices (4,957) (107,704) (167,737) (7,835) (305,970) (614,564) 2019 Trading portfolio Exposures Scenarios Risk factors Risk of variation in: I II III Pre-fixed Pre-fixed interest rate in Reais (907) (163,057) (445,866) Exchange coupons Foreign currencies coupon rate (67) 570 (854) Foreign currencies Exchange rates (2,102) (1,493) 43,908 Price indexes Inflation coupon rates (63) (782) (301) Shares Shares prices (442) (8,780) (57,390) (3,581) (173,542) (460,503) Scenario I: Increase of 1 basis point in the rates in the fixed interest rate yield, exchange coupons, inflation and 1 percentage point in the prices of shares and currencies; Scenario II: Project a variation of 25 percent in the rates of the fixed interest yield, exchange coupons, inflation, both rise and fall, being considered the largest losses resulting by risk factor; and Scenario III: Project a variation of 50 percent in the rates of the pre-fixed interest yield, exchange coupons, inflation and interest rates, both rise and fall, being considered the largest losses resulting by risk factor. (f) Operating risk Operational risk is characterized by the possibility of losses resulting from external events or failure, deficiency or inadequacy of internal processes, people and systems, including legal risk. Operational risk events include the following categories: internal fraud; external fraud; labor demands and poor workplace safety; inappropriate practices relating to customers, products and services; damage to physical assets owned or used by XP; situations that cause the interruption of XP's activities; and failures in information technology systems, processes or infrastructure. The Group's main objective is to ensure the identification, classification and monitoring of situations that may generate financial losses, given the companies' reputation, as well as any regulatory assessment due to the occurrence of an operational risk event, XP adopts the model of 3 lines of defense, in which the main responsibility for the development and implementation of controls to deal with operational risks is attributed to the Management within each business unit, seeking to manage mainly: (i) Requirements of segregation of functions, including independent authorization for transactions; (ii) Requirements of reconciliation and monitoring of transactions; (iii) Compliance with legal and regulatory requirements; (iv) Documentation of controls and procedures; (v) Requirements of periodic assessment of the operating risks faced and the adequacy of the controls and procedures for dealing with the identified risks; (vi) Development of contingency plans; (vii) Professional training and development; and (viii) Ethical and business standards; In addition, the Group's financial institutions, in compliance with the provisions of Article 4, paragraph 2, of Resolution No, 3,380 / 06 of the National Monetary Council (“CMN”) of June 27, 2006, have a process that covers institutional policies, procedures, contingency and business continuity plans and systems for the occurrence of external events, in addition to formalizing the single structure required by the regulatory agency.

Capital management

Capital management	12 Months Ended
	Dec. 31, 2020
Subclassifications of assets, liabilities and equities [abstract]
Capital management	Capital Management The Group’s objectives when managing capital are to safeguard their ability to continue as a going concern, so that they can continue to provide returns for shareholders and benefits for other stakeholders, and maintain an optimal capital structure to reduce the cost of capital, In order to maintain or adjust the capital structure, the Group may adjust the amount of dividends paid to shareholders, return capital to shareholders, issue new shares or sell assets to reduce debt. The Group also monitors capital on the basis of the net debt and the gearing ratio. Net debt is calculated as total debt (including borrowings, lease liabilities, Structured financing and debentures as shown in the consolidated balance sheet) less cash and cash equivalent (including cash, Securities purchased under agreements to resell and certificate deposits as shown in the consolidated statement of cash flows). The gearing ratio corresponds to the net debt expressed as a percentage of total capital. The net debt and corresponding gearing ratios at December 31, 2020 and 2019 were as follows: 2020 2019 Borrowings and lease liabilities 492,535 637,484 Debentures 335,250 835,230 Structured financing (Note 23 (i)) 874,771 — Total debt 1,702,556 1,472,714 Cash (1,954,788) (109,922) Securities purchased under agreements to resell (593,673) (654,057) Certificate deposits (Securities) (111,927) (123,817) Net debt (957,832) 584,918 Total equity 10,894,609 7,153,396 Total capital 9,936,777 7,738,313 Gearing ratio % (9.64)% 7.56% (i) Minimum capital requirements Although capital is managed considering the consolidated position, certain subsidiaries are subject to minimum capital requirement from local regulators. The subsidiary XP CCTVM, leader of the Prudential Conglomerate, under BACEN regulation regime, is required to maintain a minimum capital and follow aspects from the Basel Accord, with the current strategy of maintaining its capital 1% above the minimum capital requirement. The subsidiary XP Vida e Previdência operates in Private Pension Business and is oversight by the SUSEP, being required to present Adjusted Shareholders' Equity (PLA) equal to or greater than the Minimum Required Capital (“CMR”) and Venture Capital Liquidity (“CR”), CMR is equivalent to the highest value between base capital and venture capital. At December 31, 2020 the subsidiaries XP CCTVM and XP Vida e Previdência were in compliance with all capital requirements. There is no requirement for compliance with a minimum capital for the other Group companies. (ii) Financial covenants In relation to the long-term debt contracts, including multilateral instruments, recorded within “Borrowing and lease liabilities” and “Debentures” (Notes 20 and 21), the Group is required to comply with certain performance conditions, such as profitability and efficiency indexes. At December 31, 2020, the amount of contracts under financial covenants is R$619,337 (December 31, 2019 – R$1,217,308). The Group has complied with these covenants throughout the reporting period. Eventual failure of the Group to comply with such covenants may be considered as breach of contract and, as a result, considered for early settlement of related obligations.

Cash flow information

Cash flow information	12 Months Ended
	Dec. 31, 2020
Disclosure of reconciliation of liabilities arising from financing activities [abstract]
Cash flow information	Cash flow information (i) Debt reconciliation Borrowings Lease liabilities Debentures Total Total debt as of January 1, 2018 867,024 — — 867,024 Acquisitions / Issuance 325,370 — 400,000 725,370 Payments (689,634) — — (689,634) Net foreign exchange differences (35,091) — — (35,091) Interest accrued 56,125 — 6,538 62,663 Interest paid (54,185) — — (54,185) Total debt as of December 31, 2018 469,609 — 406,538 876,147 Change in accounting policy (Note 3.xxi) — 148,494 — 148,494 Total debt as of January 1, 2019 469,609 148,494 406,538 1,024,641 Acquisitions / Issuance — 124,196 400,000 524,196 Payments (85,353) (37,979) (11,815) (135,147) Net foreign exchange differences — 3,085 — 3,085 Interest accrued 26,250 17,610 40,507 84,367 Interest paid (28,428) — — (28,428) Total debt as of December 31, 2019 382,078 255,406 835,230 1,472,714 Total debt as of January 1, 2020 382,078 255,406 835,230 1,472,714 Acquisitions / Issuance — 55,820 — 55,820 Write-off — (78,321) — (78,321) Payments (95,395) (57,473) (400,000) (552,868) Repurchase — — (64,717) (64,717) Revaluation — (10,050) — (10,050) Net foreign exchange differences — 23,610 — 23,610 Interest accrued 11,892 19,456 21,473 52,821 Interest paid (14,488) — (56,736) (71,224) Total debt as of December 31, 2020 284,087 208,448 335,250 (644,929) (ii) Non-cash investing and financing activities Non-cash investing and financing activities disclosed in other notes are: (i) related to business acquisitions through accounts payables and contingent consideration – see note 5(ii) – R$35,671, and (ii) related to Acquisition of investment in associates through accounts payables and contingent consideration – see note 15 – R$468,064.

Subsequent events

Subsequent events	12 Months Ended
	Dec. 31, 2020
Disclosure of events after reporting period [Abstract]
Subsequent events	Subsequent events (i) Spin-off of Itaú’s investment in XP Inc. In January 2021, XP Inc. reached an agreement with Itaú Unibanco in connection with Itaú’s spin-off of its investment in XP Inc., and has entered into two agreements regarding to the corporate reorganization announced by Itaú Unibanco Holding S.A. on December 31, 2020 (Itau Agreements). The Itaú Agreements establish certain steps to be taken as a result of the corporate reorganization approved and announced by its shareholders, which are subject to the US Federal Reserve Board’s (FED) approval. The Proposed Transaction is being proposed by XPart (Itau company) and XP to streamline and simplify the corporate structure at shareholders’ level at XP, specifically by giving XPart’s shareholders more accessible ways to trade XP shares as they will directly own an interest in XP . It is not expected that such transaction will have any impact on XP Inc.’s results of operations and financial condition. ( ii) Changes in Social Contribution on Net Income (CSLL) On March 1, 2021, Provisional Measure No. 1,034 was published increasing the Social Contribution on Net Income (CSLL) rate by 5%, to 25% for Banks and 20% for Broker dealers. The text of the Provisional Measure proposes the increase in the CSLL rate between July and December 2021. The deadline for converting the Provisional Measure into Law is 60 days, extendable for an additional 60 days from the date of publication of the said rule. The Group is monitoring the impacts on its business that will depend on the approval and conversion of the Provisional Measure into Law. However based on a initial analysis the Group does not expect significant impacts on the Company's results or financial condition.

Summary of significant accoun_2

Summary of significant accounting policies (Policies)	12 Months Ended
	Dec. 31, 2020
Summary of Significant Accounting Policies [Abstract]
Basis of preparation	Basis of preparation The consolidated financial statements of the Group have been prepared in accordance with the International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”). The consolidated financial statements have been prepared on a historical cost basis, except for financial instruments that have been measured at fair value. The preparation of financial statements requires the use of certain critical accounting estimates. It also requires management to exercise its judgment in the process of applying the Group's accounting policies. The areas involving a higher degree of judgment or complexity, or areas where assumptions and estimates are significant to the financial statements, are disclosed in Note 4. The consolidated financial statements are presented in Brazilian reais (“R$”),our functional currency, and all amounts disclosed in the financial statements and notes have been rounded off to the nearest thousand currency units unless otherwise stated. The balance sheet is presented in order of liquidity of assets and liabilities. The timing of their realization or settlement is dependent not just on their liquidity, but also on management’s judgements on expected movements in market prices and other relevant aspects.
Segment reporting	Segment reporting In reviewing the operational performance of the Group and allocating resources, the chief operating decision maker of the Group (“CODM”), who is the Group’s Chief Executive Officer (“CEO”) and the Board of Directors (“BoD”), represented by statutory directors holders of ordinary shares of the immediate parent of the Company, reviews selected items of the statement of income and of comprehensive income. The CODM considers the whole Group as a single operating and reportable segment, monitoring operations, making decisions on fund allocation and evaluating performance based on a single operating segment. The CODM reviews relevant financial data on a combined basis for all subsidiaries. Disaggregated information is only reviewed at the revenue level (Note 31), with no corresponding detail at any margin or profitability levels. The Group’s revenue, results and assets for this one reportable segment can be determined by reference to the consolidated statement of income and of comprehensive income and consolidated balance sheet. See Note 31 (c) for a breakdown of revenues and income and selected assets from external customers by country of domicile.
Foreign currency translation	Foreign currency translation (i) Functional and presentation currency Items included in the financial statements of each of the Group’s entities are measured using the currency of the primary economic environment in which the entity operates (‘the functional currency’). The consolidated financial statements are presented in Brazilian Reais (“R$”), which is the Group functional and presentation currency. The functional currency for all the Company’s subsidiaries in Brazil is also the Brazilian reais. Certain subsidiaries outside of Brazil have different functional currencies, including US Dollar ("USD"), Euro ("EUR"), Pound sterling (“GBP”) and Swiss Franc (“CHF”). (ii) Transactions and balances Foreign currency transactions are translated into the functional currency using the exchange rates at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation of monetary assets and liabilities denominated in foreign currencies at year end exchange rates are generally recognized in profit or loss. They are deferred in equity if they relate to qualifying cash flow hedges and qualifying net investment hedges or are attributable to part of the net investment in a foreign operation. Foreign exchange gains and losses that relate to borrowings are presented in the statement of income and other comprehensive income, within finance costs. All other foreign exchange gains and losses are presented in the statement of profit or loss on a net basis within interest expense on debt. Non-monetary items that are measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value was determined. Translation differences on assets and liabilities carried at fair value are reported as part of the fair value gain or loss. For example, translation differences on non-monetary assets and liabilities such as equities held at fair value through profit or loss are recognized in profit or loss as part of the fair value gain or loss and translation differences on non-monetary assets such as equities classified as at fair value through other comprehensive income are recognized in other comprehensive income. (iii) Group companies The results and financial position of foreign operations (none of which has the currency of a hyperinflationary economy) that have a functional currency different from the presentation currency are translated into the presentation currency as follows: • assets and liabilities for each balance sheet presented are translated at the closing rate at the date of that balance sheet; • income and expenses for each statement of profit or loss and statement of comprehensive income are translated at average exchange rates (unless this is not a reasonable approximation of the cumulative effect of the rates prevailing on the transaction dates, in which case income and expenses are translated at the dates of the transactions); and • all resulting exchange differences are recognized in other comprehensive income. On consolidation, exchange differences arising from the translation of any net investment in foreign entities, and of borrowings and other financial instruments designated as hedges of such investments, are recognized in other comprehensive income. When a foreign operation is sold or any borrowings forming part of the net investment are repaid, the associated exchange differences are reclassified to profit or loss, as part of the gain or loss on sale.
Business combinations	Business combinations The acquisition method of accounting is used to account for all business combinations, regardless of whether equity instruments or other assets are acquired. The consideration transferred for the acquisition of a subsidiary comprises the: • fair values of the assets transferred; • liabilities incurred to the former owners of the acquired business; • equity interests issued by the Group; • fair value of any asset or liability resulting from a contingent consideration arrangement; and • fair value of any pre-existing equity interest in the subsidiary. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are, with limited exceptions, measured initially at their fair values at the acquisition date. The Group recognises any non-controlling interest in the acquired entity on an acquisition-by-acquisition basis either at fair value or at the non-controlling interest’s proportionate share of the acquired entity’s net identifiable assets. Acquisition-related costs are expensed as incurred. The excess of the consideration transferred, amount of any non-controlling interest in the acquired entity, and acquisition-date fair value of any previous equity interest in the acquired entity over the fair value of the net identifiable assets acquired is recorded as goodwill. If those amounts are less than the fair value of the net identifiable assets of the business acquired, the difference is recognized directly in profit or loss as a bargain purchase. Where settlement of any part of cash consideration is deferred, the amounts payable in the future are discounted to their present value as at the date of exchange. The discount rate used is the entity’s incremental borrowing rate, being the rate at which a similar borrowing could be obtained from an independent financier under comparable terms and conditions. Contingent consideration, when applicable, is classified either as equity or a financial liability. Amounts classified as a financial liability are subsequently remeasured to fair value with changes in fair value recognized in profit or loss. If the business combination is achieved in stages, the acquisition date carrying value of the acquirer’s previously held equity interest in the acquiree is remeasured to fair value at the acquisition date. Any gains or losses arising from such remeasurement are recognized in profit or loss.
Financial instruments	Financial instruments A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity. 1) Financial assets Initial recognition and measurement On initial recognition, financial assets are classified as instruments measured at amortized cost, fair value through other comprehensive income (“FVOCI”) and fair value through profit and loss (“FVPL”). The classification of financial assets at initial recognition is based on either (i) the Company’s business model for managing the financial assets and (ii) the instruments’ contractual cash flows characteristics. For a financial asset to be classified and measured at amortized cost or FVOCI, it needs to give rise to cash flows that are 'Solely Payments of Principal and Interest' (the "SPPI" criterion) on the principal amount outstanding. This assessment is referred to as the SPPI test and is performed at an instrument level. The Group's business model for managing financial assets refers to how it manages its financial assets in order to generate cash flows. The business model considers whether the Company’s objective is to receive cash flows from holding the financial assets, from selling the assets or a combination of both. Purchases or sales of financial assets that require delivery of assets within a time frame set by regulation or market practice (regular way trades) are recognized on the trade date, i.e., the date that the Group commits to purchase or sell the asset. Classification and subsequent measurement (i) Financial assets at FVPL Financial assets at FVPL include Securities, financial assets designated upon initial recognition at FVPL, or financial assets mandatorily required to be measured at fair value. This category includes securities and Derivative financial instruments, including equity instruments which the Group had not irrevocably elected to classify at FVOCI. Financial assets are classified as fair value through profit and loss if they either fail the contractual cash flow test or in the Group’s business model are acquired for the purpose of selling or repurchasing in the near term. Financial assets may be designated at FVPL on initial recognition if doing so eliminates, or significantly reduces, an accounting mismatch. Derivative financial instruments, including separated embedded derivatives, are also classified as Securities unless they are designated as effective hedging instruments. Financial assets with cash flows that do not meet the SPPI criteria are classified and measured at FVPL, irrespective of the business model. Financial assets at FVPL are carried in the statement of financial position at fair value with net changes in fair value recognized in profit or loss. The net gain or loss recognized in profit or loss includes any dividend or interest earned on the financial asset. Financial assets measured at FVTPL consist of Securities owned and sold short. A derivative embedded in a hybrid contract, with a financial liability or non-financial host, is separated from the host and accounted for as a separate derivative if: (i) the economic characteristics and risks are not closely related to the host; a separate instrument with the same terms as the embedded derivative would meet the definition of a derivative; (ii) and the hybrid contract is not measured at FVPL. Embedded derivatives are measured at fair value with changes in fair value recognized in profit or loss. Reassessment only occurs if there is either a change in the terms of the contract that significantly modifies the cash flows that would otherwise be required or a reclassification of a financial asset out of the FVPL category. A derivative embedded within a hybrid contract containing a financial asset host is not accounted for separately. The financial asset host together with the embedded derivative is required to be classified in its entirety as a financial asset at fair value through profit or loss. (ii) Financial assets at FVOCI The Group measures financial assets at FVOCI if both of the following conditions are met: • The financial asset is held within a business model with the objective of both holding to collect contractual cash flows and to sell. • The contractual terms of the financial asset give rise on specified dates to cash flows that meet the SPPI criteria. For financial assets at FVOCI, interest income, foreign exchange revaluation and impairment losses or reversals are recognized in profit or loss and similarly to financial assets measured at amortized cost. The remaining fair value changes are recognized in OCI. Upon derecognition, the cumulative fair value change recognized in OCI is recycled to profit or loss. The Group's financial assets at FVOCI includes certain debt instruments. Upon initial recognition, the Group can elect to classify irrevocably equity investments at FVOCI when they meet the definition of equity under IAS 32 - "Financial Instruments: Presentation" and are not financial assets at FVPL. The classification is determined on an instrument-by-instrument basis. Gains and losses on these financial assets are never recycled to profit or loss. Dividends are recognized as income in the profit or loss when the right of payment has been established, except when the Group benefits from such proceeds as a recovery of part of the cost of the financial asset, in which case, such gains are recorded in OCI. Equity instruments designated at FVOCI are not subject to impairment assessment. The Group has no equity instruments that have been irrevocably classified under this category. (iii) Financial assets at amortized cost A financial asset is measured at amortized cost if both of the following conditions are met: • The financial asset is held within a business model with the objective to hold the financial asset in order to collect contractual cash flows. • The contractual terms of the financial asset give rise on specified dates to cash flows that meet the SPPI criteria. Financial assets at amortized cost are subsequently measured using the Effective Interest Rate ("EIR") method and are subject to impairment. Gains and losses are recognized in profit or loss when the asset is derecognized, modified or impaired. The Group's financial assets at amortized cost mainly includes ‘Securities’, 'Securities purchased under agreements to resell', 'Securities trading and intermediation', ‘Loan operations’, 'Accounts receivable' and 'Other financial assets. The Company reclassifies financial assets only when its business approach for managing those assets changes. Derecognition A financial asset (or, where applicable, a part of a financial asset or part of a group of similar financial assets) is primarily derecognized (i.e., removed from the Group's consolidated statement of financial position) when: • The contractual rights to receive cash flows from the asset have expired. • The Group has transferred its contractual rights to receive cash flows from the asset or has assumed a contractual obligation to pay the received cash flows in full without material delay to a third party under a "pass-through" arrangement; and either (a) the Group has transferred substantially all the risks and rewards of the asset; or (b) the Group has neither transferred nor retained substantially all the risks and rewards of the asset, but has transferred control of the asset. When the Group has transferred its contractual rights to receive cash flows from an asset or has entered into a pass-through arrangement, it evaluates if, and to what extent, it has retained the risks and rewards of ownership. When it has neither transferred nor retained substantially all the risks and rewards of the asset, nor transferred control of the asset, the Group continues to recognize the transferred asset to the extent of its continuing involvement. In that case, the Group also recognizes an associated liability. The transferred asset and the associated liability are measured on a basis that reflects the rights and obligations that the Group has retained. Continuing involvement that takes the form of a guarantee over the transferred asset is measured at the lower of the original carrying amount of the asset and the maximum amount of consideration that the Group could be required to repay. Expected credit loss on financial assets The Group recognizes expected credit losses ("ECLs") for all debt instruments not held at FVPL. ECLs are based on the difference between the contractual cash flows due in accordance with the contract and all the cash flows that the Group expects to receive, discounted at an approximation of the original effective interest rate. The expected cash flows will include cash flows from the sale of collateral held or other credit enhancements that are integral to the contractual terms. The Group classifies assets in three stages to measure the expected credit loss, in which the financial assets migrate from one stage to another in accordance with the changes in credit risk. Stage 1: overdue less than 30 days. It is understood that a financial instrument in this stage does not present a significant increase in the risk since initial recognition. The provision for this asset represents the expected loss resulting from possible noncompliance in the next 12 months. Stage 2: overdue 30 days. If a significant increase in the risk is identified from the initial recognition, and no deterioration is realized, the financial instrument falls within this stage. In this case, the amount related to the provision for expected loss reflects the estimated loss of the financial instrument remaining life (lifetime). Stage 3: overdue 90 days. The Group considers a financial asset in default when contractual payments are 90 days past due. However, in certain cases, the Group may also consider a financial asset to be in default when internal or external information indicates that the Group is unlikely to receive the outstanding contractual amounts in full before considering any credit enhancements held by the Group. A financial asset is written off when there is no reasonable expectation of recovering the contractual cash flows. For accounts receivables, and other financial contract assets, the Group applies a simplified approach in calculating ECLs. Therefore, the Group does not track changes in credit risk, but instead recognizes a loss allowance based on lifetime ECLs at each reporting date. The Group has established a provision matrix that is based on its historical credit loss experience, adjusted for forward-looking factors specific to the debtors and the economic environment. For debt instruments at FVOCI, the Group applies the low credit risk simplification at every reporting date, the Group evaluates whether the debt instrument is considered to have low credit risk using all reasonable and supportable information that is available without undue cost or effort. In making that evaluation, the Group reassesses the internal credit rating of the debt instrument. In addition, the Group considers that there has been a significant increase in credit risk when contractual payments are more than 30 days past due. 2) Financial liabilities Initial recognition and measurement Financial liabilities are classified, at initial recognition, as financial liabilities at FVPL, amortized cost or as Derivative financial instruments designated as hedging instruments in an effective hedge, as appropriate. All financial liabilities are recognized initially at fair value and, in the case of amortized cost, net of directly attributable transaction costs. The Group's financial liabilities include 'Securities Loaned', 'Derivative financial instruments', 'Securities purchased under agreements to resell', 'Securities trading and intermediation', long-term debts such as 'Borrowings and lease liabilities' and 'Debentures', 'Accounts payables' and 'Other financial liabilities'. Classification and subsequent measurement (i) Financial liabilities at FVPL Financial liabilities at FVPL include securities loaned and derivatives financial instruments designated upon initial recognition as at FVPL. Financial liabilities are classified as securities loaned if they are incurred for the purpose of repurchasing in the near term. This category also includes derivative financial instruments entered by the Group that are not designated as hedging instruments in hedge relationships as defined by IFRS 9. Separated embedded derivatives are also classified as fair value through PL unless they are designated as effective hedging instruments. Gains or losses on liabilities at fair value through PL are recognized in profit or loss. Financial liabilities designated upon initial recognition at FVPL are designated at the initial date of recognition, and only if the criteria in IFRS 9 are satisfied. Securities loaned, and derivative financial instruments are classified as fair value through PL and recognized at fair value. (ii) Amortized cost After initial recognition, these financial liabilities are subsequently measured at amortized cost using the Effective Interest Method (“EIR”) method. Gains and losses are recognized in profit or loss when the liabilities are derecognized as well as through the EIR amortization process. Amortized cost is calculated by considering any discount or premium on acquisition and fees or costs that are an integral part of the EIR. The EIR amortization is included as finance costs in the profit or loss. This category generally applies to Securities sold under repurchase agreements, ‘Securities trading and intermediation’, 'Borrowings and Lease Liabilities', 'Debentures', 'Accounts payables' and 'Other financial liabilities'. Derecognition A financial liability is derecognized when the obligation under the liability is discharged or cancelled or expires. When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as the derecognition of the original liability and the recognition of a new liability. The difference in the respective carrying amounts is recognized in profit or loss. 3) Fair value of financial instruments The fair value of financial instruments actively traded in organized financial markets is determined based on purchase prices quoted in the market at the close of business at the reporting date, without deducting transaction costs. The fair value of financial instruments for which there is no active market is determined by using measurement techniques. These techniques may include the use of recent market transactions (on an arm's length basis); reference to the current fair value of another similar instrument; analysis of discounted cash flows or other measurement models. See Note 37. 4) Derivative financial instruments and hedging activities Derivative financial instruments are financial contracts, the value of which is derived from the value of the underlying assets, interest rates, indexes or currency exchange rates. Derivatives are initially recognised at fair value on the date a derivative contract is entered into, and they are subsequently remeasured to their fair value at the end of each reporting period. The accounting for subsequent changes in fair value depends on whether the derivative is designated as a hedging instrument and, if so, the nature of the item being hedged. The group designates certain derivatives as either: • hedges of the fair value of recognised assets or liabilities or a firm commitment (fair value hedges), or • hedges of a net investment in a foreign operation (net investment hedges). At inception of the hedge relationship, the group documents the economic relationship between hedging instruments and hedged items, including whether changes in the cash flows of the hedging instruments are expected to offset changes in the cash flows of hedged items. The group documents its risk management objective and strategy for undertaking its hedge transactions. If the hedge no longer meets the criteria for hedge accounting, the adjustment to the carrying amount of a hedged item for which the effective interest method is used is amortized to profit or loss over the remaining period until maturity, using a recalculated effective interest rate. a) Hedge ineffectiveness Hedge effectiveness is determined at the inception of the hedge relationship, and through periodic prospective effectiveness assessments to ensure that an economic relationship exists between the hedged item and hedging instrument. To evaluate the effectiveness and to measure the ineffectiveness of such strategies, The Group uses the Dollar Offset Method. The Dollar Offset Method is a quantitative method that consists of comparing the change in fair value or cash flows of the hedging instrument with the change in fair value or cash flows of the hedged item attributable to the hedged risk.
Cash and cash equivalents	Cash and cash equivalentsCash is not subject to a significant risk of change in value and are held for the purpose of meeting short-term cash commitments and not for investments or other purposes. Transactions are considered short-term when they have maturities in three months or less from the date of acquisition. For purposes of consolidated statement of cash flows, cash equivalents refer to collateral held securities purchased under agreements to resell and bank deposit certificates measured at fair value through profit and loss that are readily convertible into a known cash amount and for which are no subject to a significant risk of change in value.
Securities purchased under agreements to resell and obligations related to securities sold under repurchase agreements	Securities purchased under agreements to resell and obligations related to securities sold under repurchase agreementsThe Group has purchased securities with resale agreement (resale agreements) and sold securities with repurchase agreement (repurchase agreement) of financial assets. Resale and repurchase agreements are accounted for under Securities purchased under agreements to resell and Securities sold under repurchase agreements, respectively. The difference between the sale and repurchase prices is treated as interest and recognized over the life of the agreements using the effective interest rate method. The financial assets accepted as collateral in our resale agreements can be used by us, if provided for in the agreements, as collateral for our repurchase agreements or can be sold.
Securities trading and intermediation (receivable and payable)	Securities trading and intermediation (receivable and payable) Refers to transactions at B3 S.A. – Brasil, Bolsa, Balcão (“B3”) on behalf of and on account of third parties. Brokerages on these transactions are classified as revenues and service provision expenses are recognized at the time of the transactions. These balances are offset and the net amount shown in the balance sheet when, and only when, there is a legal and enforceable right to offset and the intention to liquidate them on a net basis, or to realize the assets and settle the liabilities simultaneously. Amounts due from and to customers represent receivables for securities sold and payables for securities purchased that have been contracted for but not yet settled or delivered on the balance sheet date respectively. The due from customers balance is held for collection. These amounts are subdivided into the following items: • Cash and settlement records - Represented by the registration of transactions carried out on the stock exchanges on its own behalf and for customers; and • Debtors/Creditors pending settlement account - debtor or creditor balances of customers, in connection with transactions with fixed income securities, shares, commodities and financial assets, pending settlement as of the statement of reporting date. Sales transactions are offset and in the event the final amount is a credit, it will be recorded in liabilities, on the other hand if this amount is debt, it will be recorded in assets, provided that the offset balances refer to the same counterparty. These amounts are recognized initially at fair value and subsequently measured at amortized cost. At each reporting date, the Group shall measure the loss allowance on amounts due from customer at an amount equal to the lifetime expected credit losses if the credit risk has increased significantly since initial recognition. If, at the reporting date, the credit risk has not increased significantly since initial recognition, the Group shall measure the loss allowance at an amount equal to 12-month expected credit losses. Significant financial difficulties of the customer, probability that the customer will enter bankruptcy or financial reorganization, and default in payments are all considered indicators that a loss allowance may be required. If the credit risk increases to the point that it is considered to be credit impaired, interest income will be calculated based on the gross carrying amount adjusted for the loss allowance. A significant increase in credit risk is defined by management as any contractual payment which is more than 30 days past due. Any contractual payment which is more than 90 days past due is considered credit impaired. The estimated credit losses for brokerage clients and related activity was immaterial for all periods presented.
Loan operations	Loan operations Loan operations consist in arrangements under which clients can borrow stipulated amounts under defined terms and conditions. They are subsequently measured at amortised cost using the effective interest method, less expected credit loss. See note 10 for further information about the Company’s accounting for Loan Operations and note 3(iii) for a description of the Company’s Expected Losses on Financial Assets. Interest income from these financial assets is included in Net income from financial instruments at amortized cost using the effective interest rate method. Any gain or loss arising on derecognition of the loan operations is recognized directly in profit or loss and presented in Note 14. Expected credit losses are presented as a separate line item in profit or loss.
Prepaid expenses	Prepaid expensesPrepaid expenses are recognized as an asset in the balance sheet. These expenditures include incentives to IFAs, prepaid software licenses, certain professional services and insurance premiums.
Leases	Leases As of January 1, 2019 the Group has adopted IFRS 16, replacing IAS 17, which was applicable until December 31, 2018. Both accounting practices are explained below. IAS 17 - Leases Leases in which a significant portion of the risks and rewards of ownership were not transferred to the Group as lessee were classified as operating leases. Payments made under operating leases (net of any incentives received from the lessor) were charged to profit or loss on a straight-line basis over the period of the lease. Lease income from operating leases where the Group is a lessor is recognized in income on a straight-line basis over the lease term. Initial direct costs incurred in obtaining an operating lease are added to the carrying amount of the underlying asset and recognized as expense over the lease term on the same basis as lease income. The respective leased assets are included in the balance sheet based on their nature. The Group did not need to make any adjustments to the accounting for assets held as lessor as a result of adopting the new leasing standard. IFRS 16 Leases Effective from January 1, 2019, IFRS 16 was issued in January 2016 and supersedes IAS 17 Leases , IFRIC 4 Determining whether an Arrangement contains a Lease , SIC-15 Operating Leases-Incentives and SIC-27 Evaluating the Substance of Transactions Involving the Legal Form of a Lease . The standard establishes the principles for the recognition, measurement, presentation and disclosure of leases and requires lessees to account for all leases under a single model in the balance sheet, similar to the recognition of finance leases under IAS 17. The Group has adopted IFRS 16 from January 1, 2019 using the modified retrospective method of adoption, under which the standard is applied retrospectively with the cumulative effect of initially applying the standard recognized at the date of initial application and not restated comparatives for the 2018 and 2017 reporting period. The reclassifications and the adjustments arising from the new leasing rules are therefore recognized in the opening balance sheet on January 1, 2019. Practical expedients and exemptions applied In applying IFRS 16 for the first time, the Group has used the following permitted practical expedients: • applying only to contracts that were previously identified as leases applying IAS 17 and IFRIC 4 at the date of initial application; • applying a single discount rate to a portfolio of leases with reasonably similar characteristics; • relying on previous assessments on whether leases are onerous as an alternative to performing an impairment review – there were no onerous contracts as of January 1, 2019; • exempting leases contracts with a remaining lease term of less than 12 months as of January 1, 2019 and not containing a purchase option (short-term leases); • exempting lease contracts for which the underlying asset is of low value (low-value assets); • excluding initial direct costs for the measurement of the right-of-use asset at the date of initial application; and • using hindsight in determining the lease term where the contract contains options to extend or terminate the lease. i) Measurement of lease liabilities and right-of-use assets The Group leases its main offices and certain equipments under non-cancelable operating lease agreements. The lease terms varies from one As a result of initial adoption, there is no impact to retained earnings in equity on January 1, 2019. Right-of-use assets are presented in a separate line item in the balance sheet under “Right-of-use assets” group, while the lease liabilities are presented within borrowings in the line item “Borrowings and lease liabilities” in the balance sheet. Set out below are the new accounting policies of the Group upon adoption of IFRS 16, which have been applied from the date of initial application: Right-of-use assets The Group recognizes right-of-use assets at the commencement date of the lease (i.e., the date the underlying asset is available for use). Right-of-use assets are measured at cost, less any accumulated depreciation and impairment losses, and adjusted for any remeasurement of lease liabilities. The cost of right-of-use assets includes the amount of lease liabilities recognized, initial direct costs incurred, and lease payments made at or before the commencement date less any lease incentives received. Unless the Group is reasonably certain to obtain ownership of the leased asset at the end of the lease term, the recognized right-of-use assets are depreciated on a straight-line basis over the shorter of its estimated useful life and the lease term. Right-of use assets are subject to impairment. Lease liabilities At the commencement date of the lease, the Group recognizes lease liabilities measured at the present value of lease payments to be made over the lease term. The lease payments include fixed payments (including in-substance fixed payments) less any lease incentives receivable, variable lease payments that depend on an index or a rate, and amounts expected to be paid under residual value guarantees. The lease payments also include the exercise price of a purchase option reasonably certain to be exercised by the Group and payments of penalties for terminating a lease, if the lease term reflects the Group exercising the option to terminate. The variable lease payments that do not depend on an index or a rate are recognized as expense in the period on which the event or condition that triggers the payment occurs. In calculating the present value of lease payments, the Group uses the incremental borrowing rate at the lease commencement date if the interest rate implicit in the lease is not readily determinable. After the commencement date, the amount of lease liabilities is increased to reflect the accretion of interest and reduced for the lease payments made. In addition, the carrying amount of lease liabilities is remeasured if there is a modification, a change in the lease term, a change in the in-substance fixed lease payments or a change in the assessment to purchase the underlying asset. Short-term leases and leases of low-value assets The Group applies the short-term lease recognition exemption to its short-term leases of properties (i.e., those leases that have a lease term of 12 months or less from the commencement date and do not contain a purchase option). It also applies the lease of low-value assets recognition exemption to leases that are considered of low value. Lease payments on short-term leases and leases of low-value assets are recognized as expense on a straight-line basis over the lease term. Significant judgement in determining the lease term of contracts with renewal options The Group determines the lease term as the non-cancellable term of the lease, together with any periods covered by an option to extend the lease if it is reasonably certain to be exercised, or any periods covered by an option to terminate the lease, if it is reasonably certain not to be exercised. The Group has the option, under some of its leases to lease the assets for additional terms. The Group applies judgement in evaluating whether it is reasonably certain to exercise the option to renew. That is, it considers all relevant factors that create an economic incentive for it to exercise the renewal. After the commencement date, the Group reassesses the lease term if there is a significant event or change in circumstances that is within its control and affects its ability to exercise (or not to exercise) the option to renew (e.g., a change in business strategy).
Property and equipment	Property and equipment All property and equipment are stated at historical cost less accumulated depreciation and impairment. Historical cost includes expenditures that are directly attributable to the acquisition of the items and, if applicable, net of tax credits. Subsequent costs are included in the asset’s carrying amount or recognized as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the Group and the cost of the item is material and can be measured reliably. All other repairs and maintenance expenditures are charged to profit or loss during the period in which they are incurred. Depreciation is calculated on a straight-line basis over the estimated useful lives of the assets, as follows: Annual Rate (%) Data Processing Systems 20 % Furniture and equipment 10 % Security systems 10 % Facilities 10 % Assets’ residual values, useful lives and methods of depreciation are reviewed at each reporting date and adjusted prospectively, if appropriate. An asset’s carrying amount is written down immediately to its recoverable amount, which is the higher of its fair value less costs of disposal and its value in use, if the asset’s carrying amount is greater than its estimated recoverable amount. Gains and losses on disposals or derecognition are determined by comparing the disposal proceeds (if any) with the carrying amount and are recognized in profit or loss.
Intangible assets	Intangible assets i) Goodwill Goodwill arises on the acquisition of subsidiaries and represents the excess of (i) the consideration transferred; (ii) the amount of any non-controlling interest in the acquiree; and (iii) the acquisition-date fair value of any previous equity interest in the acquiree over the fair value of the identifiable net assets acquired. If the total of the consideration transferred, non-controlling interest recognized and previously held interest measured at fair value is less than the fair value of the net assets of the subsidiary acquired, in the case of a bargain purchase, the difference is recognized directly in profit or loss. Goodwill impairment reviews are undertaken annually or more frequently if events or changes in circumstances indicate a potential impairment. ii) Software and development costs Certain direct development costs associated with internally developed software and software enhancements of the Group’s technology platform is capitalized. Capitalized costs, which occur post determination by management of technical feasibility, include external services and internal payroll costs. These costs are recorded as intangible assets when development is complete, and the asset is ready for use, and are amortized on a straight-line basis, generally over a period of five years. Research and pre-feasibility development costs, as well as maintenance and training costs, are expensed as incurred. In certain circumstances, management may determine that previously developed software and its related expense no longer meets management’s definition of feasible, which could then result in the impairment of such asset. iii) Other intangible assets Separately acquired intangible assets are measured at cost on initial recognition. The cost of intangible assets acquired in a business combination corresponds to their fair value at the acquisition date. After initial recognition, intangible assets are stated at cost, less any accumulated amortization and accumulated impairment losses. Internally generated intangible assets other than (i) above, are not capitalized and the related expenditure is reflected in profit or loss in the period in which the expenditure is incurred. The useful life of intangible assets is assessed as finite or indefinite. As of December 31, 2020 and 2019, the Group does not hold indefinite life intangible assets, except for goodwill. Intangible assets with finite useful lives are amortized over their estimated useful lives and tested for impairment whenever there is an indication that their carrying amount may be not be recovered. The period and method of amortization for intangible assets with finite lives are reviewed at least at the end of each fiscal year or when there are indicators of impairment. Changes in estimated useful lives or expected consumption of future economic benefits embodied in the assets are considered to modify the amortization period or method, as appropriate, and treated as changes in accounting estimates. The amortization of intangible assets with definite lives is recognized in profit or loss in the expense category consistent with the use of intangible assets. The useful lives of the intangible assets are shown below: Estimate useful life (years) Software 3-5 Internally developed intangible 3-7 Customer list 2-8 Trademarks 10-20 Gains and losses resulting from the disposal or derecognition of intangible assets are measured as the difference between the net disposal proceeds (if any) and their carrying amount and are recognized in profit or loss.
Impairment of non-financial assets	Impairment of non-financial assets Assets that have an indefinite useful life, for example goodwill, are not subject to amortization and are tested annually for impairment. Goodwill impairment reviews are undertaken annually or more frequently if events or changes in circumstances indicate a potential impairment. Assets that are subject to depreciation or amortization are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognized when the asset's carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset's fair value less costs to sell and its value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (Cash-generating units (CGU's)). For the purpose of impairment testing, goodwill acquired in a business combination is allocated to each of the CGUs (or groups of CGUs) that is expected to benefit from the synergies of the combination, which are identified at the operating segment level. Non-financial assets other than goodwill that were adjusted due to impairment are subsequently reviewed for possible reversal of the impairment at the balance sheet date. The impairment of goodwill recognized in the profit or loss is not reversed.
Taxes	Taxes i) Current income and social contribution taxes Each of Group’s entities pay Federal Income Tax (IRPJ) and Social Contribution on Net Income (CSLL) under one of two different methods: • Actual Profit Method (“APM”), where the taxpayer calculates both taxes based on its actual taxable income, after computing all income, gains and tax-deductible expenses, including net operating losses of prior years. Taxes calculated under the APM method are due quarterly or annually depending on entity’s adoption through the first collection document of each calendar year. APM annual method requires taxpayers to make monthly prepayments of IRPJ and CSLL during the calendar-year. • Presumed Profit Method (“PPM”), where taxpayer calculates IRPJ and CSLL applying a presumed profit margin over the operating revenues. It is important to emphasize that the profit margin is defined by Brazilian Revenue Service (“RFB”) according to type of services rendered and/or goods sold. Under the PPM method, both taxes are due on a quarterly basis and no prepayment are required during the quarters. This method can be adopted only by entities with gross revenue up to a annually revised threshold determined by tax authorities. The tax rates applicable to APM or PPM are also defined according to entities’ main activity: • Federal Income Tax (IRPJ) – tax rate of 15% calculated on taxable income and a surcharge of 10% calculated on the taxable income amount that exceeds R$ 20 per month (or R$ 240 annually). • Social Contribution on Net Income (CSLL) – tax rate of 9% calculated on taxable income. However, financial institutions (i.e., XP CCTVM) and insurance companies (i.e., XP Vida e Previdência) are subject to a higher CSLL rate of 15%. As of march, 2020, Brazilian banks (i.e, Banco XP) are subject to a CSLL rate of 20%. From 2015 to 2018, the CSLL rate was temporarily increased to 20% for all Brazilian financial entities by means of federal Law 12.169/2015. ii) Deferred income and social contribution taxes Deferred income tax and social contribution are recognized, using the liability method, on temporary differences between the tax bases of assets and liabilities and their carrying amounts in the financial statements. However, deferred taxes are not accounted for if they arise from initial recognition of an asset or liability in a transaction other than a business combination that at the time of the transaction affects neither accounting nor taxable profit or loss. Deferred tax assets are recognized only to the extent it is probable that future taxable profit will be available against which the temporary differences and/or tax losses can be utilized. In accordance with the Brazilian tax legislation, loss carryforwards can be used to offset up to 30% of taxable profit for the year and do not expire. Deferred tax is provided on temporary differences arising on investments in subsidiaries, except for a deferred tax liability where the timing of the reversal of the temporary difference is controlled by the Group and it is probable that the temporary difference will not reverse in the foreseeable future. Deferred tax assets and liabilities are presented net in the statement of financial position when there is a legally enforceable right and the intention to offset them upon the calculation of current taxes, generally when related to the same legal entity and the same jurisdiction. Accordingly, deferred tax assets and liabilities in different entities or in different countries are generally presented separately, and not on a net basis. iii) Sales and other taxes Revenues, expenses and assets are recognized net of sales tax, except: • When the sales taxes incurred on the purchase of goods or services are not recoverable from tax authorities, in which case the sales tax is recognized as part of the cost of acquiring the asset or expense item, as applicable; • When the amounts receivable or payable are stated with the amount of sales taxes included. The net amount of sales taxes, recoverable or payable to the tax authority, is included as part of receivables or payables in the balance sheet, and net of corresponding revenue or cost / expense, in profit or loss. Sales revenues in Brazil are subject to taxes and contributions, at the following statutory rates: • PIS and COFINS are contributions levied by the Brazilian Federal government on gross revenues. These amounts are invoiced to and collected from the Group’s customers and recognized as deductions to gross revenue (Note 31) against tax liabilities, as we are acting as tax withholding agents on behalf of the tax authorities. PIS and COFINS paid on certain purchases may be claimed back as tax credits to offset PIS and COFINS payable. These amounts are recognized as Recoverable taxes (Note 12) and are offset monthly against Taxes payable and presented net, as the amounts are due to the same tax authority. PIS and COFINS are contributions calculated on two different regimes according to Brazilian tax legislation: cumulative method and non-cumulative method. The non-cumulative method is mandatory to companies that calculate income tax under the Actual Profit Method (APM). The applicable rates of PIS and COFINS are 1.65% e 7.60%, respectively. Otherwise, the cumulative method should be adopted by entities under the Presumed Profit Method (PPM) and is also mandatory to Financial and Insurance Companies. The rate applicable to companies under PPM are PIS 0.65% and COFINS 3.00%. Financial entities (i.e., XP CCTVM) and Insurance companies (i.e., XP Vida e Previdência) have a different percentage of COFINS with the surcharge of 1.00%, totaling 4.00%. • ISS is a tax levied by municipalities on revenues from the provision of services. ISS tax is added to amounts invoiced to the Group’s customers for the services the Group renders. These are recognized as deductions to gross revenue (Note 31) against tax liabilities, as the Group acts as agent collecting these taxes on behalf of municipal governments. The rates may vary from 2.00% to 5.00%. The ISS stated in the table is applicable to the city of São Paulo and Rio de Janeiro refers to the rate most commonly levied on the Group’s operations. • INSS is a social security charge levied on wages paid to employees.
Equity security loans	Equity security loansRepresent liabilities to return cash proceeds from security lending transactions. Securities lending transactions are used primarily to earn spread income which relates mainly to equity securities received with a fixed term payable, based on the fair value of the securities plus pro rata interest over the period of the loan. Equity securities borrowed are recognized as unrestricted assets on the statement of financial position and may be sold to third parties. The Equity security loans is recorded as a trading liability and measured at fair value with any gains or losses included in the income statement under net fair value gains/(losses) on financial instruments (Note 31 b).
Borrowings and debentures	Borrowings and debenturesBorrowings and debentures are recognized initially at fair value, net of transaction costs incurred, and subsequently carried at amortized cost. Any difference between the proceeds (net of transaction costs) and the total amount payable is recognized in profit or loss over the period of the borrowings using the effective interest rate method.Borrowing and debentures costs are recognized as interest expense on debt in the period in which they are incurred. The Group does not have qualifying assets to which costs could be capitalized.
Accounts payables	Accounts payablesAccounts payables are obligations to pay for goods or services that have been acquired in the ordinary course of business. Accounts payables are recognized initially at fair value and subsequently measured at amortized cost using the effective interest rate method.
Private pension liabilities	Private pension liabilities Private pension plans, relates to accumulation of financial resources, called PGBL (Plan Generator of Benefits), a plan that aims at accumulating funds for participant’s retirement in life, and VGBL (Redeemable Life Insurance), a financial product structured as a pension plan. In both products, the contribution received from the participant is applied to a Specially Constituted Investment Fund (“FIE”) and accrues interest based on FIE investments. The private pension products offered by Company do not contain significant insurance risk where the Company accepts significant insurance risk from participants by agreeing to compensate them if a specified uncertain future event adversely affects them. These products also do not contain any discretionary participation features. Therefore, the contracts are accounted for under the scope of IFRS 9, Financial Instruments (“IFRS 9”).
Provisions	Provisions Provisions for legal claims (labor, civil and tax) are recognized when: (i) the Group has a present legal or constructive obligation as a result of past events; (ii) it is probable that an outflow of resources will be required to settle the obligation; and (iii) the amount can be reliably estimated. Provisions do not include future operating losses. Where there are a number of similar obligations, the likelihood that an outflow will be required in settlement is determined by considering the class of obligations as a whole. A provision is recognized even if the likelihood of an outflow with respect to any one item included in the same class of obligations may be small. Provisions are measured at the present value of the expenditures expected to be required to settle the obligation using a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the obligation. The increase in the provision due to the time elapsed is recognized as interest expense.
Employee benefits	Employee benefits i) Short-term obligations Liabilities in connection with short-term employee benefits are measured on a non-discounted basis and are expensed as the related service is provided. The liability is recognized for the expected amount to be paid under the plans of cash bonus or short-term profit sharing if the Group has a legal or constructive obligation of paying this amount due to past service provided by employees and the obligation may be reliably estimated. ii) Share-based plan The establishment of the shared-based plan was approved by the board of Director’s meeting on December 6, 2019. The Company launched two share-based plans, the Restricted Stock Unit “RSU” and the Performance Share Unit (“PSU”). The shared-based plans are designed to provided long-term incentives to certain employees, directors, and other eligible service providers in exchange for their services. For both plans, management commits to grant shares of XP Inc to the defined participants. The cost of share-based compensation is measured using the fair value at the grant date. The cost is expensed together with a corresponding increase in equity over the service period or on the grant date when the grant relates to past services. The total amount to be expensed is determined by reference to the fair value of the tranche shares granted at the grant date, which is also based on: • Including any market performance conditions; • Including the impact of any non-market performance vesting conditions (i.e. remaining an employee of the entity over a specified time), and; • Including the impact of any non-vesting conditions (i.e. the requirement for participants to save or hold shares for a specific period of time). The total expense is recognized over the vesting period, which is the period over which all of the specified vesting conditions are to be satisfied. At the end of each period, the entity revises its estimates of the number of shares that are expected to vest based on the non-market vesting conditions. The Company recognizes the impact of the revision to original estimates, if any, in profit or loss, with a corresponding adjustment to equity. When the shares are vested, the Company transfers the correspondent number of shares to the participant. The shares received by the participants, net of any directly attributable transactions costs (including withholding taxes) are credited directly to equity. The significant judgments, estimates and assumptions regarding share-based payments and activity relating to share-based payments are discussed further in Note 35. iii) Profit-sharing and bonus plans The Group recognizes a liability and an expense for bonuses and profit-sharing based on a formula that takes into consideration the profit attributable to the owners of the Company after certain adjustments, and distributed based on individual and collective performance, including qualitative and quantitative indicators. Employee profit-sharing terms are broader established by means of annual collective bargaining with workers’ unions. The Group recognizes a provision where contractually obliged or where there is a past practice that has created a constructive obligation.
Share capital	Share capitalCommon shares are classified in equity. Incremental costs directly attributable to the issue of new shares or options are shown in equity as a deduction, net of tax, from the proceeds.
Earnings per share	Earnings per share Basic earnings per share is calculated by dividing the profit attributable to owners of the Company, excluding any costs of servicing equity other than ordinary and preferred shares by the weighted average number of ordinary and preferred shares outstanding during the year, adjusted for bonus elements in ordinary and preferred shares issued during the year and excluding treasury shares (Note 36). Diluted earnings per share adjusts the figures used in the determination of basic earnings per share to take into account the after-income tax effect of interest and other financing costs associated with dilutive potential common and preferred shares, and the weighted average number of additional common and preferred shares that would have been outstanding assuming the conversion of all dilutive potential common and preferred shares (Note 36).
Revenue and income	Revenue and income 1) Revenue from contracts with customers Revenue is recognized when the Group has transferred control of the services to the customers, in an amount that reflects the consideration the Group expects to collect in exchange for those services. The Group applies the following five steps: i) identification of the contract with a customer; ii) identification of the performance obligations in the contract; iii) determination of the transaction price; iv) allocation of the transaction price to the performance obligations in the contract; and v) recognition of revenue when or as the entity satisfies a performance obligation. Revenue is recognized net of taxes collected from customers, which are subsequently remitted to governmental authorities. The Group has discretion to involve and contract a third-party providers in providing services to the customer on its behalf. The Group presents the revenues and associated costs to such third-party providers on a gross basis where it is deemed to be the principal and on a net basis where it is deemed to be the agent. Generally, the Group is deemed to be the principal in these arrangements because the Group controls the promised services before they are transferred to customers, and accordingly presents the revenue gross of related costs. The Group main types of revenues contracts are: i) Brokerage commission Brokerage commission revenue consist of revenue generated through commission-based brokerage services on each transaction carried out on i.e. the stock exchanges for customers, recognized at a point in time (trade date) as the performance obligation is satisfied. ii) Securities placement Securities placement revenue refers to fees and commissions earned on the placement of a wide range of securities on behalf of issuers and other capital raising activities, such as mergers and acquisitions, including related finance advisory services. The act of placing the securities is the sole performance obligation and revenue is recognized at the point in time when the underlying transaction is complete under the engagement terms and it is probable that a significant revenue reversal will not occur. iii) Management fees Management fees relates substantially to (i) services as investments advisor from funds, investment clubs and wealth management; and (ii) distributions of quotas from investments funds managed by others. Revenue is recognized over the period of time when this performance obligation is delivered, and generally based on an agreed-upon fixed percentage of the net asset value of each fund on a monthly basis. A part of management fees are performance-based (performance fees), which are recognized for the delivery of asset management services and calculated based on appreciation of the net asset value of the funds, subject to certain thresholds, such as internal rates of returns or hurdle rates in accordance with the terms of the fund’s constitution. Performance fees, which includes variable consideration, are only recognized after an assessment of the facts and circumstances and when it is highly probable that significant reversal of the amount of cumulative revenue recognized will not occur when the uncertainty is resolved. iv) Insurance brokerage fee Refers to insurance brokerage, capitalization, pension plans and health insurance through the intermediation of the sale of insurance services. Revenues are recognized after the provision of brokerage services to insurers. Products that were sold through XP Corretora de Seguros are inspected monthly, and amounts received from commission are recognized as revenue at a point in time as the performance obligation is satisfied. v) Educational services Educational revenue relates to advising and consulting on finance, financial planning, business management and the development of courses and business training programs in the national territory through the development and management of courses. vi) Other services Other services refers to revenue related to finance advisory services, advertisements on the Group’s website and sponsorship on events held by the Group. 2) Net income from financial instruments Net income from financial instruments include realized gains and losses on the sales of investments, unrealized gains and losses resulting from our investments measured at fair value and interest earned on both cash balances and investments in connection with our trading activities. These gains and losses are outside the scope of IFRS 15 but in scope of IFRS 9 – Financial Instruments, and the related accounting policies are disclosed in Note 3.
Derivative financial instruments	The Group uses the derivatives to manage its overall exposures of foreign exchange rates, interest rates and price of shares. The fair value of derivative financial instruments, comprised of futures, forward, options, and swaps operations, is determined in accordance with the following criteria: • Swap – These operations swap cash flow based on the comparison of profitability between two indexers, Thus, the agent assumes both positions – put in one indexer and call on another. • Forward - at the market quotation value, and the installments receivable or payable are prefixed to a future date, adjusted to present value, based on market rates published at B3. • Futures – Foreign exchange rates, prices of shares and commodities are commitments to buy or sell a financial instrument at a future date, at a contracted price or yield and may be settled in cash or through delivery. Daily cash settlements of price movements are made for all instruments. • Options - option contracts give the purchaser the right to buy the instrument at a fixed price negotiated at a future date. Those who acquire the right must pay a premium to the seller. This premium is not the price of the instrument, but only an amount paid to have the option (possibility) to buy or sell the instrument at a future date for a previously agreed price.
Impairment test for goodwill	Given the interdependency of cash flows and the merger of business practices, all Group’s entities are considered a single cash generating units (“CGU”) and, therefore, goodwill impairment test is performed at the single operating level. Therefore, the carrying amount considered for the impairment test represents the Company’s equity. The Group tests whether goodwill has suffered any impairment on an annual basis. For the years ended December 31, 2020 and 2019, the recoverable amount of the single CGU was determined based on value-in-use calculations which require the use of assumptions. The calculations use cash flow projections based on financial budgets approved by management covering a four-year period. Cash flows beyond the four-year period are extrapolated using the estimated growth rates, which are consistent with forecasts included in industry reports specific to the industry in which the Group operates. The Group performed its annual impairment test as of December 31, 2020 and 2019 which did not result in the need to recognize impairment losses on the carrying value of goodwill. Key assumptions used in value-in-use calculations and sensitivity to changes in assumptions are: Assumption Approach used to determine values Sales Average annual growth rate over the four-year forecast period; based on past performance and management’s expectations of market development. Budgeted gross margin Based on past performance and management’s expectations for the future. Other operating costs Fixed costs, which do not vary significantly with sales volumes or prices. Management forecasts these costs based on the current structure of the business, adjusting for inflationary increases but not reflecting any future restructurings or cost saving measures. The amounts disclosed above are the average operating costs for the four-year forecast period. Annual capital expenditure Expected cash costs. This is based on the historical experience of management, and the planned refurbishment expenditure. No incremental revenue or cost savings are assumed in the value-in-use model as a result of this expenditure. Long-term growth rate This is the weighted average growth rate used to extrapolate cash flows beyond the budget period. The rates are consistent with forecasts included in industry reports. Pre-tax discount rates Reflect specific risks relating to the relevant segments and the countries in which they operate. The long-term growth rate utilized in the impairment test of goodwill is 6.50%.

Summary of significant accoun_3

Summary of significant accounting policies (Tables)	12 Months Ended
	Dec. 31, 2020
Summary of Significant Accounting Policies [Abstract]
Disclosure Of Detailed Information About Depreciation Rates Of Property Plant And Equipment	All other repairs and maintenance expenditures are charged to profit or loss during the period in which they are incurred. Depreciation is calculated on a straight-line basis over the estimated useful lives of the assets, as follows: Annual Rate (%) Data Processing Systems 20 % Furniture and equipment 10 % Security systems 10 % Facilities 10 %
Disclosure Of Detailed Information About Useful Life Of Intangible Assets	The amortization of intangible assets with definite lives is recognized in profit or loss in the expense category consistent with the use of intangible assets. The useful lives of the intangible assets are shown below: Estimate useful life (years) Software 3-5 Internally developed intangible 3-7 Customer list 2-8 Trademarks 10-20

Group structure (Tables)

Group structure (Tables)	12 Months Ended
	Dec. 31, 2020
Disclosure of subsidiaries [abstract]
Summary of direct and indirect interests of company in its subsidiaries	The following are the direct and indirect interests of Company in its subsidiaries for the purposes of these consolidated financial statements: % of Group’s interest (i) Entity name Country of incorporation Principal activities 2020 2019 2018 Directly controlled XP Investimentos S.A. Brazil Holding 100.00 % 100.00 % — Indirectly controlled XP Investimentos Corretora de Câmbio, Títulos e Valores Mobiliários S.A. Brazil Broker-dealer 100.00 % 100.00 % 100.00 % XP Vida e Previdência S.A. (iv) Brazil Private pension and insurance 100.00 % 100.00 % 100.00 % Banco XP S.A. Brazil Multipurpose bank 100.00 % 100.00 % — XP Controle 3 Participações S.A. Brazil Financial Holding 100.00 % 100.00 % 100.00 % XPE Infomoney Educação Assessoria Empresarial e Participações Ltda. Brazil Digital Content services 100.00 % 99.99 % 99.70 % Tecfinance Informática e Projetos de Sistemas Ltda. Brazil Rendering of IT services 99.76 % 99.76 % 99.73 % XP Corretora de Seguros Ltda. Brazil Insurance Broker 99.99 % 99.99 % 99.82 % XP Gestão de Recursos Ltda. Brazil Asset management 94.80 % 93.70 % 92.80 % XP Finanças Assessoria Financeira Ltda. Brazil Investment consulting service 99.99 % 99.99 % 99.99 % Infostocks Informações e Sistemas Ltda. Brazil Mediation of information systems 99.99 % 99.99 % 99.99 % XP Advisory Gestão Recursos Ltda. Brazil Asset management 99.50 % 99.57 % 99.52 % XP Vista Asset Management Ltda. Brazil Asset management 99.45 % 99.42 % 99.60 % XP Controle 4 Participações S.A. Brazil Insurance holding 100.00 % 100.00 % 100.00 % Leadr Serviços Online Ltda. Brazil Social media 99.99 % 99.99 % — Spiti Análise Ltda. Brazil Research 95.00 % 99.99 % — Chamaleon Bravery Unipessoal LDA Portugal Investment Advisor (pending regulatory approval) 100.00 % 100.00 % — XP Investments UK LLP UK Inter-dealer broker and Organized Trading Facility (OTF) 100.00 % 100.00 % 100.00 % Sartus Capital LTD UK Investment advisor 100.00 % 100.00 % 100.00 % XP Private (Europe) S.A. Switzerland Investment advisor 100.00 % 100.00 % 100.00 % XP Holding UK Ltd UK International financial holding 100.00 % 100.00 % 100.00 % XP Investments US, LLC USA Broker-dealer 100.00 % 100.00 % 100.00 % Xperience Market Services LLC (vi) USA Non-operational 100.00 % 100.00 % — XP Holding International LLC (ii) USA International financial holding 100.00 % 100.00 % 100.00 % XP Advisory US USA Investment advisor 100.00 % 100.00 % 100.00 % XP PE Gestão de Recursos Ltda. (v) Brazil Asset management 98.70 % — — XP LT Gestão de Recursos Ltda. (v) Brazil Asset management 92.00 % — — Carteira Online Controle de Investimentos Ltda. - ME (iii) Brazil Investment consolidation platform 99.99 % — — Antecipa S.A. (iii) Brazil Receivables Financing Market 100.00 % — — XP Allocation Asset Management Ltda. (v) Brazil Asset management 99.99 % — — Track Índices Consultoria Ltda. (v) Brazil Index Provider 100.00 % — — XP Eventos Ltda. (v) Brazil Media and Events 99.00 % — — DM10 Corretora de Seguros Ltda. (iii) Brazil Insurance Broker 100.00 % — — Consolidated investments funds Falx Fundo de Investimento Multimercado Crédito Privado Investimento no Exterior Brazil Investment fund 100.00 % 100.00 % 100.00 % Gladius Fundo de Investimento Multimercado Investimento no Exterior Brazil Investment fund 100.00 % 100.00 % 100.00 % % of Group’s interest (i) Entity name Country of incorporation Principal activities 2020 2019 2018 Scorpio Debentures Incentivadas Fundo de Investimento Multimercado Crédito Privado Brazil Investment fund 100.00 % 100.00 % 100.00 % Galea Fundo de Investimento Multimercado Crédito Privado Investimento no Exterior (vi) Brazil Investment fund — 100.00 % 100.00 % Javelin Fundo de Investimento Multimercado Crédito Privado Investimento no Exterior Brazil Investment fund 100.00 % 100.00 % 100.00 % Spatha Fundo de Investimento Multimercado Crédito Privado Investimento no Exterior (vi) Brazil Investment fund — 100.00 % 100.00 % Frade Fundo de Investimento em Cotas de Fundos de Investimento em Direitos Creditórios NP Brazil Investment fund 100.00 % 100.00 % 100.00 % Frade III Fundo de Investimento em Cotas de Fundo de Investimento Multimercado Crédito Privado Brazil Investment fund 100.00 % 100.00 % — Balista Debentures Incentivadas Fundo de Investimento Multimercado Crédito Privado (vi) Brazil Investment fund — 100.00 % — Coliseu Fundo de Investimento Multimercado Crédito Privado Investimento no Exterior Brazil Investment fund 100.00 % 100.00 % — NIMROD Fundo de Investimento Multimercado Crédito Privado Investimento no Exterior (v) Brazil Investment fund 100.00 % 100.00 % — XP High Yield Fund SP (v) Cayman Investment fund 100.00 % 100.00 % — XP International Fund SPC (v) Cayman Investment fund 100.00 % 100.00 % — XP Managers Fundo de Investimento em Participações Multiestratégia (v) Brazil Investment fund 100.00 % 100.00 % — (i) The percentage of participation represents the Group’s interest in total capital and voting capital of its subsidiaries. (ii) Subsidiaries legally merged into their respective immediate parent, with no impact on the consolidated financial statements. (iii) New subsidiaries acquired in 2020. See further details in Note 5 (ii) below. (iv) Subsidiaries incorporated in 2018 for operating in the private pension and life insurance business, which is regulated by the Superintendency of Private Insurance (SUSEP) in Brazil (v) New subsidiaries and investment funds incorporated in the year. (vi) Subsidiaries and investment funds closed or incorporated by others during the year.
Summary of the net assets acquired, the goodwill	The preliminary fair value of the identifiable assets acquired and liabilities assumed as of each acquisition date were: Fliper Antecipa DM10 Total Assets Cash 617 1,917 275 2,809 Other assets 0 79 411 490 Intangible assets (Note 16(b)) 2,869 7,819 2,950 13,638 3,486 9,815 3,636 16,936 Liabilities Other liabilities (6,159) (198) (1,522) (7,879) Total identifiable net assets at fair value (2,673) 9,617 2,114 9,057 Goodwill arising on acquisition (Note 16 (b)) 39,832 22,965 14,886 77,683 Contingent consideration 10,100 4,083 — 14,183 Purchase consideration transferred 47,259 36,665 17,000 100,923 Analysis of cash flows on acquisition Net cash acquired with the subsidiary (617) (1,917) (275) (2,809) Payable in installments — (15,487) (6,000) (21,488) Contingent consideration (10,100) (4,083) — (14,183) Net of cash flow on acquisition (investing activities) 36,542 15,178 10,724 62,443
Summary of intangible assets acquired	The valuation techniques used for measuring the fair value of separately identified intangible assets acquired were as follows: Assets Amount Method Expected amortization period Customer list 2,181 Multi-period excess earning method 5.5 years Trademark 3,314 Relief from royalty 5 years Technology 8,143 Relief from royalty 5 years

Securities purchased under ag_2

Securities purchased under agreements to resell (Tables)	12 Months Ended
	Dec. 31, 2020
Securities purchased under agreements to resell [Abstract]
Summary of securities purchased under agreements to resell	2020 2019 Available portfolio 1,409,637 971,991 National Treasury Notes (NTNs) (a) 876,102 771,099 Financial Treasury Bills (LFTs) (a) 452,691 195,980 National Treasury Bills (LTNs) (a) 44,091 4,912 Debentures (b) 36,753 — Collateral held 5,217,772 8,518,099 National Treasury Bills (LTNs) (a) 976,419 1,764,410 National Treasury Notes (NTNs) (a) 4,241,353 6,753,689 Total (c) 6,627,409 9,490,090

Securities (Tables)

Securities (Tables)	12 Months Ended
	Dec. 31, 2020
Subclassifications of assets, liabilities and equities [abstract]
Summary of Securities Classified At Fair Value Through Profit And Loss And At Fair Value Through Other Comprehensive Income	a) Securities classified at fair value through profit and loss and at fair value through other comprehensive income are presented in the following table: 2020 2019 Gross carrying amount Fair value Gross carrying amount Fair value Financial assets (ii) At fair value through profit or loss 49,157,111 49,590,013 22,332,936 22,443,392 Brazilian government bonds 30,752,903 31,129,671 15,404,300 15,494,046 Investment funds (ii) 11,216,914 11,221,774 3,047,198 3,047,198 Stocks issued by public-held company 3,802,610 3,802,470 1,562,965 1,562,965 Debentures 1,111,595 1,114,967 885,344 885,068 Uniated States government bonds 590,710 602,214 — — Structured transaction certificate 485,012 515,960 237,112 256,381 Bank deposit certificates (i) 371,455 372,329 244,071 246,827 Agribusiness receivables certificates 359,607 363,721 598,085 589,525 Certificate of real estate receivable 97,606 96,930 75,922 75,123 Financial credit bills 81,465 82,209 98,068 106,759 Real estate credit bill 474 477 1,282 1,300 Others (iii) 286,760 287,291 178,589 178,200 (i) Bank deposit certificates include R$111,927 (December 31, 2019 – R$123,817) is being presented as cash equivalents in the statements of cash flows. (ii) Financial assets include R$13,387,913 (December 31, 2019 – R$3,759,090) amounts related to Specially Constituted Investment Fund (“FIE”) as presented in Note 26. Investments funds include R$10,625,520 (December 31, 2019 – R$2,249,459) of XP Vida e Previdência S.A.. (iii) Mainly related to bonds issued and traded overseas. b) Securities at fair value through other comprehensive income are presented in the following table: 2020 2019 Gross carrying amount Fair value Gross carrying amount Fair value Financial assets At fair value through other comprehensive income National treasury bill (i) 19,011,499 19,039,044 2,608,325 2,616,118 (i) Includes expected credit losses in the amount of R$8,855. The reconciliation of gross carrying amount and the expected credit loss segregated by stages are presented in the Note 14.
Summary of Financial Assets At Amortized Cost Securities	c) Securities evaluated at amortized cost are presented in the following table: 2020 2019 Gross carrying amount Book value Gross carrying amount Book value Financial assets At amortized cost Bonds (i) 1,829,791 1,828,704 2,266,971 2,266,971 (i) Includes expected credit losses in the amounts of R$1,087. The reconciliation of gross carrying amount and the expected credit loss segregated by stages are presented in the Note 14.
Summary of Securities on the Financial Liabilities Classified at Fair Value through Profit or Loss	d ) Securities on the financial liabilities classified at fair value through profit or loss are presented in the following table: 2020 2019 Gross carrying amount Fair value Gross carrying amount Fair value Financial liabilities At fair value through profit or loss Securities loaned 2,237,442 2,237,442 2,021,707 2,021,707 Below is presented the securities classified by maturity: Assets Liabilities 2020 2019 2020 2019 Financial assets At fair value through PL and at OCI Current 34,572,107 9,804,819 2,237,442 2,021,707 Non-stated maturity 15,246,105 4,999,333 2,237,442 2,021,707 Up to 3 months 794,025 257,544 — — From 3 to 12 months 18,531,977 4,547,942 — — Non-current 34,065,805 15,254,691 — — After one year 34,065,805 15,254,691 — — Evaluated at amortized cost Current 1,829,791 2,266,971 — — Up to 3 months 1,623,487 807,218 — — From 3 to 12 months 206,304 1,459,753 — — Total 70,467,703 27,326,481 2,237,442 2,021,707

Derivative financial instrume_2

Derivative financial instruments (Tables)	12 Months Ended
	Dec. 31, 2020
Subclassifications of assets, liabilities and equities [abstract]
Summary of positions with derivative financial instruments	Positions with derivative financial instruments as of December 31, 2020 and 2019 are shown below: 2020 Assets Liabilities Fair value Notional Fair value Notional Swaps 777,816 5,578,227 870,393 6,143,671 Forward contracts 456,724 2,905,411 200,272 3,035,011 Futures contracts 26,535 43,100,609 13,221 44,981,642 Options 6,298,358 681,464,674 6,735,478 614,741,256 Total 7,559,433 733,048,921 7,819,364 668,901,580 2019 Assets Liabilities Fair value Notional Fair value Notional Swaps 1,133,768 3,955,473 485,164 3,420,857 Forward contracts 187,392 1,857,542 2,480 164,209 Futures contracts 21,809 15,920,584 - - Options 2,742,035 498,484,022 2,741,592 488,482,756 Total 4,085,004 520,217,621 3,229,236 492,067,822
Summary of derivative financial instruments by maturity	Below is the composition of the Derivative financial instruments portfolio (assets and liabilities) by type of instrument, stated fair value and by maturity: 2020 Fair Value % Up to 3 months From 4 to 12 months Above 12 months Assets Swap contracts 777,816 10 % 35,241 206,921 535,654 Forward contracts 456,724 6 % 230,862 201,324 24,538 Future contracts 26,535 1 % 26,535 — — Options 6,298,358 83 % 2,327,062 2,351,285 1,620,011 Total 7,559,433 100 % 2,619,700 2,759,530 2,180,203 Liabilities Options 6,735,478 87 % 2,152,890 2,378,689 2,203,899 Forward contracts 200,272 3 % 133,679 49,102 17,491 Future contracts 13,221 1 % 542 1,742 10,937 Swap contracts 870,393 11 % 99,249 213,532 557,612 Total 7,819,364 100 % 2,386,360 2,643,065 2,789,939 2019 Fair value % Up to 3 months From 4 to 12 months Above 12 months Assets Swap contracts 1,133,768 0 10,418 700,668 422,682 Forward contracts 187,392 0 159,163 28,175 54 Future contracts 21,809 0 21,809 — — Options 2,742,035 0 1,837,073 577,177 327,785 Total 4,085,004 0 2,028,463 1,306,020 750,521 Liabilities Options 2,741,592 0 1,745,532 637,393 358,667 Forward contracts 2,480 0 1,693 325 462 Swap contracts 485,164 0 15,838 40,687 428,639 Total 3,229,236 0 1,763,063 678,405 787,768
Summary of derivative financial instruments by index	Derivatives financial instruments by index: 2020 2019 Notional Fair Value Notional Fair Value Swap Contracts Asset Position Interest 5,014,934 776,215 3,955,473 1,133,768 Foreign exchange 563,293 1,601 — — Liability Position Interest 6,143,671 (870,393) 3,420,857 (485,164) Forward Contracts Asset Position Foreign exchange 2,546,940 98,253 1,710,648 40,499 Share 325,519 325,519 — — Interest 32,952 32,952 146,893 146,893 Liability Position Foreign exchange 3,002,067 (167,328) 162,551 (822) Shares — — 1,658 (1,658) Interest 32,944 (32,944) — — Future Contracts Purchase commitments Foreign exchange — — 965 329 Interest 43,100,609 26,535 15,919,619 21,480 Commitments to sell Interest 44,981,642 (13,221) — — Options Purchase commitments Foreign exchange — — 37,500 82,369 Share 5,827,205 1,074,507 1,770,220 210,448 Interest 675,637,469 5,223,851 496,676,302 2,449,218 Commitments to sell Foreign exchange — — 37,500 (94,612) Shares 9,229,113 (945,828) 2,511,960 (229,291) Commodities — — Interest 605,512,143 (5,789,650) 485,933,296 (2,417,689) Assets 7,559,433 4,085,004 Liabilities (7,819,364) (3,229,236) Net (259,931) 855,768

Hedge accounting (Tables)

Hedge accounting (Tables)	12 Months Ended
	Dec. 31, 2020
Disclosure of detailed information about hedged items [abstract]
Summary of detailed information about hedging instruments	The Group undertakes risk management through the economic relationship between hedge instruments and hedged item, in which it is expected that these instruments will move in opposite directions, in the same proportions, with the aim of neutralizing the risk factors. Hedged item Hedge instrument Book Value Variation in value recognized in Other comprehensive income Notional value Variation in the Strategies Assets Liabilities 2020 Foreign exchange risk Hedge of net investment in foreign operations 245,986 — 52,299 349,218 (60,563) Total 245,986 — 52,299 349,218 (60,563) 2019 Foreign exchange risk Hedge of net investment in foreign operations 186,412 — 5,946 248,896 (7,133) Total 186,412 — 5,946 248,896 (7,133) 2018 Foreign exchange risk Hedge of net investment in foreign operations 147,179 — 18,645 225,901 (17,495) Total 147,179 — 18,645 225,901 (17,495)
Effects of hedge accounting	The effects of hedge accounting on the financial position and performance of the Group are presented below: Hedged item Hedge instrument Book Value Variation in value recognized in income Notional value Variation in the Strategies Assets Liabilities 2020 Interest rate risk Hedge of fixed-income securities — 2,178,459 (47,923) 2,188,732 46,795 Total — 2,178,459 (47,923) 2,188,732 46,795 2020 Notional amount Book value (i) Variation in fair value used to calculate hedge ineffectiveness Hedge ineffectiveness recognized in income Hedge Instruments Assets Liabilities Interest rate risk Futures 2,188,732 — 2,178,459 46,795 (1,128) (i) Amounts recorded within financial statement line “Derivative financial instruments”. See Note 8. The table below presents, for each strategy, the notional amount and the fair value adjustments of hedge instruments and the book value of the hedged item: December 31, 2020 December 31, 2019 December 31, 2018 Strategies Hedge instruments Hedge item Hedge instruments Hedge item Hedge instruments Hedge item Notional amount Fair value adjustments Book value Notional amount Fair value adjustments Book value Notional amount Fair value adjustments Book value Hedge of Fair Value 2,188,732 (47,923) 46,795 — — — — — — Hedge of net investment in foreign operations 349,218 52,299 (60,563) 248,896 5,946 (7,133) 225,901 18,645 (17,495) Total 2,537,950 4,376 (13,768) 248,896 5,946 (7,133) 225,901 18,645 (17,495)
Schedule Of Hedged Item Notional Amount By Maturity	The table below shows the breakdown notional value by maturity of the hedging strategies: 2020 0-1 year 1-2 years 2-3 years 3-4 years 4-5 years 5-10 years Total Hedge of Fair Value 1,977 13,375 94,099 44,843 672,978 1,361,460 2,188,732 Hedge of net investment in foreign operations — — 146,547 202,671 — — 349,218 Total 1,977 13,375 240,646 247,514 672,978 1,361,460 2,537,950 2019 0-1 year 1-2 years 2-3 years 3-4 years 4-5 years 5-10 years Total Hedge of net investment in foreign operations 7,658 — — 91,698 149,540 — 248,896 Total 7,658 — — 91,698 149,540 — 248,896 2018 0-1 year 1-2 years 2-3 years 3-4 years 4-5 years 5-10 years Total Hedge of net investment in foreign operations — — — — — 225,901 225,901 Total — — — — — 225,901 225,901

Loan operations (Tables)

Loan operations (Tables)	12 Months Ended
	Dec. 31, 2020
Disclosure of financial assets [abstract]
Loan operations by class, sector of debtor, maturity and concentration	Following are the breakdown of the carrying amount of loan operations by class, sector of debtor, maturity and concentration: Loans by type 2020 2019 Retail Pledged asset loan 2,698,018 388 Non-pledged loan 116,978 — Credit card 51,270 — Corporate Pledged asset loan 946,008 — Non-pledged loan 113,155 — Total Loans operations 3,925,429 388 Expected Credit Loss (Note 14(b)) (7,101) (2) Total loans operations, net of Expected Loss 3,918,328 386 By maturity 2020 2019 Due in 3 months or less 160,918 388 Due after 3 months through 12 months 580,183 — Due after 12 months 3,184,328 — Total Loans operations 3,925,429 388 By concentration 2020 2019 Largest debtor 150,040 71 10 largest debtors 726,904 310 20 largest debtors 1,043,583 375 50 largest debtors 1,521,310 388 100 largest debtors 1,885,614 388

Accounts receivable (Tables)

Accounts receivable (Tables)	12 Months Ended
	Dec. 31, 2020
Trade and other receivables [abstract]
Summary of Accounts Receivable	2020 2019 Customers (a) 455,253 458,776 Dividends and interest receivable on equity capital - Funds 6,393 7,052 Other (b) 51,131 702 (-) Expected credit losses on accounts receivable (Note 14(b)) (6,418) (4,501) Total 506,359 462,029 (a) Refers to receivables from management fee arising from the distribution of funds and amounts receivable related to service provision, which have an average term of 30 days. There is no concentration on the balances receivable as of December 31, 2020 and 2019. (b) Mainly related to accounts receivable from B3.

Recoverable taxes (Tables)

Recoverable taxes (Tables)	12 Months Ended
	Dec. 31, 2020
Subclassifications of assets, liabilities and equities [abstract]
Summary of Recoverable Taxes	2020 2019 Prepayments of income taxes (IRPJ and CSLL) 122,070 225,465 Contributions over revenue (PIS and COFINS) 3,993 16,859 Taxes on services (ISS) 979 846 Value added taxes (VAT) 581 150 Total 127,623 243,320 Current 127,623 243,320 Non-current — —

Prepaid expenses (Tables)

Prepaid expenses (Tables)	12 Months Ended
	Dec. 31, 2020
Subclassifications of assets, liabilities and equities [abstract]
Summary of prepaid expenses	2020 2019 Commissions and premiums paid in advance (a) 1,314,771 49,233 Marketing expenses 28,056 9,678 Services paid in advance 6,245 2,043 Other expenses paid in advance 44,465 28,730 Total 1,393,537 89,684 Current 283,183 56,605 Non-current 1,110,354 33,079 (a) Mostly comprised by long term investment programs implemented by XP CCTVM through its network of IFAs. These commissions and premiums paid are recognized at the signing date of each contract and are amortized in the statement of income of the Company, linearly, according to the investment term period.

Expected credit losses on fin_2

Expected credit losses on financial assets and reconciliation of carrying amount (Tables)	12 Months Ended
	Dec. 31, 2020
Disclosure of fair value measurement of assets [abstract]
Expected credit losses on financial assets and reconciliation of carrying amount	It is presented below the reconciliation by stage of gross carrying amount of Financial assets through other comprehensive income and Financial assets measured at amortized cost – that have their ECLs (Expected Credit Losses) measured using the three stage model and the low credit risk simplification. Stage 1 Balance at December 31, 2019 Acquisition / (Settlements) Transfer to Transfer to Cure from Cure from Closing balance December 31, 2020 Financial assets at fair value through other comprehensive income Securities 2,616,118 16,431,781 — — — — 19,047,899 Financial assets amortized cost Securities 2,266,971 (437,180) — — — — 1,829,791 Securities purchased under agreements to resell 9,490,090 (2,862,311) — — — — 6,627,779 Loans and credit card operations — 3,599,808 — — — — 3,599,808 Total on-balance exposures 14,373,179 16,732,098 — — — — 31,105,277 Total exposures 14,373,179 16,732,098 — — — — 31,105,277 Stage 2 Balance at December 31, 2019 Acquisition / (Settlements) Transfer to stage 1 Transfer to stage 3 Cure from stage 1 Cure from stage 3 Closing balance December 31, 2020 Financial assets amortized cost Loans and credit card operations — 325,621 — — — — 325,621 Total on-balance exposures — 325,621 — — — — 325,621 Off-balance exposures (credit card limits) — 35,810 — — — — 35,810 Total exposures — 361,431 — — — — 361,431 Consolidated Stages Balance at December 31, 2019 Derecognition Purchases / (Settlements) Closing balance December 31, 2020 Financial assets at fair value through other comprehensive income Securities 2,616,118 — 16,431,781 19,047,899 Financial assets amortized cost Securities 2,266,971 — (437,180) 1,829,791 Securities purchased under agreements to resell 9,490,090 — (2,862,311) 6,627,779 Loans and credit card operations — — 3,925,429 3,925,429 Total on-balance exposures 14,373,179 — 17,057,719 31,430,898 Off-balance exposures (credit card limits) — — — 35,810 Total exposures 14,373,179 — 17,057,719 31,466,708 For December 31, 2020, XP Group does not have financial assets classified as a Stage 3. Stage 1 Balance at December 31, 2018 Acquisition / (Settlements) Transfer to stage 2 Transfer to stage 3 Cure from stage 2 Cure from stage 3 Closing balance December 31, 2019 Financial assets at fair value through other comprehensive income Securities 695,778 1,920,340 — — — — 2,616,118 Financial assets amortized cost Securities 155,292 2,111,679 — — — — 2,266,971 Securities purchased under agreements to resell 6,570,610 2,919,480 — — — — 9,490,090 Total on-balance exposures 7,421,680 6,951,499 — — — — 14,373,179 Total exposures 7,421,680 6,951,499 — — — — 14,373,179 Consolidated Stages Balance at December 31, 2018 Purchases / (Settlements) Closing balance December 31, 2019 Financial assets at fair value through other comprehensive income Securities 695,778 1,920,340 2,616,118 Financial assets amortized cost Securities 155,292 2,111,679 2,266,971 Securities purchased under agreements to resell 6,570,610 2,919,480 9,490,090 Total on-balance exposures 7,421,680 6,951,499 14,373,179 Total exposures 7,421,680 6,951,499 14,373,179 For December 31, 2019, XP Group does not have financial assets classified as a Stage 3. The following table presents the gross carrying amount of Financial assets measured at amortized cost that have their ECLs measured using the simplified approach: Operations 2020 2019 Financial assets amortized cost Securities trading and intermediation 1,107,051 523,613 Accounts Receivable 512,777 466,530 Other financial assets 73,466 23,301 Total 1,693,294 1,013,444 b) Expected credit loss The table below presents the changes in ECLs, measured according three stage model, for assets classified as Financial assets through other comprehensive income –and Financial assets measured at amortized cost in the period ended December 31, 2020 and December 31, 2019, segregated by stages: Stage 1 ECL at December 31, 2019 Increase / (Reversal) Transfer to stage 2 Transfer to stage 3 Cure from stage 2 Cure from stage 3 ECL at December 31, 2020 Financial assets at fair value through other comprehensive income Securities — 8,855 — — — 8,855 Financial assets amortized cost Securities — 1,087 — — — — 1,087 Securities purchased under agreements to resell — 370 — — — — 370 Loans and credit card operations 2 5,646 — — — — 5,648 Total on-balance exposures 2 15,958 — — — — 15,960 Total exposures 2 15,958 — — — — 15,960 Stage 2 ECL at December 31, 2019 Increase / (Reversal) Transfer to stage 1 Transfer to stage 3 Cure from stage 1 Cure from stage 3 ECL at December 31, 2020 Financial assets amortized cost Loans and credit card operations — 1,453 — — — — 1,453 Total on-balance exposures — 1,453 — — — — 1,453 Total exposures — 1,453 — — — — 1,453 Consolidated Stages ECL at December 31, 2019 Derecognition Increase / (Reversal) ECL at December 31, 2020 Financial assets at fair value through other comprehensive income Securities — — 8,855 8,855 Financial assets amortized cost Securities — — 1,087 1,087 Securities purchased under agreements to resell — — 370 370 Loans and credit card operations 2 — 7,099 7,101 Total on-balance exposures 2 — 17,411 17,413 Total exposures 2 — 17,411 17,413 The table below presents the ECLs for the financial assets measured according to simplified approach approach in the period ended December 31, 2020 and December 31, 2019: Expected Credit Losses 2020 2019 Financial assets amortized cost Securities trading and intermediation 55,485 18,630 Accounts Receivable 6,418 4,501 Other financial assets 3,312 3,497 Total 65,215 26,628 c) Expected credit losses segregated by products It is presented below the expected credit losses for 2020 and 2019, segregated by the products: Expected Credit Losses 2020 2019 Financial assets at fair value through other comprehensive income 8,855 — Securities 8,855 — Financial assets amortized cost 73,956 27,247 Securities 1,087 — Securities purchased under agreements to resell 370 — Loans and credit card operations 7,101 2 Securities trading and intermediation 55,485 18,630 Accounts Receivable 6,418 4,501 Other financial assets 3,495 4,114 Total losses for exposures 82,811 27,247

Investments in associates and_2

Investments in associates and joint ventures (Tables)	12 Months Ended
	Dec. 31, 2020
Disclosure of associates [abstract]
Investments in associates and joint ventures	The entities listed below have share capital consisting solely of ordinary shares, which are held directly by the Group. The country of incorporation or registration is also their principal place of business, and the proportion of ownership interest is the same as the proportion of voting rights held. Name of entity % of ownership interest Nature of relationship Measurement method Equity Carrying amount Du Agro Holdings S.A. 49 % Joint Venture (1) Equity method 3,213 1,574 Wealth High Governance Holding de Participações S.A. 49.9 % Associate (2) Equity method 149,520 74,610 O Primo Rico Mídia, Educacional e Participações Ltda. 20 % Associate (3) Equity method 10,330 2,066 Total equity-accounted investments 163.063 78.250 (1) On June 23, 2020, the Company acquired a 49% interest in DuAgro Holdings S.A. (“DuAgro”), a joint venture involved in the agribusiness. DuAgro is an integrated platform that utilizes technology to finance the purchase of agricultural inputs. The focus is on small- and medium-sized producers. (2) On September 8, 2020, the Company entered into an agreement to hold a 49.9% minority stake of the total share capital of Wealth High Governance Holding de Participações S.A. (“WHG”) formely denominated VPL Gestão Patrimonial e Participações S.A. With this transaction XP Inc. is complementing the existing offering to ultra-high-net-worth individual in the Wealth Management segment. (3) O Primo Rico is a company focused on digital content services, including developing and selling financial education courses and online events. Entity December 31, 2019 Acquisition/Equity Equity in earnings Other comprehensive income Goodwill (i) December 31, 2020 Du Agro Holdings S.A. — 2,335 (777) 17 408 1,983 Wealth High Governance Holding de Participações S.A. (ii) — 74,851 (240) — 621,248 695,859 O Primo Rico — 242 1,879 (56) — 2,065 Total — 77,428 862 (39) 621,656 699,907 (i) Related to the acquisitions of associates and joint ventures. As of December 31, 2020 the goodwill recognized is includes the value of expected synergies arising from the investments. (ii) The Goodwill included an element of contingent consideration. The fair value of the contingent consideration is in Note 23.

Property, equipment, intangib_2

Property, equipment, intangible assets and leases (Tables)	12 Months Ended
	Dec. 31, 2020
Disclosure of detailed information about property, plant and equipment [abstract]
Summary of property and equipment	(a) Property and equipment Data processing system Furniture and equipment Security systems Facilities Fixed assets in progress (ii) Total Balance as of January 1, 2018 13,743 13,261 4,907 15,162 — 47,073 Additions 22,319 10,448 376 9,930 40,076 83,149 Write-offs (40) (924) (30) (5,078) (553) (6,625) Transfers 31 2,109 192 37,191 (39,523) — Depreciation in the year (7,282) (3,253) (2,892) (11,043) — (24,470) Balance as of December 31, 2018 28,771 21,641 2,553 46,162 — 99,127 Cost 48,023 29,613 6,388 47,843 — 131,867 Accumulated depreciation (19,252) (7,972) (3,835) (1,681) — (32,740) Balance as of January 1, 2019 28,771 21,641 2,553 46,162 — 99,127 Additions 15,039 9,942 664 22,315 24,539 72,499 Write-offs (304) (2,047) — (6,112) — (8,463) Transfers — 2,409 — 22,130 (24,539) — Depreciation in the year (9,059) (4,189) (1,673) (5,778) — (20,699) Balance as of December 31, 2019 34,447 27,756 1,544 78,717 — 142,464 Cost 62,235 38,086 7,716 84,726 — 192,763 Accumulated depreciation (27,788) (10,330) (6,172) (6,009) — (50,299) Balance as of January 1, 2020 34,447 27,756 1,544 78,717 — 142,464 Additions 15,457 5,539 1,239 2,650 120,279 145,164 Write-offs (i) (2,432) (6,191) (535) (41,376) (963) (51,497) Transfers (2,411) 516 (820) 14,279 (17,706) (6,142) Depreciation in the year (11,179) (5,004) (425) (9,349) — (25,957) Balance as of December 31, 2020 33,882 22,616 1,003 44,921 101,610 204,032 Cost 53,871 32,592 2,158 54,890 101,610 245,121 Accumulated depreciation (19,989) (9,976) (1,155) (9,969) — (41,089) (i) As previously mentioned on Note 1.3, as a result of the COVID-19 pandemic, the Group decided to implement a permanent remote work model, which has resulted in the write-off of the corresponding properties and equipments of these offices. (ii) In 2020 are mainly related to the costs incurred so far in the development and construction of the new XP Inc’s headquarter - “Bioma XP”, located out of the city of São Paulo.
Summary of intangible assets	(b) Intangible assets Software Goodwill Costumer list Trademarks Other intangible Assets Total Balance as of January 1, 2018 25,700 372,701 49,970 20,238 14,598 483,207 Additions 27,828 9,799 — 1,009 24,680 63,316 Write-offs (15) — — — (13,275) (13,290) Amortization in the year (14,742) — (8,426) (2,024) (3,126) (28,318) Balance as of December 31, 2018 38,771 382,500 41,544 19,223 22,877 504,915 Cost 56,127 382,500 72,072 22,239 31,308 564,246 Accumulated amortization (17,356) — (30,528) (3,016) (8,431) (59,331) Balance as of January 1, 2019 38,771 382,500 41,544 19,223 22,877 504,915 Additions 51,348 — 27,000 — 10,601 88,949 Write-offs (2,283) — — (33) (466) (2,782) Amortization in the year (21,526) — (7,945) (2,702) (5,457) (37,630) Balance as of December 31, 2019 66,310 382,500 60,599 16,488 27,555 553,452 Cost 104,270 382,500 105,977 22,239 39,823 654,809 Accumulated amortization (37,960) — (45,378) (5,751) (12,268) (101,357) Balance as of January 1, 2020 66,310 382,500 60,599 16,488 27,555 553,452 Additions 117,129 — 1,188 — 28,051 146,368 Business combination (Note 5(ii)) 8,143 91,866 2,181 3,314 — 105,504 Write-offs (22,064) — — — — (22,064) Transfers 2,857 — — — 3,285 6,142 Amortization in the year (57,222) — (5,683) (9,054) (3,881) (75,840) Balance as of December 31, 2020 115,153 474,366 58,285 10,748 55,010 713,562 Cost 219,029 474,366 76,050 52,616 55,010 877,071 Accumulated amortization (103,876) — (17,765) (41,868) — (163,508)
Summary of right-of-use assets and lease liabilities	d) Leases Set out below, are the carrying amounts of the Group’s right-of-use assets and lease liabilities and the movements during the period: Right-of-use assets Lease liabilities As of January 1, 2019 133,870 148,494 Additions (i) 123,529 124,283 Depreciation expense (32,831) — Interest expense — 17,613 Effects of exchange rate 2,910 2,995 Payment of lease liabilities — (37,979) As of December 31, 2019 227,478 255,406 Current — 52,771 Non-current 227,478 202,635 As of January 1, 2020 227,478 255,406 Additions (i) 62,003 55,820 Depreciation expense (41,465) — Write-offs (78,321) (78,321) Interest expense — 19,456 Revaluation (9,115) (10,050) Impairment 422 — Effects of exchange rate 22,132 23,610 Payment of lease liabilities — (57,473) As of December 31, 2020 183,134 208,448 Current — 34,019 Non-current 183,134 174,429 (i) Additions to right-of-use assets in the period include prepayments to lessors and accrued liabilities.

Deposits (Tables)

Deposits (Tables)	12 Months Ended
	Dec. 31, 2020
Subclassifications of assets, liabilities and equities [abstract]
Deposits	2020 2019 Demands deposits (i) 44,536 70,190 Time deposits 2,977,214 4 Total 3,021,750 70,194 Current 2,524,651 70,194 Non-Current 497,099 — (i) Mainly related to contributions to be invested from clients of XP Vida e Previdência S.A. Maturity 2020 Class Within 30 days From 31 to 60 days From 61 to 90 days From 91 to 180 days From 181 to 360 days After 360 days Total Demand deposits 44,536 — — — — — 44,536 Time deposits 67,501 1,185 57,781 191,886 2,161,762 497,099 2,977,214 Total 112,037 1,185 57,781 191,886 2,161,762 497,099 3,021,750 Maturity 2019 Class Within 30 days From 31 to 60 days From 61 to 90 days From 91 to 180 days From 180 to 366 days After 360 days Total Demand deposits 70,190 — — — — — 70,190 Time deposits 4 — — — — — 4 Total 70,194 — — — — — 70,194

Structured operations certifi_2

Structured operations certificates (Tables)	12 Months Ended
	Dec. 31, 2020
Subclassifications of assets, liabilities and equities [abstract]
Structured operations certificates	2020 2019 Maturity From 91 to 180 days 945 — From 180 to 360 days 1,489 — After 360 days 2,176,025 19,474 Total 2,178,459 19,474 Current 2,434 — Non-Current 2,176,025 19,474

Securities sold under repurch_2

Securities sold under repurchase agreements (Tables)	12 Months Ended
	Dec. 31, 2020
Disclosure of offsetting of financial liabilities [abstract]
Summary of securities sold under repurchase agreements	2020 2019 National Treasury Bills (LTNs) 18,318,498 5,653,994 National Treasury Notes (NTNs) 13,497,944 8,533,113 Financial Treasury Bills (LFTs) — 1,451,300 Debentures 22,902 — Total 31,839,344 15,638,407

Borrowings and lease liabilit_2

Borrowings and lease liabilities (Tables)	12 Months Ended
	Dec. 31, 2020
Disclosure of detailed information about borrowings [abstract]
Summary of borrowings and lease liabilities	Interest rate % Maturity 2020 2019 Bank borrowings – domestic (i) 113% of CDI(*) March 2021 10,523 52,668 Related parties 10,523 52,668 Financial institution (ii) CDI (*)+ 0.774% April 2023 273,564 329,410 Third parties 273,564 329,410 Total borrowings 284,087 382,078 Lease liabilities 208,448 255,406 Total borrowings and lease liabilities 492,535 637,484 Current 51,656 116,450 Non-current 440,879 521,034 (*) Brazilian Interbank Offering Rate (CDI) (i) Loan agreement with Itaú Unibanco with maturity on March 8, 2021, payable in 36 monthly installments. (ii) Loan agreement entered into on March 28, 2018 with the International Finance Corporation (IFC). The principal amount is due on the maturity date and accrued interests payable at every six months.

Debentures (Tables)

Debentures (Tables)	12 Months Ended
	Dec. 31, 2020
Disclosure of detailed information about borrowings [abstract]
Summary of detailed information about debentures issued	As of December 31, 2020, the total balance is comprised of the following issuances: Issuance Quantity Issued (units) Annual rate Issuance Maturity date Unit value at issuance Unit value at period-end Book value 1st 400,000 108.0% CDI 9/28/2018 9/28/2020 R$ 1,000.00 — — 2nd 400,000 107.5% CDI 5/15/2019 5/15/2022 R$ 1,000.00 R$1,002.57 335,250 Total 800,000 335,250
Summary of detailed information on debentures outstanding	2020 2019 Principal 400,000 800,000 Interest 25,091 47,127 Payments (25,124) (11,897) Repurchase (a) (64,717) — Total 335,250 835,230 Current 204,731 435,230 Non-current 130,519 400,000 (a) As of September 30, 2020 the Group repurchased 65,611 units of the second series of non-convertible debentures.

Securities trading and interm_2

Securities trading and intermediation (Tables)	12 Months Ended
	Dec. 31, 2020
Summary of Securities, Trading and Intermediation Assets and Liabilities [Abstract]
Summary of Securities Trading and Intermediation Assets and Liabilities	Represented by operations at B3 on behalf of and on account of third parties, with liquidation operating cycle between D+1 and D+3. 2020 2019 Cash and settlement records 18,128 13,823 Debtors pending settlement 847,620 499,325 Other 241,303 10,465 (-) Expected losses on Securities trading and intermediation (a) (55,485) (18,630) Total Assets 1,051,566 504,983 Cash and settlement records 59,712 474,759 Creditors pending settlement 20,243,409 8,639,787 Total Liabilities 20,303,121 9,114,546 (a) The reconciliation of gross carrying amount and the expected loss segregate by stage according with IFRS 9 were demonstrated in Note 14.

Other financial liabilities (Ta

Other financial liabilities (Tables)	12 Months Ended
	Dec. 31, 2020
Subclassifications of assets, liabilities and equities [abstract]
Summary of other financial liabilities	2020 2019 Structured financing (i) 874,771 — Contingent consideration (ii) 462,000 — Foreign exchange portfolio 70,208 8,962 Credit cards operations (iii) 50,727 — Financial bills (iii) 16,389 — Others 40,079 — Total 1,514,174 8,962 Current 1,035,785 8,962 Non-current 478,389 8,962 (i) Financing for maintenance of financial assets required to perform financial transactions. (ii) Contractual contingent considerations mostly associated to the investment acquisition of WHG, as described in Note 15. The contingent consideration arrangement requires that the Company pay the selling shareholders an amount principally associated to the performance (net income without dividends). The maturity of the total contingent consideration payment is up to 6 years and the contractual maximum amount payable is R$653,222 (the minimum amount is zero). (iii) Related to operations of Banco XP S.A.

Social and statutory obligati_2

Social and statutory obligations (Tables)	12 Months Ended
	Dec. 31, 2020
Subclassifications of assets, liabilities and equities [abstract]
Schedule of Social and Statutory Obligations	2020 2019 Obligations to non-controlling interest 82,524 35,666 Employee profit-sharing (a) 483,378 395,568 Salaries and other benefits payable 101,546 61,489 Total 667,448 492,723 (a) The Group has a bonus scheme for its employees based on profit sharing program as agreed under collective bargaining with the sindicate, which does not extend to the Executive Board. The bonus is calculated at each half of the year and payments made in the February and August.

Tax and social security oblig_2

Tax and social security obligations (Tables)	12 Months Ended
	Dec. 31, 2020
Tax and Social Security Obligations [Abstract]
Summary of Tax and Social Security Obligations	2020 2019 Income Tax (IRPJ and CSLL) 261,490 264,258 Contributions over revenue (PIS and COFINS) 46,136 34,247 Taxes on services (ISS) 23,729 18,141 Contributions for Social Security (INSS) 65,540 7,712 Others 38,954 20,973 Total 435,849 345,331 Current 435,849 345,331 Non-current — —

Private pension liabilities (Ta

Private pension liabilities (Tables)	12 Months Ended
	Dec. 31, 2020
Disclosure of defined benefit plans [abstract]
Summary of net defined benefit liability (asset)	Changes in the period 2020 2019 As of January 1 3,759,090 16,059 Contributions received 1,678,532 609,639 Transfer with third party plans 7,657,636 3,047,492 Withdraws (304,194) (20,153) Interest from assets within FIEs 596,849 106,053 As of December 31 13,387,913 3,759,090

Income tax (Tables)

Income tax (Tables)	12 Months Ended
	Dec. 31, 2020
Major components of tax expense (income) [abstract]
Summary of temporary difference, unused tax losses and unused tax credits	Deferred tax assets (DTA) and deferred tax liabilities (DTL) are comprised of the main following components: Balance Sheet Net change in the year 2020 2019 2020 2019 2018 Tax losses carryforwards 7,382 17,146 (9,764) (38,212) 37,774 Goodwill on business combinations (i) 22,838 22,303 535 (37,690) (56,789) Provisions for IFAs’ commissions 94,544 68,041 26,503 37,010 4,744 Revaluations of financial assets at fair value (16,780) 25,259 (42,039) 23,862 (2,427) Expected credit losses 19,444 5,666 13,778 2,587 (2,345) Financial instruments taxed on redemption (9) — (9) 13,041 (6,230) Profit sharing plan 164,808 141,136 23,672 141,136 — Net gain on hedge instruments 20,987 (36,384) 57,371 (34,943) (51,423) Share-base compensation 115,976 2,950 113,025 2,950 Other provisions 67,504 33,284 34,220 29,260 (2,572) Total 496,694 279,401 217,292 139,001 (79,268) Deferred tax assets 505,046 284,533 Deferred tax liabilities (8,352) (5,132) (i) For tax purposes, goodwill is amortized over 5 years on a straight-line basis when the entity acquired is sold or merged into another entity.
Summary of reconciliation of changes in deferred tax liability asset	The changes in the net deferred tax were recognized as follows: 2020 2019 2018 At January 1 279,401 140,400 219,668 Foreign exchange variations 6,373 (3,461) (9,259) Charges to statement of income 196,498 139,411 (76,455) Tax relating to components of other comprehensive income 14,423 3,051 6,446 At December 31 496,694 279,401 140,400
Summary of income tax calculation	The following is a reconciliation of income tax expense to profit (loss) for the year, calculated by applying the combined Brazilian statutory rates at 34% for the year ended December 31: 2020 2019 2018 Income before taxes 2,421,413 1,544,109 640,728 Combined tax rate in Brazil (a) 34.00 % 34.00 % 34.00 % Tax expense at the combined rate 823,280 524,997 217,848 Income from entities not subject to deferred taxation (12,470) (9,551) (3,647) Effects from entities taxed at different rates 35,377 25,948 16,444 Effects from entities taxed at different taxation regimes (b) (443,579) (24,089) (18,183) Intercompany transactions with different taxation regimes (74,289) (50,138) (38,255) Tax incentives (14,354) (9,772) (1,408) Non-deductible expenses (non-taxable income) 49,640 33,854 (689) Others (23,680) (36,624) 3,288 Total 339,924 454,625 175,398 Effective tax rate 14.04 % 29.44 % 27.20 % Current 536,422 594,037 98,943 Deferred (196,498) (139,412) 76,455 Total expense 339,924 454,625 175,398 (a) Considering that XP Inc. is domiciled in Cayman and there is no income tax in that jurisdiction, the combined tax rate of 34% demonstrated above is the current rate applied to XP Investimentos S.A. which is the holding company of all operating entities of XP Inc. in Brazil. (b) Certain eligible subsidiaries adopted the PPM tax regime and the effect of the presumed profit of subsidiaries represents the difference between the taxation based on this method and the amount that would be due based on the statutory rate applied to the taxable profit of the subsidiaries. Additionally, some entities and investment funds adopt different taxation regimes according to the applicable rules in their jurisdictions.
Summary of analysis of other comprehensive income by item	The tax (charge)/credit relating to components of other comprehensive income is as follows: Before tax (Charge) / Credit After tax Foreign exchange variation of investees located abroad 18,645 — 18,645 Gains (losses) on net investment hedge (26,508) 9,013 (17,495) Changes in the fair value of financial assets at fair value 6,727 (2,567) 4,160 As of December 31, 2018 (1,136) 6,446 5,310 Foreign exchange variation of investees located abroad 6,823 — 6,823 Gains (losses) on net investment hedge (10,543) 3,410 (7,133) Changes in the fair value of financial assets at fair value 1,057 (359) 698 As of December 31, 2019 (2,663) 3,051 388 Foreign exchange variation of investees located abroad 57,439 — 57,439 Gains (losses) on net investment hedge (91,762) 31,199 (60,563) Changes in the fair value of financial assets at fair value 40,979 (16,776) 24,203 As of December 31, 2020 6,656 14,423 21,079

Equity (Tables)

Equity (Tables)	12 Months Ended
	Dec. 31, 2020
Disclosure of classes of share capital [abstract]
Summary of issuances and conversations of shares	Below is a summary of the issuances and conversions of shares during 2020, 2019 and 2018, after giving effect to the share split mentioned before: Class A Class B Total Shares As of Januray 1, 2018 276,000,013 208,918,504 484,918,517 Issued for cash — 24,328,617 24,328,617 Transfer of classes (20,867,198) 20,867,198 — As of December 31, 2018 255,132,815 254,114,319 509,247,134 Corporate reorganization 30,807,911 (30,807,911) — Transfer of classes 25,687,428 (25,687,428) — Initial public offering 42,553,192 — 42,553,192 As of December 31, 2019 354,181,346 197,618,980 551,800,326 Transfer of classes 16,325,000 (16,325,000) — Follow on offering 7,258,639 — 7,258,639 As of December 31, 2020 377,764,985 181,293,980 559,058,965
Summary of dividend distribution	The proposal and payment of dividends recorded in the Company's financial statements, subject to the approval of the shareholders in General Meetings, is detailed below: 2019 2018 Net income 1,089,484 465,330 Total dividends 500,000 200,000 At January 1 — 125,000 Amount recognized in the year 500,000 200,000 Dividends paid in the year (500,000) (325,000) At December 31 — —

Related party transactions (Tab

Related party transactions (Tables)	12 Months Ended
	Dec. 31, 2020
Disclosure of transactions between related parties [abstract]
Summary of key management personnel compensation expense	Key management includes executive statutory directors, members of the Board of Directors and Executive Boards. The compensation paid or payable to key management for their services is shown below: 2020 2019 2018 Fixed compensation 6,335 4,821 3,329 Variable compensation 55,909 22,060 30,316 Total 62,244 26,881 33,645
Summary of transactions between related parties explanatory	The main transactions carried with related parties for year-end balances arising from such transactions are as follows: Assets/(Liabilities) Revenue/(Expenses) Relation and transaction 2020 2019 2020 2019 2018 Shareholders with significant influence (i) (5,667,588) (732,420) (53,881) (49,779) (40,585) Securities 112,127 123,813 9,629 10,381 147,258 Securities purchased under agreements to resell — 196,009 — 1,550 — Accounts receivable 11,238 594 505 1,025 — Securities sold under repurchase agreements (5,780,430) (1,000,168) (62,951) (58,078) (3,586) Borrowings (10,523) (52,668) (1,064) (4,657) (184,257) (i) These transactions are mainly related to Itaú Unibanco who became shareholder of the Company in 2018 and since then a related party.

Provisions and contingent lia_2

Provisions and contingent liabilities (Tables)	12 Months Ended
	Dec. 31, 2020
Disclosure of other provisions [abstract]
Summary of other provisions	2020 2019 Tax contingencies 10,097 9,878 Civil contingencies 4,281 2,673 Labor contingencies 5,333 2,642 Total provision 19,711 15,193 Judicial deposits (i) 10,199 18,403 (i) There are circumstances in which the Group is questioning the legitimacy of certain litigations or claims filed against it. As a result, either because of a judicial order or based on the strategy adopted by management, the Group might be required to secure part or the whole amount in question by means of judicial deposits, without this being characterized as the settlement of the liability. These amounts are classified as “Other assets” on the consolidated balance sheets and referred above for information.
Summary of changes in other provisions	Changes in the provision during the year 2020 2019 2018 Balance at January 1 15,193 17,474 11,843 Monetary correction 4,102 2,492 1,667 Provision 3,499 2,338 9,105 Reversed (1,454) (3,939) (1,208) Payments (1,629) (3,172) (3,933) Balance at December 31 19,711 15,193 17,474
Summary of contingent liabilities	Below is summarized these claims by nature: 2020 2019 Tax (i) 71,027 69,386 Civil (ii) 136,228 81,414 Labor 10,171 3,151 Total 217,426 153,951 (i) In December 2019, the Group was notified by tax authorities for a requirement of social security contributions due to employee profit sharing payments related to the calendar year 2015, allegedly in violation of Brazilian Law 10,101/00. Currently, the first appeal was denied by the first administrative level of the Revenue Service Office. The Group will provide the ordinary appeal to Administrative Council of Tax Appeals (“CARF”). There are other favorable CARF precedents on the subject and the Group obtained legal opinions that support the Group’s defense and current practice. (ii) The Group is defendant in 586 civil and administrative claims by customers and investment agents, mainly related to portfolio management, risk rating, copyrights and contract termination. The total amount represents the collective maximum value to which the Group is exposed based on the claims’ amounts monetarily restated.

Total revenue and income (Table

Total revenue and income (Tables)	12 Months Ended
	Dec. 31, 2020
Analysis of income and expense [abstract]
Disaggregation of revenue by major service lines	a) Net revenue from services rendered Revenue from contracts with customers derives mostly from services rendered and fees charged at daily transactions from customers, therefore mostly recognized at a point in time. Disaggregation of revenue by major service lines are as follows: 2020 2019 2018 Major service lines Brokerage commission 2,139,985 1,288,135 861,068 Securities placement 1,429,824 1,154,786 631,949 Management fees 1,224,125 1,035,224 527,644 Insurance brokerage fee 112,802 106,438 56,713 Educational services 118,272 97,986 42,653 Other services 477,584 275,467 160,409 5,502,592 3,958,036 2,280,436 (-) Sales taxes and contributions on revenue (i) (486,104) (362,264) (225,887) 5,016,488 3,595,772 2,054,549 (i) Mostly related to taxes on services (ISS) and contributions on revenue (PIS and COFINS).
Summary of net income from financial instruments	b) Net income from financial instruments 2020 2019 2018 Net Income of financial instruments at fair value through profit or loss 3,020,698 1,360,207 821,617 Net Income of financial instruments measured at amortized cost and at fair value through other comprehensive income 188,196 199,947 114,442 (-) Taxes and contributions on financial income (73,777) (28,118) (32,155) 3,135,117 1,532,036 903,904
Summary of disaggregation by geographic location	c) Disaggregation by geographic location 2020 2019 2018 Brazil 7,454,304 4,790,236 2,716,459 United States 655,817 307,456 204,207 Europe 41,484 30,116 37,787 Total Revenue and Income 8,151,605 5,127,808 2,958,453 2020 2019 Brazil 3,244,421 1,208,737 United States 129,956 224,244 Europe 4,123 16,476 Selected assets (i) 3,378,500 1,449,457 (i) Selected assets are Total assets of the Company, less: financial assets and deferred tax assets and are presented by geographic location.

Operating costs (Tables)

Operating costs (Tables)	12 Months Ended
	Dec. 31, 2020
Analysis of income and expense [abstract]
Summary of Operating Costs	2020 2019 2018 Commission and incentive costs 2,087,197 1,269,309 750,103 Operating losses 31,295 13,922 1,769 Other costs 526,867 313,419 181,154 Clearing house fees 344,278 201,083 96,896 Third parties’ services 92,997 76,669 53,124 Other 89,592 35,667 31,134 Total 2,645,359 1,596,650 933,026

Operating expenses by nature (T

Operating expenses by nature (Tables)	12 Months Ended
	Dec. 31, 2020
Analysis of income and expense [abstract]
Summary of operating expenses by nature	2020 2019 2018 Selling expenses 134,915 155,115 96,075 Advertising and publicity 134,915 155,115 96,075 Administrative expenses 3,013,598 1,891,481 1,176,805 Personnel expenses 2,138,470 1,261,887 712,060 Compensation 846,742 408,394 221,746 Employee profit-sharing and bonus 807,640 645,992 356,938 Executives profit-sharing 194,419 67,547 50,656 Benefits 75,302 47,457 35,922 Social charges 208,151 88,960 45,115 Other 6,216 3,537 1,683 Other taxes expenses 44,029 39,691 43,945 Depreciation of property and equipment and right-of-use assets 67,422 53,530 26,278 Amortization of intangible assets 75,839 37,630 26,510 Other administrative expenses 687,838 498,743 368,012 Data processing 322,659 178,860 130,678 Technical services 101,389 85,782 76,476 Third parties' services 168,019 145,730 63,333 Rent expenses 17,955 10,575 41,950 Communication 29,311 17,495 11,457 Travel 9,923 21,676 13,804 Legal and judicial 6,976 3,406 9,023 Other 31,606 35,219 21,291 Total 3,148,513 2,046,596 1,272,880

Other operating income, net (Ta

Other operating income, net (Tables)	12 Months Ended
	Dec. 31, 2020
Analysis of income and expense [abstract]
Summary of other operating income, net	2020 2019 2018 Other operating income 377,480 208,245 20,682 Revenue from incentives from Tesouro Direto, B3 and others 352,879 101,615 9,931 Interest received on tax 5,521 31,782 — Recovery of charges and expenses 1,798 53,453 6,873 Reversal of operating provisions 1,366 9,767 2,641 Other 15,916 11,628 1,237 Other operating expenses (206,427) (54,888) (51,971) Legal, administrative proceedings and agreement with customers (45,277) (9,499) (16,385) Losses on write-off and disposal of assets (52,102) (10,265) (11,064) Tax incentive expenses (8,136) (7,060) (2,015) Fines and penalties (16,995) (1,191) (7,446) Associations and regulatory fees (13,524) (4,216) (3,059) Charity (41,654) (6,751) (5,938) Other (28,739) (15,906) (6,064) Total 171,053 153,357 (31,289)

Share-based plan (Tables)

Share-based plan (Tables)	12 Months Ended
	Dec. 31, 2020
Disclosure of terms and conditions of share-based payment arrangement [abstract]
Summary of RSU and PSU activity	Set out below are summaries of XP Inc's RSU and PSU activity for 2020. RSUs PSUs Total (In thousands, except weighted-average data, and where otherwise stated) Number of units Number of units Number of units Outstanding, January 1 1,921,669 2,190,377 4,112,046 Granted 9,730,422 629,535 10,359,957 July 1, 2020 139,660 - 139,660 September 1, 2020 1,783,200 - 1,783,200 October 1, 2020 7,807,562 629,535 8,437,097 Forfeited (572,355) - (572,355) January 1, 2020 (94,496) - (94,496) September 1, 2020 (337,840) - (337,840) October 1, 2020 (140,019) - (140,019) Outstanding, December 31 11,079,736 2,819,912 13,899,648

Earnings per share (basic and_2

Earnings per share (basic and diluted) (Tables)	12 Months Ended
	Dec. 31, 2020
Basic and diluted earnings per share [abstract]
Summary of earnings per share	The following table presents the calculation of net income applicable to the owners of the parent and basic and diluted EPS for the years ended December 31, 2020, 2019 and 2018. 2020 2019 2018 Net Income attributable to owners of the Parent 2,076,430 1,080,484 461,440 Basic weighted average number of outstanding shares (i) (iii) 552,291 511,462 493,117 Basic earnings per share - R$ 3.7597 2.1125 0.9358 Effect of dilution Shared-based plan (ii) (iii) 6,817 248 — Diluted weighted average numer of outstanding shares (iii) 559,108 511,710 493,117 Diluted earnings per share - R$ 3.7138 2.1115 0.9358 (i) See on note 28, the number of XP Inc.’s outstanding common shares during the year. (ii) See on note 35, the number of shares granted and forfeited during the year regarding XP Inc.’s Share-based plan. (iii) Thousands of shares.

Determination of fair value (Ta

Determination of fair value (Tables)	12 Months Ended
	Dec. 31, 2020
Subclassifications of assets, liabilities and equities [abstract]
Summary of fair value measurement of assets and liabilities	Below are the Group financial assets and liabilities by level within the fair value hierarchy. The Group assessment of the significance of a particular input to the fair value measurement requires judgment and may affect the valuation of fair value assets and liabilities and their placement within the fair value hierarchy levels: 2020 Level 1 Level 2 Level 3 Fair Value Book Value Financial Assets Financial assets at Fair value through profit or loss Securities 35,549,047 14,040,966 — 49,590,013 49,590,013 Derivative financial instruments 26,535 7,532,898 — 7,559,433 7,559,433 Fair value through other comprehensive income Securities 19,039,044 — — 19,039,044 19,039,044 Evaluated at amortized cost Securities 1,830,031 — — 1,830,031 1,828,704 Securities purchased under agreements to resell — 6,627,044 — 6,627,044 6,627,409 Securities trading and intermediation — 1,051,566 — 1,051,566 1,051,566 Accounts receivable — 506,359 — 506,359 506,359 Loan operations — 4,037,954 — 4,037,954 3,918,328 Other financial assets — 69,971 — 69,971 69,971 Financial liabilities Fair value through profit or loss Securities loaned 2,237,442 — — 2,237,442 2,237,442 Derivative financial instruments 13,221 7,806,143 — 7,819,364 7,819,364 Evaluated at amortized cost Securities sold under repurchase agreements — 31,810,893 — 31,810,893 31,839,344 Securities trading and intermediation — 20,303,121 — 20,303,121 20,303,121 Deposits — 2,636,085 — 2,636,085 3,021,750 Structured operations certificates — 2,178,459 — 2,178,459 2,178,459 Borrowings and lease liabilities — 492,441 — 492,441 492,535 Debentures — 331,520 — 331,520 335,250 Accounts payables — 859,550 — 859,550 859,550 Other financial liabilities — 1,052,174 462,000 1,514,174 1,514,174 2019 Level 1 Level 2 Fair Value Book Value Financial Assets Financial assets at Fair value through profit or loss Securities 20,277,031 2,166,361 22,443,392 22,443,392 Derivative financial instruments 21,809 4,063,195 4,085,004 4,085,004 Fair value through other comprehensive income Securities 2,616,118 — 2,616,118 2,616,118 Evaluated at amortized cost Securities — 3,914,923 3,914,923 2,266,971 Securities purchased under agreements to resell — 9,490,090 9,490,090 9,490,090 Securities trading and intermediation — 504,983 504,983 504,983 Accounts receivable — 462,029 462,029 462,029 Loans operations — 386 386 386 Other financial assets — 19,805 19,805 19,805 Financial liabilities Fair value through profit or loss Securities loaned 2,021,707 — 2,021,707 2,021,707 Derivative financial instruments — 3,229,236 3,229,236 3,229,236 Evaluated at amortized cost Securities sold under repurchase agreements — 15,638,407 15,638,407 15,638,407 Securities trading and intermediation — 9,114,546 9,114,546 9,114,546 Deposits — 70,165 70,165 70,195 Structure operations certificates — 19,474 19,474 19,474 Borrowings and lease liabilities — 633,781 633,781 637,484 Debentures — 836,001 836,001 835,230 Accounts payables — 266,813 266,813 266,813 Other financial liabilities — 8,962 8,962 8,962

Management of financial risks_2

Management of financial risks and financial instruments (Tables)	12 Months Ended
	Dec. 31, 2020
Subclassifications of assets, liabilities and equities [abstract]
Summary of financial assets representing the maximum exposure to credit risk	The carrying amount of the financial assets representing the maximum exposure to credit risk is shown in the table below: 2020 2019 Financial assets Securities purchased under agreements to resell 6,627,409 9,490,090 Securities 70,457,761 27,326,481 Public securities 51,944,301 20,381,125 Private securities 18,513,460 6,945,356 Derivative financial instruments 7,559,433 4,085,004 Securities trading and intermediation 1,051,566 504,983 Accounts receivable 506,359 462,029 Loan operations 3,918,328 386 Other financial assets 69,971 19,805 Off-balance exposures (credit card limits) 35,810 — Total 90,226,637 41,888,778
Summary of financial liabilities into groupings based on their contractual maturities	The tables below summarizes the Group’s financial liabilities into groupings based on their contractual maturities: 2020 Liabilities Up to 1 month From 2 to 3 months From 3 to 12 months From 1 to 5 years Above 5 years Contractual cash flow Securities loaned 2,237,442 — — — — 2,237,442 Derivative financial instruments 1,572,140 814,220 2,643,065 2,205,410 584,529 7,819,364 Securities sold under repurchase agreements 31,839,344 — — — — 31,839,344 Securities trading and intermediation 20,303,121 — — — — 20,303,121 Deposits 112,037 58,966 2,353,648 497,099 — 3,021,750 Structured operations certificates — — 2,434 853,118 1,322,907 2,178,459 Borrowings and lease liabilities 6,378 12,710 32,568 375,504 65,375 492,535 Debentures — — — 335,250 — 335,250 Accounts payables 859,550 — — — — 859,550 Other financial liabilities 1,052,174 — — 462,000 — 1,514,174 Total 57,982,186 885,896 5,031,715 4,728,381 1,972,811 70,600,989 2019 Liabilities Up to 1 month From 2 to 3 months From 3 to 12 months From 1 to 5 years Above 5 years Contractual cash flow Securities loaned 2,021,707 — — — — 2,021,707 Derivative financial instruments 1,557,088 211,882 685,566 732,286 42,414 3,229,236 Securities sold under repurchase agreements 15,638,407 — — — — 15,638,407 Securities trading and intermediation 9,114,546 — — — — 9,114,546 Deposits 70,195 — — — — 70,195 Structured operations certificates — — — — 19,474 19,474 Borrowings and lease liabilities 8,239 26,258 81,953 521,034 — 637,484 Debentures — — 435,230 400,000 — 835,230 Accounts payables 266,813 — — — — 266,813 Other financial liabilities 8,962 — — — — 8,962 Total 28,685,957 238,140 1,202,749 1,653,320 61,888 31,842,054
Summary of sensitivity analysis	2020 Trading portfolio Exposures Scenarios Risk factors Risk of variation in: I II III Pre-fixed Pre-fixed interest rate in Reais (191) (9,056) (33,402) Exchange coupons Foreign currencies coupon rate (379) (5,508) (11,184) Foreign currencies Exchange rates (1,997) (169,318) (373,807) Price indexes Inflation coupon rates (311) (14,384) (28,434) Shares Shares prices (4,957) (107,704) (167,737) (7,835) (305,970) (614,564) 2019 Trading portfolio Exposures Scenarios Risk factors Risk of variation in: I II III Pre-fixed Pre-fixed interest rate in Reais (907) (163,057) (445,866) Exchange coupons Foreign currencies coupon rate (67) 570 (854) Foreign currencies Exchange rates (2,102) (1,493) 43,908 Price indexes Inflation coupon rates (63) (782) (301) Shares Shares prices (442) (8,780) (57,390) (3,581) (173,542) (460,503)

Capital management (Tables)

Capital management (Tables)	12 Months Ended
	Dec. 31, 2020
Subclassifications of assets, liabilities and equities [abstract]
Summary of net debt and corresponding gearing ratios	The net debt and corresponding gearing ratios at December 31, 2020 and 2019 were as follows: 2020 2019 Borrowings and lease liabilities 492,535 637,484 Debentures 335,250 835,230 Structured financing (Note 23 (i)) 874,771 — Total debt 1,702,556 1,472,714 Cash (1,954,788) (109,922) Securities purchased under agreements to resell (593,673) (654,057) Certificate deposits (Securities) (111,927) (123,817) Net debt (957,832) 584,918 Total equity 10,894,609 7,153,396 Total capital 9,936,777 7,738,313 Gearing ratio % (9.64)% 7.56%

Cash flow information (Tables)

Cash flow information (Tables)	12 Months Ended
	Dec. 31, 2020
Disclosure of reconciliation of liabilities arising from financing activities [abstract]
Summary of debt reconciliation	(i) Debt reconciliation Borrowings Lease liabilities Debentures Total Total debt as of January 1, 2018 867,024 — — 867,024 Acquisitions / Issuance 325,370 — 400,000 725,370 Payments (689,634) — — (689,634) Net foreign exchange differences (35,091) — — (35,091) Interest accrued 56,125 — 6,538 62,663 Interest paid (54,185) — — (54,185) Total debt as of December 31, 2018 469,609 — 406,538 876,147 Change in accounting policy (Note 3.xxi) — 148,494 — 148,494 Total debt as of January 1, 2019 469,609 148,494 406,538 1,024,641 Acquisitions / Issuance — 124,196 400,000 524,196 Payments (85,353) (37,979) (11,815) (135,147) Net foreign exchange differences — 3,085 — 3,085 Interest accrued 26,250 17,610 40,507 84,367 Interest paid (28,428) — — (28,428) Total debt as of December 31, 2019 382,078 255,406 835,230 1,472,714 Total debt as of January 1, 2020 382,078 255,406 835,230 1,472,714 Acquisitions / Issuance — 55,820 — 55,820 Write-off — (78,321) — (78,321) Payments (95,395) (57,473) (400,000) (552,868) Repurchase — — (64,717) (64,717) Revaluation — (10,050) — (10,050) Net foreign exchange differences — 23,610 — 23,610 Interest accrued 11,892 19,456 21,473 52,821 Interest paid (14,488) — (56,736) (71,224) Total debt as of December 31, 2020 284,087 208,448 335,250 (644,929)

Operations - Additional informa

Operations - Additional information (Details) R$ in Thousands, $ in Thousands	Dec. 07, 2020BRL (R$)shares	Dec. 07, 2020USD ($)shares	Dec. 13, 2019shares	Dec. 31, 2020BRL (R$)shares	Dec. 31, 2020USD ($)shares	Dec. 31, 2019BRL (R$)shares	Jul. 01, 2020shares
Percentage of Ownership held by holding company				55.40%	55.40%
Number of shares issued new shares (in shares)						42,553,192
Proceeds from the issuance of shares | R$				R$ 1412930		R$ 4504826
Transactions costs from proceeds from the issuance of shares | R$				R$ 1649		R$ 22824
Class A Common Share
Number of shares issued (in shares)	31,654,894	31,654,894	72,510,641				22,465,733
Number of shares issued new shares (in shares)	7,130,435	7,130,435	42,553,192			42,553,192
Number of shares issued, existing shares (in shares)	24,524,459	24,524,459	29,957,449
Shares issued to underwriters (in shares)			10,876,596				2,930,313
Aggregate number of shares issued in public offering (in shares)			83,387,237
Shares issued price per share (in USD per share)	39	39		27	27		42.50
Proceeds from the issuance of shares	R$ 1444530	$ 283,087		R$ 4705803	$ 1,148,936
Underwriting discounts and commissions | R$	31,599			200,977
Other offering expenses | R$	7,271			44,726
Equity issuance costs recognized in income statement | R$	5,622			21,902
Transactions costs from proceeds from the issuance of shares | R$	R$ 1649			R$ 22824

Summary of significant accoun_4

Summary of significant accounting policies - Summary of depreciation of property and equipment (Details)	12 Months Ended
	Dec. 31, 2020
Data Processing Systems
Disclosure of detailed information about property, plant and equipment [line items]
Depreciation annual rate	20.00%
Furniture and equipment
Disclosure of detailed information about property, plant and equipment [line items]
Depreciation annual rate	10.00%
Security systems
Disclosure of detailed information about property, plant and equipment [line items]
Depreciation annual rate	10.00%
Facilities
Disclosure of detailed information about property, plant and equipment [line items]
Depreciation annual rate	10.00%

Summary of significant accoun_5

Summary of significant accounting policies - Summary of useful lives of intangible assets (Details)	12 Months Ended
	Dec. 31, 2020
Top of range | Software
Disclosure of detailed information about intangible assets [line items]
Estimate useful life (years)	3 years
Top of range | Internally developed intangible
Disclosure of detailed information about intangible assets [line items]
Estimate useful life (years)	3 years
Top of range | Customer list
Disclosure of detailed information about intangible assets [line items]
Estimate useful life (years)	2 years
Top of range | Trademarks
Disclosure of detailed information about intangible assets [line items]
Estimate useful life (years)	10 years
Bottom of range | Software
Disclosure of detailed information about intangible assets [line items]
Estimate useful life (years)	5 years
Bottom of range | Internally developed intangible
Disclosure of detailed information about intangible assets [line items]
Estimate useful life (years)	7 years
Bottom of range | Customer list
Disclosure of detailed information about intangible assets [line items]
Estimate useful life (years)	8 years
Bottom of range | Trademarks
Disclosure of detailed information about intangible assets [line items]
Estimate useful life (years)	20 years

Group structure - Summary of di

Group structure - Summary of direct and indirect interests of company in its subsidiaries (Details)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
XP Investimentos S.A.
Disclosure of subsidiaries [line items]
Country of incorporation	Brazil
Principal activities	Holding
Percent of group's interest	100.00%	100.00%	0.00%
XP Investimentos Corretora de Câmbio, Títulos e Valores Mobiliários S.A.
Disclosure of subsidiaries [line items]
Country of incorporation	Brazil
Principal activities	Broker-dealer
Percent of group's interest	100.00%	100.00%	100.00%
XP Vida e Previdência S.A. (iv)
Disclosure of subsidiaries [line items]
Country of incorporation	Brazil
Principal activities	Private pension and insurance
Percent of group's interest	100.00%	100.00%	100.00%
Banco XP S.A.
Disclosure of subsidiaries [line items]
Country of incorporation	Brazil
Principal activities	Multipurpose bank
Percent of group's interest	100.00%	100.00%	0.00%
XP Controle 3 Participações S.A.
Disclosure of subsidiaries [line items]
Country of incorporation	Brazil
Principal activities	Financial Holding
Percent of group's interest	100.00%	100.00%	100.00%
XPE Infomoney Educação Assessoria Empresarial e Participações Ltda.
Disclosure of subsidiaries [line items]
Country of incorporation	Brazil
Principal activities	Digital Content services
Percent of group's interest	100.00%	99.99%	99.70%
Tecfinance Informática e Projetos de Sistemas Ltda.
Disclosure of subsidiaries [line items]
Country of incorporation	Brazil
Principal activities	Rendering of IT services
Percent of group's interest	99.76%	99.76%	99.73%
XP Corretora de Seguros Ltda.
Disclosure of subsidiaries [line items]
Country of incorporation	Brazil
Principal activities	Insurance Broker
Percent of group's interest	99.99%	99.99%	99.82%
XP Gestão de Recursos Ltda.
Disclosure of subsidiaries [line items]
Country of incorporation	Brazil
Principal activities	Asset management
Percent of group's interest	94.80%	93.70%	92.80%
XP Finanças Assessoria Financeira Ltda.
Disclosure of subsidiaries [line items]
Country of incorporation	Brazil
Principal activities	Investment consulting service
Percent of group's interest	99.99%	99.99%	99.99%
Infostocks Informações e Sistemas Ltda.
Disclosure of subsidiaries [line items]
Country of incorporation	Brazil
Principal activities	Mediation of information systems
Percent of group's interest	99.99%	99.99%	99.99%
XP Advisory Gestão Recursos Ltda.
Disclosure of subsidiaries [line items]
Country of incorporation	Brazil
Principal activities	Asset management
Percent of group's interest	99.50%	99.57%	99.52%
XP Vista Asset Management Ltda.
Disclosure of subsidiaries [line items]
Country of incorporation	Brazil
Principal activities	Asset management
Percent of group's interest	99.45%	99.42%	99.60%
XP Controle 4 Participações S.A.
Disclosure of subsidiaries [line items]
Country of incorporation	Brazil
Principal activities	Insurance holding
Percent of group's interest	100.00%	100.00%	100.00%
Leadr Serviços Online Ltda.
Disclosure of subsidiaries [line items]
Country of incorporation	Brazil
Principal activities	Social media
Percent of group's interest	99.99%	99.99%	0.00%
Spiti Análise Ltda.
Disclosure of subsidiaries [line items]
Country of incorporation	Brazil
Principal activities	Research
Percent of group's interest	95.00%	99.99%	0.00%
Chamaleon Bravery Unipessoal LDA
Disclosure of subsidiaries [line items]
Country of incorporation	Portugal
Principal activities	Investment Advisor (pending regulatory approval)
Percent of group's interest	100.00%	100.00%	0.00%
XP Investments UK LLP
Disclosure of subsidiaries [line items]
Country of incorporation	UK
Principal activities	Inter-dealer broker and Organized Trading Facility (OTF)
Percent of group's interest	100.00%	100.00%	100.00%
Sartus Capital LTD
Disclosure of subsidiaries [line items]
Country of incorporation	UK
Principal activities	Investment advisor
Percent of group's interest	100.00%	100.00%	100.00%
XP Private (Europe) S.A.
Disclosure of subsidiaries [line items]
Country of incorporation	Switzerland
Principal activities	Investment advisor
Percent of group's interest	100.00%	100.00%	100.00%
XP Holding UK Ltd
Disclosure of subsidiaries [line items]
Country of incorporation	UK
Principal activities	International financial holding
Percent of group's interest	100.00%	100.00%	100.00%
XP Investments US, LLC
Disclosure of subsidiaries [line items]
Country of incorporation	USA
Principal activities	Broker-dealer
Percent of group's interest	100.00%	100.00%	100.00%
Xperience Market Services LLC
Disclosure of subsidiaries [line items]
Country of incorporation	USA
Principal activities	Non-operational
Percent of group's interest	100.00%	100.00%	0.00%
XP Holding International LLC
Disclosure of subsidiaries [line items]
Country of incorporation	USA
Principal activities	International financial holding
Percent of group's interest	100.00%	100.00%	100.00%
XP Advisory US
Disclosure of subsidiaries [line items]
Country of incorporation	USA
Principal activities	Investment advisor
Percent of group's interest	100.00%	100.00%	100.00%
XP PE Gestão de Recursos Ltda.
Disclosure of subsidiaries [line items]
Country of incorporation	Brazil
Principal activities	Asset management
Percent of group's interest	98.70%	0.00%	0.00%
XP LT Gestão de Recursos Ltda.
Disclosure of subsidiaries [line items]
Country of incorporation	Brazil
Principal activities	Asset management
Percent of group's interest	92.00%	0.00%	0.00%
Carteira Online Controle de Investimentos Ltda. - ME
Disclosure of subsidiaries [line items]
Country of incorporation	Brazil
Principal activities	Investment consolidation platform
Percent of group's interest	99.99%	0.00%	0.00%
Antecipa S.A.
Disclosure of subsidiaries [line items]
Country of incorporation	Brazil
Principal activities	Receivables Financing Market
Percent of group's interest	100.00%	0.00%	0.00%
XP Allocation Asset Management Ltda.
Disclosure of subsidiaries [line items]
Country of incorporation	Brazil
Principal activities	Asset management
Percent of group's interest	99.99%	0.00%	0.00%
Track Índices Consultoria Ltda.
Disclosure of subsidiaries [line items]
Country of incorporation	Brazil
Principal activities	Index Provider
Percent of group's interest	100.00%	0.00%	0.00%
XP Eventos Ltda.
Disclosure of subsidiaries [line items]
Country of incorporation	Brazil
Principal activities	Media and Events
Percent of group's interest	99.00%	0.00%	0.00%
DM10 Corretora de Seguros Ltda.
Disclosure of subsidiaries [line items]
Country of incorporation	Brazil
Principal activities	Insurance Broker
Percent of group's interest	100.00%	0.00%	0.00%
Falx Fundo de Investimento Multimercado Crédito Privado Investimento no Exterior
Disclosure of subsidiaries [line items]
Country of incorporation	Brazil
Principal activities	Investment fund
Percent of group's interest	100.00%	100.00%	100.00%
Gladius Fundo de Investimento Multimercado Investimento no Exterior
Disclosure of subsidiaries [line items]
Country of incorporation	Brazil
Principal activities	Investment fund
Percent of group's interest	100.00%	100.00%	100.00%
Scorpio Debentures Incentivadas Fundo de Investimento Multimercado Crédito Privado
Disclosure of subsidiaries [line items]
Country of incorporation	Brazil
Principal activities	Investment fund
Percent of group's interest	100.00%	100.00%	100.00%
Galea Fundo de Investimento Multimercado Crédito Privado Investimento no Exterior
Disclosure of subsidiaries [line items]
Country of incorporation	Brazil
Principal activities	Investment fund
Percent of group's interest	0.00%	100.00%	100.00%
Javelin Fundo de Investimento Multimercado Crédito Privado Investimento no Exterior
Disclosure of subsidiaries [line items]
Country of incorporation	Brazil
Principal activities	Investment fund
Percent of group's interest	100.00%	100.00%	100.00%
Spatha Fundo de Investimento Multimercado Crédito Privado Investimento no Exterior
Disclosure of subsidiaries [line items]
Country of incorporation	Brazil
Principal activities	Investment fund
Percent of group's interest	0.00%	100.00%	100.00%
Frade Fundo de Investimento em Cotas de Fundos de Investimento em Direitos Creditórios NP
Disclosure of subsidiaries [line items]
Country of incorporation	Brazil
Principal activities	Investment fund
Percent of group's interest	100.00%	100.00%	100.00%
Frade III Fundo de Investimento em Cotas de Fundo de Investimento Multimercado Crédito Privado
Disclosure of subsidiaries [line items]
Country of incorporation	Brazil
Principal activities	Investment fund
Percent of group's interest	100.00%	100.00%	0.00%
Balista Debentures Incentivadas Fundo de Investimento Multimercado Crédito Privado
Disclosure of subsidiaries [line items]
Country of incorporation	Brazil
Principal activities	Investment fund
Percent of group's interest	0.00%	100.00%	0.00%
Coliseu Fundo de Investimento Multimercado Crédito Privado Investimento no Exterior
Disclosure of subsidiaries [line items]
Country of incorporation	Brazil
Principal activities	Investment fund
Percent of group's interest	100.00%	100.00%	0.00%
NIMROD Fundo de Investimento Multimercado Crédito Privado Investimento no Exterior
Disclosure of subsidiaries [line items]
Country of incorporation	Brazil
Principal activities	Investment fund
Percent of group's interest	100.00%	100.00%	0.00%
XP High Yield Fund SP
Disclosure of subsidiaries [line items]
Country of incorporation	Cayman
Principal activities	Investment fund
Percent of group's interest	100.00%	100.00%	0.00%
XP International Fund SPC
Disclosure of subsidiaries [line items]
Country of incorporation	Cayman
Principal activities	Investment fund
Percent of group's interest	100.00%	100.00%	0.00%
XP Managers Fundo de Investimento em Participações Multiestratégia
Disclosure of subsidiaries [line items]
Country of incorporation	Brazil
Principal activities	Investment fund
Percent of group's interest	100.00%	100.00%	0.00%

Group structure - Summary of th

Group structure - Summary of the net assets acquired, the goodwill (Details) - BRL (R$) R$ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Liabilities
Contingent consideration recognised as of acquisition date	R$ 462000	R$ 0
Purchase consideration transferred	100,923
Analysis of cash flows on acquisition
Payable in installments	(21,488)
Contingent consideration	(14,183)
Acquisition of subsidiaries, net of cash acquired	62,443	R$ 0	R$ 10413
Total
Assets
Cash	2,809
Other assets	490
Identifiable assets	13,638
Total assets acquired as of acquisition date	16,936
Liabilities
Other liabilities	(7,879)
Total identifiable net assets at fair value	9,057
Goodwill arising on acquisition	77,683
Contingent consideration recognised as of acquisition date	14,183
Purchase consideration transferred	100,923
Analysis of cash flows on acquisition
Net cash acquired with the subsidiary	(2,809)
Payable in installments	(21,488)
Contingent consideration	(14,183)
Acquisition of subsidiaries, net of cash acquired	62,443
Fliper
Assets
Cash	617
Other assets	0
Identifiable assets	2,869
Total assets acquired as of acquisition date	3,486
Liabilities
Other liabilities	(6,159)
Total identifiable net assets at fair value	(2,673)
Goodwill arising on acquisition	39,832
Contingent consideration recognised as of acquisition date	10,100
Purchase consideration transferred	47,259
Analysis of cash flows on acquisition
Net cash acquired with the subsidiary	(617)
Payable in installments	0
Contingent consideration	(10,100)
Acquisition of subsidiaries, net of cash acquired	36,542
Antecipa
Assets
Cash	1,917
Other assets	79
Identifiable assets	7,819
Total assets acquired as of acquisition date	9,815
Liabilities
Other liabilities	(198)
Total identifiable net assets at fair value	9,617
Goodwill arising on acquisition	22,965
Contingent consideration recognised as of acquisition date	4,083
Purchase consideration transferred	36,665
Analysis of cash flows on acquisition
Net cash acquired with the subsidiary	(1,917)
Payable in installments	(15,487)
Contingent consideration	(4,083)
Acquisition of subsidiaries, net of cash acquired	15,178
DM10
Assets
Cash	275
Other assets	411
Identifiable assets	2,950
Total assets acquired as of acquisition date	3,636
Liabilities
Other liabilities	(1,522)
Total identifiable net assets at fair value	2,114
Goodwill arising on acquisition	14,886
Contingent consideration recognised as of acquisition date	0
Purchase consideration transferred	17,000
Analysis of cash flows on acquisition
Net cash acquired with the subsidiary	(275)
Payable in installments	(6,000)
Contingent consideration	0
Acquisition of subsidiaries, net of cash acquired	R$ 10724

Group structure - Summary of in

Group structure - Summary of intangible assets acquired (Details) R$ in Thousands	12 Months Ended
	Dec. 31, 2020BRL (R$)
Customer list
Disclosure of subsidiaries [line items]
Identifiable assets	R$ 2181
Method	Multi-period excess earning method
Expected amortization period	5 years 6 months
Trademarks
Disclosure of subsidiaries [line items]
Identifiable assets	R$ 3314
Method	Relief from royalty
Expected amortization period	5 years
Technology
Disclosure of subsidiaries [line items]
Identifiable assets	R$ 8143
Method	Relief from royalty
Expected amortization period	5 years

Group structure - Additional in

Group structure - Additional information (Details) - BRL (R$) R$ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 23, 2020	Sep. 29, 2020	Sep. 09, 2020	Jun. 05, 2020
Disclosure of subsidiaries [line items]
Purchase consideration transferred	R$ 100923
Acquisition of subsidiaries, net of cash acquired	62,443	R$ 0	R$ 10413
Payable in installments	21,488
Contingent consideration	14,183
Fliper
Disclosure of subsidiaries [line items]
Purchase consideration transferred	47,259
Acquisition of subsidiaries, net of cash acquired	36,542
Payable in installments	0
Contingent consideration	10,100
Percentage of voting equity interests acquired							100.00%
DM10
Disclosure of subsidiaries [line items]
Purchase consideration transferred	17,000
Acquisition of subsidiaries, net of cash acquired	10,724
Payable in installments	6,000
Contingent consideration	0
Percentage of voting equity interests acquired						100.00%
Antecipa
Disclosure of subsidiaries [line items]
Purchase consideration transferred	36,665
Acquisition of subsidiaries, net of cash acquired	15,178
Payable in installments	15,487
Contingent consideration	R$ 4083
Percentage of voting equity interests acquired					100.00%
Riza
Disclosure of subsidiaries [line items]
Percentage of voting equity interests acquired				100.00%

Securities purchased under ag_3

Securities purchased under agreements to resell - Summary of securities purchased under agreements to resell (Details) - BRL (R$) R$ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Summary of Securities Purchased Under Agreements to Resell [Line Items]
Securities purchased under agreements to resell	R$ 6627409	R$ 9490090
Available portfolio
Summary of Securities Purchased Under Agreements to Resell [Line Items]
Securities purchased under agreements to resell	1,409,637	971,991
Available portfolio | National Treasury Notes
Summary of Securities Purchased Under Agreements to Resell [Line Items]
Securities purchased under agreements to resell	876,102	771,099
Available portfolio | Financial Treasury Bills
Summary of Securities Purchased Under Agreements to Resell [Line Items]
Securities purchased under agreements to resell	452,691	195,980
Available portfolio | National Treasury Bills
Summary of Securities Purchased Under Agreements to Resell [Line Items]
Securities purchased under agreements to resell	44,091	4,912
Available portfolio | Debentures
Summary of Securities Purchased Under Agreements to Resell [Line Items]
Securities purchased under agreements to resell	36,753	0
Collateral held
Summary of Securities Purchased Under Agreements to Resell [Line Items]
Securities purchased under agreements to resell	5,217,772	8,518,099
Collateral held | National Treasury Notes
Summary of Securities Purchased Under Agreements to Resell [Line Items]
Securities purchased under agreements to resell	4,241,353	6,753,689
Collateral held | National Treasury Bills
Summary of Securities Purchased Under Agreements to Resell [Line Items]
Securities purchased under agreements to resell	R$ 976419	R$ 1764410

Securities purchased under ag_4

Securities purchased under agreements to resell - Additional information (Details) - BRL (R$) R$ in Thousands	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Securities purchased under agreements to resell [Abstract]
Investments in purchase and sale commitments interest rate	1.91%	4.63%
Expected credit loss on securities purchased under agreements to resell	R$ 370	R$ 370
Securities purchased under agreements to resell presented as cash equivalents	R$ 593673	R$ 654057	R$ 488809

Securities - Summary of Securit

Securities - Summary of Securities Classified at Fair Value Through Profit or Loss (Details) - BRL (R$) R$ in Thousands	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Disclosure of financial assets [line items]
Fair value through profit or loss	R$ 57149446	R$ 26528396
Interbank certificate deposits	111,927	123,817	R$ 69647
Investment funds | XP Vida e Previdência S.A.
Disclosure of financial assets [line items]
Fair value through profit or loss	10,625,520	2,249,459
Bank deposit certificates
Disclosure of financial assets [line items]
Interbank certificate deposits	111,927	123,817
Specially Constituted Investment Fund
Disclosure of financial assets [line items]
Fair value through profit or loss	13,387,913	3,759,090
Gross carrying amount
Disclosure of financial assets [line items]
Fair value through profit or loss	49,157,111	22,332,936
Gross carrying amount | Brazilian government bonds
Disclosure of financial assets [line items]
Fair value through profit or loss	30,752,903	15,404,300
Gross carrying amount | Investment funds
Disclosure of financial assets [line items]
Fair value through profit or loss	11,216,914	3,047,198
Gross carrying amount | Stocks issued by public-held company
Disclosure of financial assets [line items]
Fair value through profit or loss	3,802,610	1,562,965
Gross carrying amount | Debentures
Disclosure of financial assets [line items]
Fair value through profit or loss	1,111,595	885,344
Gross carrying amount | Uniated States government bonds
Disclosure of financial assets [line items]
Fair value through profit or loss	590,710	0
Gross carrying amount | Structured transaction certificate
Disclosure of financial assets [line items]
Fair value through profit or loss	485,012	237,112
Gross carrying amount | Bank deposit certificates
Disclosure of financial assets [line items]
Fair value through profit or loss	371,455	244,071
Gross carrying amount | Agribusiness receivables certificates
Disclosure of financial assets [line items]
Fair value through profit or loss	359,607	598,085
Gross carrying amount | Certificate of real estate receivable
Disclosure of financial assets [line items]
Fair value through profit or loss	97,606	75,922
Gross carrying amount | Financial credit bills
Disclosure of financial assets [line items]
Fair value through profit or loss	81,465	98,068
Gross carrying amount | Real estate credit bill
Disclosure of financial assets [line items]
Fair value through profit or loss	474	1,282
Gross carrying amount | Other financial assets
Disclosure of financial assets [line items]
Fair value through profit or loss	286,760	178,589
Fair value
Disclosure of financial assets [line items]
Fair value through profit or loss	49,590,013	22,443,392
Fair value | Brazilian government bonds
Disclosure of financial assets [line items]
Fair value through profit or loss	31,129,671	15,494,046
Fair value | Investment funds
Disclosure of financial assets [line items]
Fair value through profit or loss	11,221,774	3,047,198
Fair value | Stocks issued by public-held company
Disclosure of financial assets [line items]
Fair value through profit or loss	3,802,470	1,562,965
Fair value | Debentures
Disclosure of financial assets [line items]
Fair value through profit or loss	1,114,967	885,068
Fair value | Uniated States government bonds
Disclosure of financial assets [line items]
Fair value through profit or loss	602,214	0
Fair value | Structured transaction certificate
Disclosure of financial assets [line items]
Fair value through profit or loss	515,960	256,381
Fair value | Bank deposit certificates
Disclosure of financial assets [line items]
Fair value through profit or loss	372,329	246,827
Fair value | Agribusiness receivables certificates
Disclosure of financial assets [line items]
Fair value through profit or loss	363,721	589,525
Fair value | Certificate of real estate receivable
Disclosure of financial assets [line items]
Fair value through profit or loss	96,930	75,123
Fair value | Financial credit bills
Disclosure of financial assets [line items]
Fair value through profit or loss	82,209	106,759
Fair value | Real estate credit bill
Disclosure of financial assets [line items]
Fair value through profit or loss	477	1,300
Fair value | Other financial assets
Disclosure of financial assets [line items]
Fair value through profit or loss	R$ 287291	R$ 178200

Securities - Summary of Secur_2

Securities - Summary of Securities at Fair Value Through Other Comprehensive Income (Details) - BRL (R$) R$ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Disclosure of financial assets [line items]
Fair value through other comprehensive income	R$ 19039044	R$ 2616118
Expected credit losses	55,564	9,410	R$ 8220
National Treasury Bills
Disclosure of financial assets [line items]
Expected credit losses	8,855
National Treasury Bills | Gross carrying amount
Disclosure of financial assets [line items]
Fair value through other comprehensive income	19,011,499	2,608,325
National Treasury Bills | Fair value
Disclosure of financial assets [line items]
Fair value through other comprehensive income	R$ 19039044	R$ 2616118

Securities - Summary of Secur_3

Securities - Summary of Securities Evaluated at Amortized Cost (Details) - BRL (R$) R$ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Disclosure of financial assets [line items]
Bonds	R$ 1828704	R$ 2266971
Expected credit losses	55,564	9,410	R$ 8220
Bonds
Disclosure of financial assets [line items]
Bonds	1,828,704	2,266,971
Expected credit losses	1,087
Gross carrying amount | Bonds
Disclosure of financial assets [line items]
Bonds	R$ 1829791	R$ 2266971

Securities - Summary of Secur_4

Securities - Summary of Securities on the Financial Liabilities Classified at Fair Value Through Profit or Loss (Details) - BRL (R$) R$ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Disclosure of financial assets [line items]
Securities loaned	R$ 2237442	R$ 2021707
Gross carrying amount
Disclosure of financial assets [line items]
Securities loaned	R$ 2237442	R$ 2021707

Securities - Summary of Secur_5

Securities - Summary of Securities Classified by Maturity (Details) - BRL (R$) R$ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Disclosure of detailed information about financial instruments [line items]
Financial assets	R$ 90190827
Financial liabilities	70,600,989	R$ 31842054
At fair value through PL and at OCI
Disclosure of detailed information about financial instruments [line items]
Current financial liabilities	2,237,442	2,021,707
Non-current financial liabilities	0	0
Evaluated at amortized cost
Disclosure of detailed information about financial instruments [line items]
Current financial liabilities	0	0
Non-stated maturity | At fair value through PL and at OCI
Disclosure of detailed information about financial instruments [line items]
Current financial liabilities	2,237,442	2,021,707
Up to 3 months | At fair value through PL and at OCI
Disclosure of detailed information about financial instruments [line items]
Current financial liabilities	0	0
Up to 3 months | Evaluated at amortized cost
Disclosure of detailed information about financial instruments [line items]
Current financial liabilities	0	0
From 3 to 12 months
Disclosure of detailed information about financial instruments [line items]
Financial liabilities	5,031,715	1,202,749
From 3 to 12 months | At fair value through PL and at OCI
Disclosure of detailed information about financial instruments [line items]
Current financial liabilities	0	0
From 3 to 12 months | Evaluated at amortized cost
Disclosure of detailed information about financial instruments [line items]
Current financial liabilities	0	0
After one year | At fair value through PL and at OCI
Disclosure of detailed information about financial instruments [line items]
Non-current financial liabilities	0	0
At fair value through PL and at OCI
Disclosure of detailed information about financial instruments [line items]
Current financial assets	34,572,107	9,804,819
Non-current financial assets	34,065,805	15,254,691
At fair value through PL and at OCI | Non-stated maturity
Disclosure of detailed information about financial instruments [line items]
Current financial assets	15,246,105	4,999,333
At fair value through PL and at OCI | Up to 3 months
Disclosure of detailed information about financial instruments [line items]
Current financial assets	794,025	257,544
At fair value through PL and at OCI | From 3 to 12 months
Disclosure of detailed information about financial instruments [line items]
Current financial assets	18,531,977	4,547,942
At fair value through PL and at OCI | After one year
Disclosure of detailed information about financial instruments [line items]
Non-current financial assets	34,065,805	15,254,691
Evaluated at amortized cost
Disclosure of detailed information about financial instruments [line items]
Current financial assets	1,829,791	2,266,971
Evaluated at amortized cost | Up to 3 months
Disclosure of detailed information about financial instruments [line items]
Current financial assets	1,623,487	807,218
Evaluated at amortized cost | From 3 to 12 months
Disclosure of detailed information about financial instruments [line items]
Current financial assets	206,304	1,459,753
Fair value
Disclosure of detailed information about financial instruments [line items]
Financial assets	70,467,703	27,326,481
Financial liabilities	R$ 2237442	R$ 2021707

Derivative financial instrume_3

Derivative financial instruments - Summary of positions with derivative financial instruments (Details) - BRL (R$) R$ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Disclosure of detailed information about financial instruments [line items]
Assets, fair value	R$ 7559433	R$ 4085004
Assets, notional amount	733,048,921	520,217,621
Liabilities, fair value	7,819,364	3,229,236
Liabilities, notional amount	668,901,580	492,067,822
Swaps
Disclosure of detailed information about financial instruments [line items]
Assets, fair value	777,816	1,133,768
Assets, notional amount	5,578,227	3,955,473
Liabilities, fair value	870,393	485,164
Liabilities, notional amount	6,143,671	3,420,857
Forward contracts
Disclosure of detailed information about financial instruments [line items]
Assets, fair value	456,724	187,392
Assets, notional amount	2,905,411	1,857,542
Liabilities, fair value	200,272	2,480
Liabilities, notional amount	3,035,011	164,209
Futures contracts
Disclosure of detailed information about financial instruments [line items]
Assets, fair value	26,535	21,809
Assets, notional amount	43,100,609	15,920,584
Liabilities, fair value	13,221	0
Liabilities, notional amount	44,981,642	0
Options
Disclosure of detailed information about financial instruments [line items]
Assets, fair value	6,298,358	2,742,035
Assets, notional amount	681,464,674	498,484,022
Liabilities, fair value	6,735,478	2,741,592
Liabilities, notional amount	R$ 614741256	R$ 488482756

Derivative financial instrume_4

Derivative financial instruments - Summary of derivative financial instruments portfolio (assets and liabilities) by type of instrument (Details) - BRL (R$) R$ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Disclosure of detailed information about financial instruments [line items]
Assets, fair value	R$ 7559433	R$ 4085004
Percentage of derivative financial assets	100.00%	0.00%
Liabilities, fair value	R$ 7819364	R$ 3229236
Percentage of derivative financial liabilities	100.00%	0.00%
Options
Disclosure of detailed information about financial instruments [line items]
Liabilities, fair value	R$ 6735478	R$ 2741592
Percentage of derivative financial liabilities	87.00%	0.00%
Forward contracts
Disclosure of detailed information about financial instruments [line items]
Liabilities, fair value	R$ 200272	R$ 2480
Percentage of derivative financial liabilities	3.00%	0.00%
Futures contracts
Disclosure of detailed information about financial instruments [line items]
Liabilities, fair value	R$ 13221
Percentage of derivative financial liabilities	1.00%
Swaps
Disclosure of detailed information about financial instruments [line items]
Liabilities, fair value	R$ 870393	R$ 485164
Percentage of derivative financial liabilities	11.00%	0.00%
Swaps
Disclosure of detailed information about financial instruments [line items]
Assets, fair value	R$ 777816	R$ 1133768
Percentage of derivative financial assets	10.00%	0.00%
Liabilities, fair value	R$ 870393	R$ 485164
Forward contracts
Disclosure of detailed information about financial instruments [line items]
Assets, fair value	R$ 456724	R$ 187392
Percentage of derivative financial assets	6.00%	0.00%
Liabilities, fair value	R$ 200272	R$ 2480
Futures contracts
Disclosure of detailed information about financial instruments [line items]
Assets, fair value	R$ 26535	R$ 21809
Percentage of derivative financial assets	1.00%	0.00%
Liabilities, fair value	R$ 13221	R$ 0
Options
Disclosure of detailed information about financial instruments [line items]
Assets, fair value	R$ 6298358	R$ 2742035
Percentage of derivative financial assets	83.00%	0.00%
Liabilities, fair value	R$ 6735478	R$ 2741592
Up to 3 months
Disclosure of detailed information about financial instruments [line items]
Assets, fair value	2,619,700	2,028,463
Liabilities, fair value	2,386,360	1,763,063
Up to 3 months | Options
Disclosure of detailed information about financial instruments [line items]
Liabilities, fair value	2,152,890	1,745,532
Up to 3 months | Forward contracts
Disclosure of detailed information about financial instruments [line items]
Liabilities, fair value	133,679	1,693
Up to 3 months | Futures contracts
Disclosure of detailed information about financial instruments [line items]
Liabilities, fair value	542
Up to 3 months | Swaps
Disclosure of detailed information about financial instruments [line items]
Liabilities, fair value	99,249	15,838
Up to 3 months | Swaps
Disclosure of detailed information about financial instruments [line items]
Assets, fair value	35,241	10,418
Up to 3 months | Forward contracts
Disclosure of detailed information about financial instruments [line items]
Assets, fair value	230,862	159,163
Up to 3 months | Futures contracts
Disclosure of detailed information about financial instruments [line items]
Assets, fair value	26,535	21,809
Up to 3 months | Options
Disclosure of detailed information about financial instruments [line items]
Assets, fair value	2,327,062	1,837,073
From 4 to 12 months
Disclosure of detailed information about financial instruments [line items]
Assets, fair value	2,759,530	1,306,020
Liabilities, fair value	2,643,065	678,405
From 4 to 12 months | Options
Disclosure of detailed information about financial instruments [line items]
Liabilities, fair value	2,378,689	637,393
From 4 to 12 months | Forward contracts
Disclosure of detailed information about financial instruments [line items]
Liabilities, fair value	49,102	325
From 4 to 12 months | Futures contracts
Disclosure of detailed information about financial instruments [line items]
Liabilities, fair value	1,742
From 4 to 12 months | Swaps
Disclosure of detailed information about financial instruments [line items]
Liabilities, fair value	213,532	40,687
From 4 to 12 months | Swaps
Disclosure of detailed information about financial instruments [line items]
Assets, fair value	206,921	700,668
From 4 to 12 months | Forward contracts
Disclosure of detailed information about financial instruments [line items]
Assets, fair value	201,324	28,175
From 4 to 12 months | Futures contracts
Disclosure of detailed information about financial instruments [line items]
Assets, fair value	0	0
From 4 to 12 months | Options
Disclosure of detailed information about financial instruments [line items]
Assets, fair value	2,351,285	577,177
After one year
Disclosure of detailed information about financial instruments [line items]
Assets, fair value	2,180,203	750,521
Liabilities, fair value	2,789,939	787,768
After one year | Options
Disclosure of detailed information about financial instruments [line items]
Liabilities, fair value	2,203,899	358,667
After one year | Forward contracts
Disclosure of detailed information about financial instruments [line items]
Liabilities, fair value	17,491	462
After one year | Futures contracts
Disclosure of detailed information about financial instruments [line items]
Liabilities, fair value	10,937
After one year | Swaps
Disclosure of detailed information about financial instruments [line items]
Liabilities, fair value	557,612	428,639
After one year | Swaps
Disclosure of detailed information about financial instruments [line items]
Assets, fair value	535,654	422,682
After one year | Forward contracts
Disclosure of detailed information about financial instruments [line items]
Assets, fair value	24,538	54
After one year | Futures contracts
Disclosure of detailed information about financial instruments [line items]
Assets, fair value	0	0
After one year | Options
Disclosure of detailed information about financial instruments [line items]
Assets, fair value	R$ 1620011	R$ 327785

Derivative financial instrume_5

Derivative financial instruments - Summary of derivative financial instruments by index (Details) - BRL (R$) R$ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Disclosure of detailed information about financial instruments [line items]
Assets, notional amount	R$ 733048921	R$ 520217621
Assets, fair value	7,559,433	4,085,004
Liabilities, notional amount	668,901,580	492,067,822
Liabilities, fair value	(7,819,364)	(3,229,236)
Net, fair value	(259,931)	855,768
Swaps
Disclosure of detailed information about financial instruments [line items]
Liabilities, fair value	(870,393)	(485,164)
Swaps | Interest
Disclosure of detailed information about financial instruments [line items]
Liabilities, notional amount	6,143,671	3,420,857
Liabilities, fair value	870,393	485,164
Forward contracts
Disclosure of detailed information about financial instruments [line items]
Liabilities, fair value	(200,272)	(2,480)
Forward contracts | Foreign exchange
Disclosure of detailed information about financial instruments [line items]
Liabilities, notional amount	3,002,067	162,551
Liabilities, fair value	167,328	822
Forward contracts | Shares
Disclosure of detailed information about financial instruments [line items]
Liabilities, notional amount	0	1,658
Liabilities, fair value	0	1,658
Forward contracts | Interest
Disclosure of detailed information about financial instruments [line items]
Liabilities, notional amount	32,944	0
Liabilities, fair value	32,944	0
Swaps
Disclosure of detailed information about financial instruments [line items]
Assets, notional amount	5,578,227	3,955,473
Assets, fair value	777,816	1,133,768
Liabilities, notional amount	6,143,671	3,420,857
Liabilities, fair value	(870,393)	(485,164)
Swaps | Interest
Disclosure of detailed information about financial instruments [line items]
Assets, notional amount	5,014,934	3,955,473
Assets, fair value	776,215	1,133,768
Swaps | Foreign exchange
Disclosure of detailed information about financial instruments [line items]
Assets, notional amount	563,293	0
Assets, fair value	1,601	0
Forward contracts
Disclosure of detailed information about financial instruments [line items]
Assets, notional amount	2,905,411	1,857,542
Assets, fair value	456,724	187,392
Liabilities, notional amount	3,035,011	164,209
Liabilities, fair value	(200,272)	(2,480)
Forward contracts | Interest
Disclosure of detailed information about financial instruments [line items]
Assets, notional amount	32,952	146,893
Assets, fair value	32,952	146,893
Forward contracts | Foreign exchange
Disclosure of detailed information about financial instruments [line items]
Assets, notional amount	2,546,940	1,710,648
Assets, fair value	98,253	40,499
Forward contracts | Shares
Disclosure of detailed information about financial instruments [line items]
Assets, notional amount	325,519	0
Assets, fair value	325,519	0
Futures contracts
Disclosure of detailed information about financial instruments [line items]
Assets, notional amount	43,100,609	15,920,584
Assets, fair value	26,535	21,809
Liabilities, notional amount	44,981,642	0
Liabilities, fair value	(13,221)	0
Futures contracts | Interest | Purchase commitments
Disclosure of detailed information about financial instruments [line items]
Assets, notional amount	43,100,609	15,919,619
Assets, fair value	26,535	21,480
Futures contracts | Interest | Commitment to sell
Disclosure of detailed information about financial instruments [line items]
Assets, notional amount	44,981,642	0
Assets, fair value	(13,221)	0
Futures contracts | Foreign exchange | Purchase commitments
Disclosure of detailed information about financial instruments [line items]
Assets, notional amount	0	965
Assets, fair value	0	329
Options
Disclosure of detailed information about financial instruments [line items]
Assets, notional amount	681,464,674	498,484,022
Assets, fair value	6,298,358	2,742,035
Liabilities, notional amount	614,741,256	488,482,756
Liabilities, fair value	(6,735,478)	(2,741,592)
Options | Interest | Purchase commitments
Disclosure of detailed information about financial instruments [line items]
Assets, notional amount	675,637,469	496,676,302
Assets, fair value	5,223,851	2,449,218
Options | Interest | Commitment to sell
Disclosure of detailed information about financial instruments [line items]
Assets, notional amount	605,512,143	485,933,296
Assets, fair value	(5,789,650)	(2,417,689)
Options | Foreign exchange | Purchase commitments
Disclosure of detailed information about financial instruments [line items]
Assets, notional amount	0	37,500
Assets, fair value	0	82,369
Options | Foreign exchange | Commitment to sell
Disclosure of detailed information about financial instruments [line items]
Assets, notional amount	0	37,500
Assets, fair value	0	(94,612)
Options | Shares | Purchase commitments
Disclosure of detailed information about financial instruments [line items]
Assets, notional amount	5,827,205	1,770,220
Assets, fair value	1,074,507	210,448
Options | Shares | Commitment to sell
Disclosure of detailed information about financial instruments [line items]
Assets, notional amount	9,229,113	2,511,960
Assets, fair value	(945,828)	(229,291)
Options | Commodities | Commitment to sell
Disclosure of detailed information about financial instruments [line items]
Assets, notional amount		0
Assets, fair value		R$ 0

Hedge accounting - Summary of d

Hedge accounting - Summary of detailed information about hedging instruments (Details) - BRL (R$) R$ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Disclosure of detailed information about hedged items [line items]
Notional value	R$ 2537950	R$ 248896	R$ 225901
Variation in the amounts used to calculate hedge ineffectiveness	(60,563)	(7,133)	(17,495)
Hedge of net investment in foreign operations
Disclosure of detailed information about hedged items [line items]
Assets	245,986	186,412	147,179
Liabilities	0	0	0
Variation in value recognized in Other comprehensive income	52,299	5,946	18,645
Notional value	349,218	248,896	225,901
Variation in the amounts used to calculate hedge ineffectiveness	(60,563)	(7,133)	(17,495)
Fair value hedge
Disclosure of detailed information about hedged items [line items]
Assets	0
Liabilities	2,178,459
Variation in value recognized in income	(47,923)
Notional value	2,188,732	0	0
Variation in the amounts used to calculate hedge ineffectiveness	46,795
Foreign exchange risk | Hedge of net investment in foreign operations
Disclosure of detailed information about hedged items [line items]
Assets	245,986	186,412	147,179
Liabilities	0	0	0
Variation in value recognized in Other comprehensive income	52,299	5,946	18,645
Notional value	349,218	248,896	225,901
Variation in the amounts used to calculate hedge ineffectiveness	(60,563)	R$ 7133	R$ 17495
Interest rate risk | Fair value hedge | Hedge of fixed-income securities
Disclosure of detailed information about hedged items [line items]
Assets	0
Liabilities	2,178,459
Variation in value recognized in income	(47,923)
Notional value	2,188,732
Variation in the amounts used to calculate hedge ineffectiveness	46,795
Interest rate risk | Fair value hedge | Futures contracts
Disclosure of detailed information about hedged items [line items]
Assets	0
Liabilities	2,178,459
Notional value	2,188,732
Variation in the amounts used to calculate hedge ineffectiveness	46,795
Hedge ineffectiveness recognized in income	R$ 1128

Hedge accounting - Hedged item

Hedge accounting - Hedged item information (Details) - BRL (R$) R$ in Thousands	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Disclosure of detailed information about hedged items [line items]
Notional value	R$ 2537950	R$ 248896	R$ 225901
Fair value adjustments	4,376	5,946	18,645
Book value	(13,768)	(7,133)	(17,495)
Hedge of Fair Value
Disclosure of detailed information about hedged items [line items]
Notional value	2,188,732	0	0
Fair value adjustments	(47,923)	0	0
Book value	46,795	0	0
Hedge of net investment in foreign operations
Disclosure of detailed information about hedged items [line items]
Notional value	349,218	248,896	225,901
Fair value adjustments	52,299	5,946	18,645
Book value	R$ 60563	R$ 7133	R$ 17495

Hedge accounting - Hedged ite_2

Hedge accounting - Hedged item maturity (Details) - BRL (R$) R$ in Thousands	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Disclosure of detailed information about hedged items [line items]
Notional value	R$ 2537950	R$ 248896	R$ 225901
0-1 year
Disclosure of detailed information about hedged items [line items]
Notional value	1,977	7,658	0
1-2 years
Disclosure of detailed information about hedged items [line items]
Notional value	13,375	0	0
2-3 years
Disclosure of detailed information about hedged items [line items]
Notional value	240,646	0	0
3-4 years
Disclosure of detailed information about hedged items [line items]
Notional value	247,514	91,698	0
4-5 years
Disclosure of detailed information about hedged items [line items]
Notional value	672,978	149,540	0
5-10 years
Disclosure of detailed information about hedged items [line items]
Notional value	1,361,460	0	225,901
Hedge of Fair Value
Disclosure of detailed information about hedged items [line items]
Notional value	2,188,732	0	0
Hedge of Fair Value | 0-1 year
Disclosure of detailed information about hedged items [line items]
Notional value	1,977
Hedge of Fair Value | 1-2 years
Disclosure of detailed information about hedged items [line items]
Notional value	13,375
Hedge of Fair Value | 2-3 years
Disclosure of detailed information about hedged items [line items]
Notional value	94,099
Hedge of Fair Value | 3-4 years
Disclosure of detailed information about hedged items [line items]
Notional value	44,843
Hedge of Fair Value | 4-5 years
Disclosure of detailed information about hedged items [line items]
Notional value	672,978
Hedge of Fair Value | 5-10 years
Disclosure of detailed information about hedged items [line items]
Notional value	1,361,460
Hedge of net investment in foreign operations
Disclosure of detailed information about hedged items [line items]
Notional value	349,218	248,896	225,901
Hedge of net investment in foreign operations | 0-1 year
Disclosure of detailed information about hedged items [line items]
Notional value	0	7,658	0
Hedge of net investment in foreign operations | 1-2 years
Disclosure of detailed information about hedged items [line items]
Notional value	0	0	0
Hedge of net investment in foreign operations | 2-3 years
Disclosure of detailed information about hedged items [line items]
Notional value	146,547	0	0
Hedge of net investment in foreign operations | 3-4 years
Disclosure of detailed information about hedged items [line items]
Notional value	202,671	91,698	0
Hedge of net investment in foreign operations | 4-5 years
Disclosure of detailed information about hedged items [line items]
Notional value	0	149,540	0
Hedge of net investment in foreign operations | 5-10 years
Disclosure of detailed information about hedged items [line items]
Notional value	R$ 0	R$ 0	R$ 225901

Loan operations - Loan operatio

Loan operations - Loan operations by type (Details) - BRL (R$) R$ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Disclosure of financial assets [line items]
Financial assets	R$ 90190827
Expected Credit Loss	(82,811)	R$ 27247
Loans operations
Disclosure of financial assets [line items]
Financial assets	3,925,429	388
Expected Credit Loss	(7,101)	(2)
Total loans operations, net of Expected Loss	3,918,328	386
Retail | Pledged asset loan
Disclosure of financial assets [line items]
Financial assets	2,698,018	388
Retail | Non-pledged loan
Disclosure of financial assets [line items]
Financial assets	116,978	0
Retail | Credit card
Disclosure of financial assets [line items]
Financial assets	51,270	0
Corporate | Pledged asset loan
Disclosure of financial assets [line items]
Financial assets	946,008	0
Corporate | Non-pledged loan
Disclosure of financial assets [line items]
Financial assets	R$ 113155	R$ 0

Loan operations - Loan operat_2

Loan operations - Loan operations by maturity (Details) - BRL (R$) R$ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Disclosure of financial assets [line items]
Financial assets	R$ 90190827
Loans operations
Disclosure of financial assets [line items]
Financial assets	3,925,429	R$ 388
Loans operations | Due in 3 months or less
Disclosure of financial assets [line items]
Financial assets	160,918	388
Loans operations | Due after 3 months through 12 months
Disclosure of financial assets [line items]
Financial assets	580,183	0
Loans operations | Due after 12 months
Disclosure of financial assets [line items]
Financial assets	R$ 3184328	R$ 0

Loan operations - Loan operat_3

Loan operations - Loan operations by concentration (Details) - BRL (R$) R$ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Disclosure of financial assets [line items]
Financial assets	R$ 90190827
Loans operations
Disclosure of financial assets [line items]
Financial assets	3,925,429	R$ 388
Loans operations | Largest debtor | Credit risk
Disclosure of financial assets [line items]
Financial assets	150,040	71
Loans operations | 10 largest debtors | Credit risk
Disclosure of financial assets [line items]
Financial assets	726,904	310
Loans operations | 20 largest debtors | Credit risk
Disclosure of financial assets [line items]
Financial assets	1,043,583	375
Loans operations | 50 largest debtors | Credit risk
Disclosure of financial assets [line items]
Financial assets	1,521,310	388
Loans operations | 100 largest debtors | Credit risk
Disclosure of financial assets [line items]
Financial assets	R$ 1885614	R$ 388

Loan operations - Additional in

Loan operations - Additional information (Details) - BRL (R$) R$ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Disclosure of financial assets [abstract]
Carrying amount of financial assets with insignificant risk of loss	R$ 297443	R$ 0

Accounts receivable - Summary o

Accounts receivable - Summary of Accounts Receivable (Details) - BRL (R$) R$ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Trade and other receivables [abstract]
Customers	R$ 455253	R$ 458776
Dividends and interest receivable on equity capital - Funds	6,393	7,052
Other	51,131	702
Expected losses on accounts receivable	(6,418)	(4,501)
Accounts receivable	R$ 506359	R$ 462029

Recoverable taxes - Summary of

Recoverable taxes - Summary of Recoverable Taxes (Details) - BRL (R$) R$ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Subclassifications of assets, liabilities and equities [Line Items]
Recoverable taxes	R$ 127623	R$ 243320
Current	127,623	243,320
Non-current	0	0
Prepayments of income taxes (IRPJ and CSLL)
Subclassifications of assets, liabilities and equities [Line Items]
Recoverable taxes	122,070	225,465
Contributions over revenue (PIS and COFINS)
Subclassifications of assets, liabilities and equities [Line Items]
Recoverable taxes	3,993	16,859
Taxes on services (ISS)
Subclassifications of assets, liabilities and equities [Line Items]
Recoverable taxes	979	846
Value added taxes (VAT)
Subclassifications of assets, liabilities and equities [Line Items]
Recoverable taxes	R$ 581	R$ 150

Prepaid expenses - Summary of P

Prepaid expenses - Summary of Prepaid Expenses (Details) - BRL (R$) R$ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Summary of Prepaid Expenses [Line Items]
Prepaid expenses	R$ 1393537	R$ 89684
Current prepayments	283,183	56,605
Non-current prepayments	1,110,354	33,079
Commissions and premiums paid in advance
Summary of Prepaid Expenses [Line Items]
Prepaid expenses	1,314,771	49,233
Marketing expenses
Summary of Prepaid Expenses [Line Items]
Prepaid expenses	28,056	9,678
Services paid in advance
Summary of Prepaid Expenses [Line Items]
Prepaid expenses	6,245	2,043
Other expenses paid in advance
Summary of Prepaid Expenses [Line Items]
Prepaid expenses	R$ 44465	R$ 28730

Expected credit losses on fin_3

Expected credit losses on financial assets and reconciliation of carrying amount (Details) - BRL (R$) R$ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Disclosure of financial assets that are either past due or impaired [line items]
Financial assets at end of period	R$ 90190827
Stage 1
Disclosure of financial assets that are either past due or impaired [line items]
Financial assets at beginning of period	14,373,179	R$ 7421680
Acquisition / (Settlements)	16,732,098	6,951,499
Stage 1 to Stage 2	0	0
Transfer to stage 3	0	0
Stage 2 to Stage 1	0	0
Cure from stage 3	0	0
Financial assets at end of period	31,105,277	14,373,179
Stage 2
Disclosure of financial assets that are either past due or impaired [line items]
Financial assets at beginning of period	0
Acquisition / (Settlements)	361,431
Stage 1 to Stage 2	0
Stage 2 to Stage 1	0
Transfer to stage 3	0
Cure from stage 3	0
Financial assets at end of period	361,431	0
Consolidated Stages
Disclosure of financial assets that are either past due or impaired [line items]
Financial assets at beginning of period	14,373,179	7,421,680
Acquisition / (Settlements)	17,057,719	6,951,499
Derecognition	0
Financial assets at end of period	31,466,708	14,373,179
Financial assets at fair value through other comprehensive income | Securities | Stage 1
Disclosure of financial assets that are either past due or impaired [line items]
Financial assets at beginning of period	2,616,118	695,778
Acquisition / (Settlements)	16,431,781	1,920,340
Stage 1 to Stage 2	0	0
Transfer to stage 3	0	0
Stage 2 to Stage 1	0	0
Cure from stage 3	0	0
Financial assets at end of period	19,047,899	2,616,118
Financial assets at fair value through other comprehensive income | Securities | Consolidated Stages
Disclosure of financial assets that are either past due or impaired [line items]
Financial assets at beginning of period	2,616,118	695,778
Acquisition / (Settlements)	16,431,781	1,920,340
Derecognition	0
Financial assets at end of period	19,047,899	2,616,118
Evaluated at amortized cost | Securities | Stage 1
Disclosure of financial assets that are either past due or impaired [line items]
Financial assets at beginning of period	2,266,971	155,292
Acquisition / (Settlements)	(437,180)	2,111,679
Stage 1 to Stage 2	0	0
Transfer to stage 3	0	0
Stage 2 to Stage 1	0	0
Cure from stage 3	0	0
Financial assets at end of period	1,829,791	2,266,971
Evaluated at amortized cost | Securities | Consolidated Stages
Disclosure of financial assets that are either past due or impaired [line items]
Financial assets at beginning of period	2,266,971	155,292
Acquisition / (Settlements)	(437,180)	2,111,679
Derecognition	0
Financial assets at end of period	1,829,791	2,266,971
Evaluated at amortized cost | Securities purchased under agreements to resell | Stage 1
Disclosure of financial assets that are either past due or impaired [line items]
Financial assets at beginning of period	9,490,090	6,570,610
Acquisition / (Settlements)	(2,862,311)	2,919,480
Stage 1 to Stage 2	0	0
Transfer to stage 3	0	0
Stage 2 to Stage 1	0	0
Cure from stage 3	0	0
Financial assets at end of period	6,627,779	9,490,090
Evaluated at amortized cost | Securities purchased under agreements to resell | Consolidated Stages
Disclosure of financial assets that are either past due or impaired [line items]
Financial assets at beginning of period	9,490,090	6,570,610
Acquisition / (Settlements)	(2,862,311)	2,919,480
Derecognition	0
Financial assets at end of period	6,627,779	9,490,090
Evaluated at amortized cost | Loans and credit card operations | Stage 1
Disclosure of financial assets that are either past due or impaired [line items]
Financial assets at beginning of period	0
Acquisition / (Settlements)	3,599,808
Stage 1 to Stage 2	0
Transfer to stage 3	0
Stage 2 to Stage 1	0
Cure from stage 3	0
Financial assets at end of period	3,599,808	0
Evaluated at amortized cost | Loans and credit card operations | Stage 2
Disclosure of financial assets that are either past due or impaired [line items]
Financial assets at beginning of period	0
Acquisition / (Settlements)	325,621
Stage 1 to Stage 2	0
Stage 2 to Stage 1	0
Transfer to stage 3	0
Cure from stage 3	0
Financial assets at end of period	325,621	0
Evaluated at amortized cost | Loans and credit card operations | Consolidated Stages
Disclosure of financial assets that are either past due or impaired [line items]
Financial assets at beginning of period	0
Acquisition / (Settlements)	3,925,429
Derecognition	0
Financial assets at end of period	3,925,429	0
On-balance exposures | Stage 1
Disclosure of financial assets that are either past due or impaired [line items]
Financial assets at beginning of period	14,373,179	7,421,680
Acquisition / (Settlements)	16,732,098	6,951,499
Stage 1 to Stage 2	0	0
Transfer to stage 3	0	0
Stage 2 to Stage 1	0	0
Cure from stage 3	0	0
Financial assets at end of period	31,105,277	14,373,179
On-balance exposures | Stage 2
Disclosure of financial assets that are either past due or impaired [line items]
Financial assets at beginning of period	0
Acquisition / (Settlements)	325,621
Stage 1 to Stage 2	0
Stage 2 to Stage 1	0
Transfer to stage 3	0
Cure from stage 3	0
Financial assets at end of period	325,621	0
On-balance exposures | Consolidated Stages
Disclosure of financial assets that are either past due or impaired [line items]
Financial assets at beginning of period	14,373,179	7,421,680
Acquisition / (Settlements)	17,057,719	6,951,499
Derecognition	0
Financial assets at end of period	31,430,898	14,373,179
Off-Balance Exposures | Stage 2
Disclosure of financial assets that are either past due or impaired [line items]
Financial assets at beginning of period	0
Acquisition / (Settlements)	35,810
Stage 1 to Stage 2	0
Stage 2 to Stage 1	0
Transfer to stage 3	0
Cure from stage 3	0
Financial assets at end of period	35,810	0
Off-Balance Exposures | Consolidated Stages
Disclosure of financial assets that are either past due or impaired [line items]
Financial assets at beginning of period	0
Acquisition / (Settlements)	0
Derecognition	0
Financial assets at end of period	R$ 35810	R$ 0

Expected credit losses on fin_4

Expected credit losses on financial assets and reconciliation of carrying amount - ECLs measured using simplified approach (Details) - BRL (R$) R$ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Disclosure of financial assets that are either past due or impaired [line items]
Financial assets	R$ 90190827
Evaluated at amortized cost | Measured Using Simplified Approach
Disclosure of financial assets that are either past due or impaired [line items]
Financial assets	1,693,294	R$ 1013444
Evaluated at amortized cost | Securities trading and intermediation | Measured Using Simplified Approach
Disclosure of financial assets that are either past due or impaired [line items]
Financial assets	1,107,051	523,613
Evaluated at amortized cost | Accounts Receivable | Measured Using Simplified Approach
Disclosure of financial assets that are either past due or impaired [line items]
Financial assets	512,777	466,530
Evaluated at amortized cost | Other financial assets | Measured Using Simplified Approach
Disclosure of financial assets that are either past due or impaired [line items]
Financial assets	R$ 73466	R$ 23301

Expected credit losses on fin_5

Expected credit losses on financial assets and reconciliation of carrying amount - Expected credit losses (Details) R$ in Thousands	12 Months Ended
	Dec. 31, 2020BRL (R$)
Changes in allowance account for credit losses of financial assets [abstract]
Expected credit loss, beginning balance	R$ 27247
Expected credit loss, ending balance	82,811
Stage 1
Changes in allowance account for credit losses of financial assets [abstract]
Expected credit loss, beginning balance	2
Increase / (Reversal)	15,958
Stage 1 to Stage 2	0
Transfer to stage 3	0
Stage 2 to Stage 1	0
Cure from stage 3	0
Expected credit loss, ending balance	15,960
Stage 2
Changes in allowance account for credit losses of financial assets [abstract]
Expected credit loss, beginning balance	0
Increase / (Reversal)	1,453
Stage 1 to Stage 2	0
Stage 2 to Stage 1	0
Transfer to stage 3	0
Cure from stage 3	0
Expected credit loss, ending balance	1,453
Consolidated Stages
Changes in allowance account for credit losses of financial assets [abstract]
Expected credit loss, beginning balance	2
Increase / (Reversal)	17,411
Derecognition	0
Expected credit loss, ending balance	17,413
Financial assets at fair value through other comprehensive income
Changes in allowance account for credit losses of financial assets [abstract]
Expected credit loss, beginning balance	0
Expected credit loss, ending balance	8,855
Financial assets at fair value through other comprehensive income | Securities
Changes in allowance account for credit losses of financial assets [abstract]
Expected credit loss, beginning balance	0
Expected credit loss, ending balance	8,855
Financial assets at fair value through other comprehensive income | Securities | Stage 1
Changes in allowance account for credit losses of financial assets [abstract]
Expected credit loss, beginning balance	0
Increase / (Reversal)	8,855
Stage 1 to Stage 2	0
Transfer to stage 3
Stage 2 to Stage 1	0
Cure from stage 3	0
Expected credit loss, ending balance	8,855
Financial assets at fair value through other comprehensive income | Securities | Consolidated Stages
Changes in allowance account for credit losses of financial assets [abstract]
Expected credit loss, beginning balance	0
Increase / (Reversal)	8,855
Derecognition	0
Expected credit loss, ending balance	8,855
Evaluated at amortized cost
Changes in allowance account for credit losses of financial assets [abstract]
Expected credit loss, beginning balance	27,247
Expected credit loss, ending balance	73,956
Evaluated at amortized cost | Securities
Changes in allowance account for credit losses of financial assets [abstract]
Expected credit loss, beginning balance	0
Expected credit loss, ending balance	1,087
Evaluated at amortized cost | Securities | Stage 1
Changes in allowance account for credit losses of financial assets [abstract]
Expected credit loss, beginning balance	0
Increase / (Reversal)	1,087
Stage 1 to Stage 2	0
Transfer to stage 3	0
Stage 2 to Stage 1	0
Cure from stage 3	0
Expected credit loss, ending balance	1,087
Evaluated at amortized cost | Securities | Consolidated Stages
Changes in allowance account for credit losses of financial assets [abstract]
Expected credit loss, beginning balance	0
Increase / (Reversal)	1,087
Derecognition	0
Expected credit loss, ending balance	1,087
Evaluated at amortized cost | Securities purchased under agreements to resell
Changes in allowance account for credit losses of financial assets [abstract]
Expected credit loss, beginning balance	0
Expected credit loss, ending balance	370
Evaluated at amortized cost | Securities purchased under agreements to resell | Stage 1
Changes in allowance account for credit losses of financial assets [abstract]
Expected credit loss, beginning balance	0
Increase / (Reversal)	370
Stage 1 to Stage 2	0
Transfer to stage 3	0
Stage 2 to Stage 1	0
Cure from stage 3	0
Expected credit loss, ending balance	370
Evaluated at amortized cost | Securities purchased under agreements to resell | Consolidated Stages
Changes in allowance account for credit losses of financial assets [abstract]
Expected credit loss, beginning balance	0
Increase / (Reversal)	370
Derecognition	0
Expected credit loss, ending balance	370
Evaluated at amortized cost | Loans and credit card operations
Changes in allowance account for credit losses of financial assets [abstract]
Expected credit loss, beginning balance	2
Expected credit loss, ending balance	7,101
Evaluated at amortized cost | Loans and credit card operations | Stage 1
Changes in allowance account for credit losses of financial assets [abstract]
Expected credit loss, beginning balance	2
Increase / (Reversal)	5,646
Stage 1 to Stage 2	0
Transfer to stage 3	0
Stage 2 to Stage 1	0
Cure from stage 3	0
Expected credit loss, ending balance	5,648
Evaluated at amortized cost | Loans and credit card operations | Stage 2
Changes in allowance account for credit losses of financial assets [abstract]
Expected credit loss, beginning balance	0
Increase / (Reversal)	1,453
Stage 1 to Stage 2	0
Stage 2 to Stage 1	0
Transfer to stage 3	0
Cure from stage 3	0
Expected credit loss, ending balance	1,453
Evaluated at amortized cost | Loans and credit card operations | Consolidated Stages
Changes in allowance account for credit losses of financial assets [abstract]
Expected credit loss, beginning balance	2
Increase / (Reversal)	7,099
Derecognition	0
Expected credit loss, ending balance	7,101
On-balance exposures | Stage 1
Changes in allowance account for credit losses of financial assets [abstract]
Expected credit loss, beginning balance	2
Increase / (Reversal)	15,958
Stage 1 to Stage 2	0
Transfer to stage 3	0
Stage 2 to Stage 1	0
Cure from stage 3	0
Expected credit loss, ending balance	15,960
On-balance exposures | Stage 2
Changes in allowance account for credit losses of financial assets [abstract]
Expected credit loss, beginning balance	0
Increase / (Reversal)	1,453
Stage 1 to Stage 2	0
Stage 2 to Stage 1	0
Transfer to stage 3	0
Cure from stage 3	0
Expected credit loss, ending balance	1,453
On-balance exposures | Consolidated Stages
Changes in allowance account for credit losses of financial assets [abstract]
Expected credit loss, beginning balance	2
Increase / (Reversal)	17,411
Derecognition	0
Expected credit loss, ending balance	R$ 17413

Expected credit losses on fin_6

Expected credit losses on financial assets and reconciliation of carrying amount - Expected credit loss using simplified method (Details) - BRL (R$) R$ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Disclosure of financial assets that are either past due or impaired [line items]
Expected Credit Loss	R$ 82811	R$ 27247
Evaluated at amortized cost
Disclosure of financial assets that are either past due or impaired [line items]
Expected Credit Loss	73,956	27,247
Evaluated at amortized cost | Measured Using Simplified Approach
Disclosure of financial assets that are either past due or impaired [line items]
Expected Credit Loss	65,215	26,628
Evaluated at amortized cost | Securities trading and intermediation
Disclosure of financial assets that are either past due or impaired [line items]
Expected Credit Loss	55,485	18,630
Evaluated at amortized cost | Securities trading and intermediation | Measured Using Simplified Approach
Disclosure of financial assets that are either past due or impaired [line items]
Expected Credit Loss	55,485	18,630
Evaluated at amortized cost | Accounts Receivable
Disclosure of financial assets that are either past due or impaired [line items]
Expected Credit Loss	6,418	4,501
Evaluated at amortized cost | Accounts Receivable | Measured Using Simplified Approach
Disclosure of financial assets that are either past due or impaired [line items]
Expected Credit Loss	6,418	4,501
Evaluated at amortized cost | Other financial assets
Disclosure of financial assets that are either past due or impaired [line items]
Expected Credit Loss	3,495	4,114
Evaluated at amortized cost | Other financial assets | Measured Using Simplified Approach
Disclosure of financial assets that are either past due or impaired [line items]
Expected Credit Loss	R$ 3312	R$ 3497

Expected credit losses on fin_7

Expected credit losses on financial assets and reconciliation of carrying amount - Expected credit loss segregated by product (Details) - BRL (R$) R$ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Disclosure of financial assets that are either past due or impaired [line items]
Expected Credit Loss	R$ 82811	R$ 27247
Financial assets at fair value through other comprehensive income
Disclosure of financial assets that are either past due or impaired [line items]
Expected Credit Loss	8,855	0
Financial assets at fair value through other comprehensive income | Securities
Disclosure of financial assets that are either past due or impaired [line items]
Expected Credit Loss	8,855	0
Evaluated at amortized cost
Disclosure of financial assets that are either past due or impaired [line items]
Expected Credit Loss	73,956	27,247
Evaluated at amortized cost | Securities
Disclosure of financial assets that are either past due or impaired [line items]
Expected Credit Loss	1,087	0
Evaluated at amortized cost | Securities purchased under agreements to resell
Disclosure of financial assets that are either past due or impaired [line items]
Expected Credit Loss	370	0
Evaluated at amortized cost | Loans and credit card operations
Disclosure of financial assets that are either past due or impaired [line items]
Expected Credit Loss	7,101	2
Evaluated at amortized cost | Securities trading and intermediation
Disclosure of financial assets that are either past due or impaired [line items]
Expected Credit Loss	55,485	18,630
Evaluated at amortized cost | Accounts Receivable
Disclosure of financial assets that are either past due or impaired [line items]
Expected Credit Loss	6,418	4,501
Evaluated at amortized cost | Other financial assets
Disclosure of financial assets that are either past due or impaired [line items]
Expected Credit Loss	R$ 3495	R$ 4114

Investments in associates and_3

Investments in associates and joint ventures (Details) - BRL (R$) R$ in Thousands	Sep. 08, 2020	Jun. 23, 2020	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2020
Disclosure of associates [line items]
Equity						R$ 163063
Carrying amount						78,250
Investments in associates and joint ventures			R$ 0	R$ 0		699,907
Investments in subsidiaries, joint ventures and associates [abstract]
December 31, 2019			0
Acquisition/Equity			77,428
Equity in earnings			862	0	R$ 0
Other comprehensive income			(39)
Goodwill			621,656
December 31, 2020			R$ 699907	0
Wealth High Governance Holding de Participações S.A.
Disclosure of associates [line items]
% of ownership interest	49.90%		49.90%
Equity						149,520
Carrying amount						74,610
Investments in associates and joint ventures			R$ 695859	0		695,859
Investments in subsidiaries, joint ventures and associates [abstract]
December 31, 2019			0
Acquisition/Equity			74,851
Equity in earnings			(240)
Other comprehensive income			0
Goodwill			621,248
December 31, 2020			R$ 695859	0
O Primo Rico Mídia, Educacional e Participações Ltda.
Disclosure of associates [line items]
% of ownership interest			20.00%
Equity						10,330
Carrying amount						2,066
Investments in associates and joint ventures			R$ 2065	0		2,065
Investments in subsidiaries, joint ventures and associates [abstract]
December 31, 2019			0
Acquisition/Equity			242
Equity in earnings			1,879
Other comprehensive income			(56)
Goodwill			0
December 31, 2020			R$ 2065	0
Du Agro Holdings S.A.
Disclosure of associates [line items]
% of ownership interest		49.00%	49.00%
Equity						3,213
Carrying amount						1,574
Investments in associates and joint ventures			R$ 1983	0		R$ 1983
Investments in subsidiaries, joint ventures and associates [abstract]
December 31, 2019			0
Acquisition/Equity			2,335
Equity in earnings			(777)
Other comprehensive income			17
Goodwill			408
December 31, 2020			R$ 1983	R$ 0

Property, equipment, intangib_3

Property, equipment, intangible assets and leases - Summary of property and equipment (Details) - BRL (R$) R$ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Disclosure of detailed information about property, plant and equipment [line items]
Beginning balance	R$ 142464	R$ 99127	R$ 47073
Additions	145,164	72,499	83,149
Write-offs	(51,497)	(8,463)	(6,625)
Transfers	(6,142)	0	0
Depreciation in the year	(25,957)	(20,699)	(24,470)
Ending balance	204,032	142,464	99,127
Cost
Disclosure of detailed information about property, plant and equipment [line items]
Beginning balance	192,763	131,867
Ending balance	245,121	192,763	131,867
Accumulated depreciation
Disclosure of detailed information about property, plant and equipment [line items]
Beginning balance	(50,299)	(32,740)
Ending balance	(41,089)	(50,299)	(32,740)
Data Processing Systems
Disclosure of detailed information about property, plant and equipment [line items]
Beginning balance	34,447	28,771	13,743
Additions	15,457	15,039	22,319
Write-offs	(2,432)	(304)	(40)
Transfers	(2,411)	0	31
Depreciation in the year	(11,179)	(9,059)	(7,282)
Ending balance	33,882	34,447	28,771
Data Processing Systems | Cost
Disclosure of detailed information about property, plant and equipment [line items]
Beginning balance	62,235	48,023
Ending balance	53,871	62,235	48,023
Data Processing Systems | Accumulated depreciation
Disclosure of detailed information about property, plant and equipment [line items]
Beginning balance	(27,788)	(19,252)
Ending balance	(19,989)	(27,788)	(19,252)
Furniture and equipment
Disclosure of detailed information about property, plant and equipment [line items]
Beginning balance	27,756	21,641	13,261
Additions	5,539	9,942	10,448
Write-offs	(6,191)	(2,047)	(924)
Transfers	516	2,409	2,109
Depreciation in the year	(5,004)	(4,189)	(3,253)
Ending balance	22,616	27,756	21,641
Furniture and equipment | Cost
Disclosure of detailed information about property, plant and equipment [line items]
Beginning balance	38,086	29,613
Ending balance	32,592	38,086	29,613
Furniture and equipment | Accumulated depreciation
Disclosure of detailed information about property, plant and equipment [line items]
Beginning balance	(10,330)	(7,972)
Ending balance	(9,976)	(10,330)	(7,972)
Security systems
Disclosure of detailed information about property, plant and equipment [line items]
Beginning balance	1,544	2,553	4,907
Additions	1,239	664	376
Write-offs	(535)	0	(30)
Transfers	(820)	0	192
Depreciation in the year	(425)	(1,673)	(2,892)
Ending balance	1,003	1,544	2,553
Security systems | Cost
Disclosure of detailed information about property, plant and equipment [line items]
Beginning balance	7,716	6,388
Ending balance	2,158	7,716	6,388
Security systems | Accumulated depreciation
Disclosure of detailed information about property, plant and equipment [line items]
Beginning balance	(6,172)	(3,835)
Ending balance	(1,155)	(6,172)	(3,835)
Facilities
Disclosure of detailed information about property, plant and equipment [line items]
Beginning balance	78,717	46,162	15,162
Additions	2,650	22,315	9,930
Write-offs	(41,376)	(6,112)	(5,078)
Transfers	14,279	22,130	37,191
Depreciation in the year	(9,349)	(5,778)	(11,043)
Ending balance	44,921	78,717	46,162
Facilities | Cost
Disclosure of detailed information about property, plant and equipment [line items]
Beginning balance	84,726	47,843
Ending balance	54,890	84,726	47,843
Facilities | Accumulated depreciation
Disclosure of detailed information about property, plant and equipment [line items]
Beginning balance	(6,009)	(1,681)
Ending balance	(9,969)	(6,009)	(1,681)
Fixed assets in progress
Disclosure of detailed information about property, plant and equipment [line items]
Beginning balance	0	0	0
Additions	120,279	24,539	40,076
Write-offs	(963)	0	(553)
Transfers	(17,706)	(24,539)	(39,523)
Depreciation in the year	0	0	0
Ending balance	101,610	0	0
Fixed assets in progress | Cost
Disclosure of detailed information about property, plant and equipment [line items]
Beginning balance	0	0
Ending balance	101,610	0	0
Fixed assets in progress | Accumulated depreciation
Disclosure of detailed information about property, plant and equipment [line items]
Beginning balance	0	0
Ending balance	R$ 0	R$ 0	R$ 0

Property, equipment, intangib_4

Property, equipment, intangible assets and leases - Summary of intangible assets (Details) - BRL (R$) R$ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Disclosure of detailed information about property, plant and equipment [line items]
Beginning balance	R$ 553452	R$ 504915	R$ 483207
Additions	146,368	88,949	63,316
Business combinations	105,504
Write-offs	(22,064)	(2,782)	(13,290)
Transfers	6,142
Amortization in the year	(75,840)	(37,630)	(28,318)
Ending balance	713,562	553,452	504,915
Software
Disclosure of detailed information about property, plant and equipment [line items]
Beginning balance	66,310	38,771	25,700
Additions	117,129	51,348	27,828
Business combinations	8,143
Write-offs	(22,064)	(2,283)	(15)
Transfers	2,857
Amortization in the year	(57,222)	(21,526)	(14,742)
Ending balance	115,153	66,310	38,771
Goodwill
Disclosure of detailed information about property, plant and equipment [line items]
Beginning balance	382,500	382,500	372,701
Additions	0	0	9,799
Business combinations	91,866
Write-offs	0	0	0
Transfers	0
Amortization in the year	0	0	0
Ending balance	474,366	382,500	382,500
Customer list
Disclosure of detailed information about property, plant and equipment [line items]
Beginning balance	60,599	41,544	49,970
Additions	1,188	27,000	0
Business combinations	2,181
Write-offs	0	0	0
Transfers	0
Amortization in the year	(5,683)	(7,945)	(8,426)
Ending balance	58,285	60,599	41,544
Trademarks
Disclosure of detailed information about property, plant and equipment [line items]
Beginning balance	16,488	19,223	20,238
Additions	0	0	1,009
Business combinations	3,314
Write-offs	0	(33)	0
Transfers	0
Amortization in the year	(9,054)	(2,702)	(2,024)
Ending balance	10,748	16,488	19,223
Other intangible Assets
Disclosure of detailed information about property, plant and equipment [line items]
Beginning balance	27,555	22,877	14,598
Additions	28,051	10,601	24,680
Business combinations	0
Write-offs	0	(466)	(13,275)
Transfers	3,285
Amortization in the year	(3,881)	(5,457)	(3,126)
Ending balance	55,010	27,555	22,877
Cost
Disclosure of detailed information about property, plant and equipment [line items]
Beginning balance	654,809	564,246
Ending balance	877,071	654,809	564,246
Cost | Software
Disclosure of detailed information about property, plant and equipment [line items]
Beginning balance	104,270	56,127
Ending balance	219,029	104,270	56,127
Cost | Goodwill
Disclosure of detailed information about property, plant and equipment [line items]
Beginning balance	382,500	382,500
Ending balance	474,366	382,500	382,500
Cost | Customer list
Disclosure of detailed information about property, plant and equipment [line items]
Beginning balance	105,977	72,072
Ending balance	76,050	105,977	72,072
Cost | Trademarks
Disclosure of detailed information about property, plant and equipment [line items]
Beginning balance	22,239	22,239
Ending balance	52,616	22,239	22,239
Cost | Other intangible Assets
Disclosure of detailed information about property, plant and equipment [line items]
Beginning balance	39,823	31,308
Ending balance	55,010	39,823	31,308
Accumulated amortization
Disclosure of detailed information about property, plant and equipment [line items]
Beginning balance	(101,357)	(59,331)
Ending balance	(163,508)	(101,357)	(59,331)
Accumulated amortization | Software
Disclosure of detailed information about property, plant and equipment [line items]
Beginning balance	(37,960)	(17,356)
Ending balance	(103,876)	(37,960)	(17,356)
Accumulated amortization | Goodwill
Disclosure of detailed information about property, plant and equipment [line items]
Beginning balance	0	0
Ending balance	0	0	0
Accumulated amortization | Customer list
Disclosure of detailed information about property, plant and equipment [line items]
Beginning balance	(45,378)	(30,528)
Ending balance	(17,765)	(45,378)	(30,528)
Accumulated amortization | Trademarks
Disclosure of detailed information about property, plant and equipment [line items]
Beginning balance	(5,751)	(3,016)
Ending balance	(41,868)	(5,751)	(3,016)
Accumulated amortization | Other intangible Assets
Disclosure of detailed information about property, plant and equipment [line items]
Beginning balance	(12,268)	(8,431)
Ending balance	R$ 0	R$ 12268	R$ 8431

Property, equipment, intangib_5

Property, equipment, intangible assets and leases - Summary of right-of-use assets and lease liabilities (Details) - BRL (R$) R$ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Right-of-use assets
Beginning balance	R$ 227478	R$ 133870
Current	0	0
Non-current	183,134	227,478
Additions	62,003	123,529
Depreciation expense	(41,465)	(32,831)
Write-offs	(78,321)
Revaluation	(9,115)
Impairment	422
Effects of exchange rate	22,132	2,910
Ending balance	183,134	227,478
Lease liabilities
Beginning balance	255,406	148,494
Current	34,019	52,771
Non-current	174,429	202,635
Additions	55,820	124,283
Write-offs	(78,321)
Interest expense	19,456	17,613
Revaluation	(10,050)
Effects of exchange rate	23,610	2,995
Payment of lease liabilities	(57,473)	(37,979)
Ending balance	R$ 208448	R$ 255406

Property, equipment, intangib_6

Property, equipment, intangible assets and leases - Additional details (Details) - BRL (R$)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Disclosure of detailed information about property, plant and equipment [abstract]
Long-term growth rate utilized in the impairment test of goodwill	6.50%
Average pre-tax discount rate applied to cash flow projections	10.47%
Rent expense from short-term leases and low-value assets	R$ 1910	R$ 1746000
Rent expense on lease liabilities	R$ 9615	R$ 9225

Deposits (Details)

Deposits (Details) - BRL (R$) R$ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Subclassifications of assets, liabilities and equities [Line Items]
Demand deposits	R$ 44536	R$ 70190
Time deposits	2,977,214	4
Total	3,021,750	70,194
Current	2,524,651	70,194
Non-Current	497,099	0
Within 30 days
Subclassifications of assets, liabilities and equities [Line Items]
Demand deposits	44,536	70,190
Time deposits	67,501	4
Total	112,037	70,194
From 31 to 60 days
Subclassifications of assets, liabilities and equities [Line Items]
Demand deposits	0	0
Time deposits	1,185	0
Total	1,185	0
From 61 to 90 days
Subclassifications of assets, liabilities and equities [Line Items]
Demand deposits	0	0
Time deposits	57,781	0
Total	57,781	0
From 91 to 180 days
Subclassifications of assets, liabilities and equities [Line Items]
Demand deposits	0	0
Time deposits	191,886	0
Total	191,886	0
From 181 to 360 days
Subclassifications of assets, liabilities and equities [Line Items]
Demand deposits	0	0
Time deposits	2,161,762	0
Total	2,161,762	0
After 360 days
Subclassifications of assets, liabilities and equities [Line Items]
Demand deposits	0	0
Time deposits	497,099	0
Total	R$ 497099	R$ 0

Structured operations certifi_3

Structured operations certificates (Details) - BRL (R$) R$ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Subclassifications of assets, liabilities and equities [Line Items]
Total structured operations certificates	R$ 2178459	R$ 19474
Current	2,434	0
Non-Current	2,176,025	19,474
From 91 to 180 days
Subclassifications of assets, liabilities and equities [Line Items]
Total structured operations certificates	945	0
From 181 to 360 days
Subclassifications of assets, liabilities and equities [Line Items]
Total structured operations certificates	1,489	0
After 360 days
Subclassifications of assets, liabilities and equities [Line Items]
Total structured operations certificates	R$ 2176025	R$ 19474

Securities sold under repurch_3

Securities sold under repurchase agreements - Summary of securities sold under repurchase agreements (Details) - BRL (R$) R$ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Disclosure of offsetting of financial liabilities [line items]
Securities sold under repurchase agreements	R$ 31839344	R$ 15638407
National Treasury Bills
Disclosure of offsetting of financial liabilities [line items]
Securities sold under repurchase agreements	18,318,498	5,653,994
National Treasury Notes
Disclosure of offsetting of financial liabilities [line items]
Securities sold under repurchase agreements	13,497,944	8,533,113
Financial Treasury Bills
Disclosure of offsetting of financial liabilities [line items]
Securities sold under repurchase agreements	0	1,451,300
Debentures
Disclosure of offsetting of financial liabilities [line items]
Securities sold under repurchase agreements	R$ 22902	R$ 0

Securities sold under repurch_4

Securities sold under repurchase agreements - Additional information (Details)	Dec. 31, 2020	Dec. 31, 2019
Disclosure of offsetting of financial liabilities [abstract]
Securities sold under repurchase agreements, interest rate	1.89%	4.48%

Borrowings and lease liabilit_3

Borrowings and lease liabilities (Details) R$ in Thousands	12 Months Ended
	Dec. 31, 2020BRL (R$)installment	Dec. 31, 2019BRL (R$)	Dec. 31, 2018BRL (R$)
Disclosure of detailed information about borrowings [line items]
Borrowings	R$ 284087	R$ 382078
Lease liabilities	208,448	255,406	R$ 148494
Borrowings and lease liabilities	492,535	637,484
Current	51,656	116,450
Non-current	R$ 440879	521,034
Bank borrowings - domestic
Disclosure of detailed information about borrowings [line items]
Number of monthly installments | installment	36
Financial Institution
Disclosure of detailed information about borrowings [line items]
Interest payable period	6 months
Related parties
Disclosure of detailed information about borrowings [line items]
Borrowings	R$ 10523	52,668
Related parties | Bank borrowings - domestic
Disclosure of detailed information about borrowings [line items]
Interest rate	113.00%
Maturity	March 2021
Borrowings	R$ 10523	52,668
Third Parties
Disclosure of detailed information about borrowings [line items]
Borrowings	R$ 273564	329,410
Third Parties | Financial Institution
Disclosure of detailed information about borrowings [line items]
Interest rate	0.774%
Maturity	April 2023
Borrowings	R$ 273564	R$ 329410

Debentures - Summary of detaile

Debentures - Summary of detailed information about debentures issued (Details)	12 Months Ended
	Dec. 31, 2020BRL (R$)unit	Dec. 31, 2019BRL (R$)
Disclosure of detailed information about borrowings [line items]
Quantity Issued (units) | unit	800,000,000
Book value	R$ 335250000	R$ 835230000
1st Issuance
Disclosure of detailed information about borrowings [line items]
Quantity Issued (units) | unit	400,000,000
Annual rate	8.00%
Issuance date	9/28/2018
Maturity date	9/28/2020
Unit value at issuance	R$ 1000.00
Unit value at period-end	0
Book value	R$ 0
2nd Issuance
Disclosure of detailed information about borrowings [line items]
Quantity Issued (units) | unit	400,000,000
Annual rate	7.50%
Issuance date	5/15/2019
Maturity date	5/15/2022
Unit value at issuance	R$ 1000.00
Unit value at period-end	1,002.57
Book value	R$ 335250000

Debentures - Summary of detai_2

Debentures - Summary of detailed information on debentures outstanding (Details) R$ in Thousands	Dec. 31, 2020BRL (R$)	Sep. 30, 2020unit	Dec. 31, 2019BRL (R$)	May 15, 2019BRL (R$)
Disclosure of detailed information about borrowings [abstract]
Principal	R$ 400000		R$ 800000	R$ 800
Interest	25,091		47,127
Payments	(25,124)		(11,897)
Repurchase	(64,717)		0
Book value	335,250		835,230
Current	204,731		435,230
Non-current	R$ 130519		R$ 400000
Units repurchased | unit		65,611

Debentures - Additional informa

Debentures - Additional information (Details) R$ in Thousands	12 Months Ended
	Dec. 31, 2020BRL (R$)
Disclosure of detailed information about borrowings [line items]
Percent of principal amount due on May 15, 2021	50.00%
1st Issuance
Disclosure of detailed information about borrowings [line items]
Prepayments of non-convertible debentures	R$ 432793

Securities trading and interm_3

Securities trading and intermediation - Summary of securities trading and intermediation assets and liabilities (Details) - BRL (R$) R$ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Summary of Securities, Trading and Intermediation Assets and Liabilities [Abstract]
Cash and settlement records	R$ 18128	R$ 13823
Debtors pending settlement	847,620	499,325
Other	241,303	10,465
Expected losses on securities training and intermediation	(55,485)	(18,630)
Total Assets	1,051,566	504,983
Cash and settlement records	59,712	474,759
Creditors pending settlement	20,243,409	8,639,787
Total Liabilities	R$ 20303121	R$ 9114546

Other financial liabilities - S

Other financial liabilities - Summary of other financial liabilities (Details) - BRL (R$) R$ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Subclassifications of assets, liabilities and equities [abstract]
Structured financing	R$ 874771	R$ 0
Contingent consideration	462,000	0
Foreign exchange portfolio	70,208	8,962
Credit cards operations	50,727	0
Financial bills	16,389	0
Others	40,079	0
Total	1,514,174	8,962
Current	1,035,785	8,962
Non-current	R$ 478389	R$ 8962
Maturity period for the total contingent consideration payment	6 years
Contractual maximum amount payable for contingent consideration	R$ 653222

Social and statutory obligati_3

Social and statutory obligations - Additional information (Details) - BRL (R$) R$ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Subclassifications of assets, liabilities and equities [abstract]
Social and statutory obligations	R$ 667448	R$ 492723

Social and statutory obligati_4

Social and statutory obligations - Summary of social and statutory obligations (Details) - BRL (R$) R$ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Subclassifications of assets, liabilities and equities [abstract]
Obligations to non-controlling interest	R$ 82524	R$ 35666
Employee profit-sharing liabilities	483,378	395,568
Salaries and other benefits payable	101,546	61,489
Social and statutory obligations	R$ 667448	R$ 492723

Tax and social security oblig_3

Tax and social security obligations - Summary of Tax and Social Security Obligations (Details) - BRL (R$) R$ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Tax and Social Security Obligations [Abstract]
Income Tax (IRPJ and CSLL)	R$ 261490	R$ 264258
Contributions over revenue (PIS and COFINS)	46,136	34,247
Taxes on services (ISS)	23,729	18,141
Contributions for Social Security (INSS)	65,540	7,712
Others	38,954	20,973
Taxes and social security obligations	435,849	345,331
Current	435,849	345,331
Non-current	R$ 0	R$ 0

Tax and social security oblig_4

Tax and social security obligations - Additional Information (Details) - BRL (R$) R$ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Tax and Social Security Obligations [Abstract]
Corporate income tax liability	R$ 536422	R$ 594037
Corporate income tax prepaid	291,973	361,771
Withholding taxes payable	R$ 20219	R$ 31992

Private pension liabilities - S

Private pension liabilities - Summary of net defined benefit liability (asset) (Details) - BRL (R$) R$ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Disclosure of defined benefit plans [abstract]
Beginning balance	R$ 3759090	R$ 16059
Contributions received	1,678,532	609,639
Transfer with third party plans	7,657,636	3,047,492
Withdraws	(304,194)	(20,153)
Interest from assets within FIEs	596,849	106,053
Ending balance	R$ 13387913	R$ 3759090

Income tax - Summary of tempora

Income tax - Summary of temporary difference, unused tax losses and unused tax credits (Details) - BRL (R$) R$ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Deferred tax liability (asset)	R$ 496694	R$ 279401	R$ 140400	R$ 219668
Deferred tax expense (income)	217,292	139,001	(79,268)
Deferred tax assets	505,046	284,533
Deferred tax liabilities	(8,352)	(5,132)
Tax losses carryforwards
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Deferred tax liability (asset)	7,382	17,146
Deferred tax expense (income)	(9,764)	(38,212)	37,774
Goodwill on business combinations
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Deferred tax liability (asset)	22,838	22,303
Deferred tax expense (income)	535	(37,690)	(56,789)
Provisions for IFAs’ commissions
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Deferred tax liability (asset)	94,544	68,041
Deferred tax expense (income)	26,503	37,010	4,744
Revaluations of financial assets at fair value
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Deferred tax liability (asset)	(16,780)	25,259
Deferred tax expense (income)	(42,039)	23,862	(2,427)
Expected credit losses
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Deferred tax liability (asset)	19,444	5,666
Deferred tax expense (income)	13,778	2,587	(2,345)
Financial instruments taxed on redemption
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Deferred tax liability (asset)	(9)	0
Deferred tax expense (income)	(9)	13,041	(6,230)
Profit sharing plan
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Deferred tax liability (asset)	164,808	141,136
Deferred tax expense (income)	23,672	141,136	0
Net gain on hedge instruments
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Deferred tax liability (asset)	20,987	(36,384)
Deferred tax expense (income)	57,371	(34,943)	(51,423)
Share-base compensation
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Deferred tax liability (asset)	115,976	2,950
Deferred tax expense (income)	113,025	2,950
Other provisions
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Deferred tax liability (asset)	67,504	33,284
Deferred tax expense (income)	R$ 34220	R$ 29260	R$ 2572

Income tax - Summary of reconci

Income tax - Summary of reconciliation of changes in deferred tax liability asset (Details) - BRL (R$) R$ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Major components of tax expense (income) [abstract]
Beginning balance	R$ 279401	R$ 140400	R$ 219668
Foreign exchange variations	6,373	(3,461)	(9,259)
Charges to statement of income	196,498	139,411	(76,455)
Tax relating to components of other comprehensive income	14,423	3,051	6,446
Ending balance	R$ 496694	R$ 279401	R$ 140400

Income tax - Additional informa

Income tax - Additional information (Details) - BRL (R$)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Major components of tax expense (income) [abstract]
Unused tax losses for which no deferred tax asset recognised	R$ 37309	R$ 18402
Applicable tax rate	34.00%	34.00%	34.00%

Income tax - Summary of income

Income tax - Summary of income tax calculation (Details) - BRL (R$) R$ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Reconciliation of accounting profit multiplied by applicable tax rates [abstract]
Income before income tax	R$ 2421413	R$ 1544109	R$ 640728
Combined tax rate in Brazil	34.00%	34.00%	34.00%
Tax expense at the combined rate	R$ 823280	R$ 524997	R$ 217848
Income from entities not subject to deferred taxation	(12,470)	(9,551)	(3,647)
Effects from entities taxed at different rates	35,377	25,948	16,444
Effects from entities taxed at different taxation regimes	(443,579)	(24,089)	(18,183)
Intercompany transactions with different taxation regimes	(74,289)	(50,138)	(38,255)
Tax incentives	(14,354)	(9,772)	(1,408)
Non-deductible expenses (non-taxable income)	49,640	33,854	(689)
Others	(23,680)	(36,624)	3,288
Income tax expense	R$ 339924	R$ 454625	R$ 175398
Effective tax rate	14.04%	29.44%	27.20%
Current	R$ 536422	R$ 594037	R$ 98943
Deferred	R$ 196498	R$ 139412	R$ 76455

Income tax - Summary of analysi

Income tax - Summary of analysis of other comprehensive income by item (Details) - BRL (R$) R$ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Foreign exchange variation of investees located abroad
Before tax	R$ 57439	R$ 6823	R$ 18645
(Charge) / Credit	0	0	0
After tax	57,439	6,823	18,645
Gains (losses) on net investment hedge
Before tax	(91,762)	(10,543)	(26,508)
(Charge) / Credit	31,199	3,410	9,013
After tax	(60,563)	(7,133)	(17,495)
Changes in the fair value of financial assets at fair value
Before tax	40,979	1,057	6,727
(Charge) / Credit	(16,776)	(359)	(2,567)
After tax	24,203	698	4,160
Balance
Before tax	6,656	(2,663)	(1,136)
(Charge) / Credit	14,423	3,051	6,446
Other comprehensive income (loss) for the year, net of tax	R$ 21079	R$ 388	R$ 5310

Equity - Additional information

Equity - Additional information (Details) $ / shares in Units, $ in Thousands	Nov. 30, 2019shares	Aug. 31, 2018BRL (R$)shares	Aug. 09, 2018shares	Dec. 31, 2020BRL (R$)shares	Dec. 31, 2019BRL (R$)shares	Dec. 31, 2020BRL (R$)shares	Dec. 31, 2019BRL (R$)unitshares	Dec. 31, 2018BRL (R$)shares	Dec. 31, 2020USD ($)$ / sharesshares	Dec. 31, 2017shares
Disclosure of classes of share capital [line items]
Authorized share capital | $									$ 35
Number of shares authorised				3,500,000,000		3,500,000,000			3,500,000,000
Par value per share | $ / shares									$ 0.00001
Authorized shares but unissued				500,000,000		500,000,000			500,000,000
Issued capital				R$ 23000	R$ 23000	R$ 23000	R$ 23000		$ 23
Number of shares outstanding				559,058,965	551,800,326	559,058,965	551,800,326	509,247,134	559,058,965	484,918,517
Number of votes per share | unit							10
Capital contributions | R$								R$ 673294000
Reverse share split ratio	4:1
Issued capital before share split	2,036,988,542
Issued capital after share split	509,247,134
Initial public offering							42,553,192
Number of shares reserved for issue under options and contracts for sale of shares				13,899,648	4,112,046	13,899,648	4,112,046		13,899,648
Class A Common Shares
Disclosure of classes of share capital [line items]
Number of shares issued				2,000,000,000	257,456,251,558	2,000,000,000	257,456,251,558		2,000,000,000
Number of shares outstanding				377,764,985		377,764,985			377,764,985
Number of shares issued during the period				83,387,238		83,387,238			83,387,238
Issue of equity | R$						R$ 2000
Authorized conversion of shares approved			83,468,792
Authorized conversion of shares post reverse stock split			20,867,198
Initial public offering				7,258,639	42,553,192
Class B Common Shares
Disclosure of classes of share capital [line items]
Number of shares issued				1,000,000,000	251,790,558	1,000,000,000	251,790,558		1,000,000,000
Number of shares outstanding				181,293,980	197,618,980	181,293,980	197,618,980	254,114,319	181,293,980	208,918,504
Number of shares issued during the period		97,314,470
Authorized conversion of shares approved	30,807,911
Capital contributions | R$		R$ 673294
Initial public offering							0
Preference Shares
Disclosure of classes of share capital [line items]
Number of shares issued during the period		24,328,617
RSUs
Disclosure of classes of share capital [line items]
Number of shares reserved for issue under options and contracts for sale of shares				11,079,736	1,921,669	11,079,736	1,921,669		11,079,736
PSUs
Disclosure of classes of share capital [line items]
Number of shares reserved for issue under options and contracts for sale of shares				2,819,912	2,190,377	2,819,912	2,190,377		2,819,912

Equity - Summary of issuances a

Equity - Summary of issuances and conversations of shares (Details) - shares	Dec. 07, 2020	Dec. 13, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Disclosure of classes of share capital [line items]
Beginning balance			551,800,326	509,247,134	484,918,517
Issued for cash					24,328,617
Transfer of classes			0	0	0
Corporate reorganization				0
Initial public offering				42,553,192
Follow on offering			7,258,639
Ending balance			559,058,965	551,800,326	509,247,134
Class A Common Share
Disclosure of classes of share capital [line items]
Beginning balance			354,181,346	255,132,815	276,000,013
Issued for cash					0
Transfer of classes			16,325,000	25,687,428	(20,867,198)
Corporate reorganization				30,807,911
Initial public offering	7,130,435	42,553,192		42,553,192
Follow on offering			7,258,639
Ending balance			377,764,985	354,181,346	255,132,815
Class B Common Shares
Disclosure of classes of share capital [line items]
Beginning balance			197,618,980	254,114,319	208,918,504
Issued for cash					24,328,617
Transfer of classes			(16,325,000)	(25,687,428)	20,867,198
Corporate reorganization				(30,807,911)
Initial public offering				0
Follow on offering			0
Ending balance			181,293,980	197,618,980	254,114,319

Equity - Summary of dividend di

Equity - Summary of dividend distribution (Details) - BRL (R$) R$ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Disclosure of classes of share capital [abstract]
Net income for the year	R$ 2081489	R$ 1089484	R$ 465330
Total dividends		500,000	200,000
At January 1	0	0	125,000
Amount recognized in the year		500,000	200,000
Dividends paid to owners of the parent	R$ 0	(500,000)	(325,000)
At December 31		R$ 0	R$ 0

Related party transactions - Su

Related party transactions - Summary of key management personnel compensation expense (Details) - BRL (R$) R$ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Disclosure of transactions between related parties [abstract]
Fixed compensation	R$ 6335	R$ 4821	R$ 3329
Variable compensation	55,909	22,060	30,316
Total	R$ 62244	R$ 26881	R$ 33645

Related party transactions - _2

Related party transactions - Summary of transactions between related parties explanatory (Details) - BRL (R$) R$ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Disclosure of transactions between related parties [line items]
Assets/(Liabilities)	R$ 5667588	R$ 732420
Revenue/(Expenses)	(53,881)	(49,779)	R$ 40585
Securities
Disclosure of transactions between related parties [line items]
Assets/(Liabilities)	112,127	123,813
Revenue/(Expenses)	9,629	10,381	147,258
Securities purchased under agreements to resell
Disclosure of transactions between related parties [line items]
Assets/(Liabilities)	0	196,009
Revenue/(Expenses)	0	1,550	0
Accounts receivable
Disclosure of transactions between related parties [line items]
Assets/(Liabilities)	11,238	594
Revenue/(Expenses)	505	1,025	0
Securities sold under repurchase agreements
Disclosure of transactions between related parties [line items]
Assets/(Liabilities)	(5,780,430)	(1,000,168)
Revenue/(Expenses)	(62,951)	(58,078)	(3,586)
Borrowings
Disclosure of transactions between related parties [line items]
Assets/(Liabilities)	(10,523)	(52,668)
Revenue/(Expenses)	R$ 1064	R$ 4657	R$ 184257

Provisions and contingent lia_3

Provisions and contingent liabilities - Summary of other provisions (Details) - BRL (R$) R$ in Thousands	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Disclosure of other provisions [line items]
Other provisions	R$ 19711	R$ 15193	R$ 17474	R$ 11843
Judicial deposits	10,199	18,403
Tax contingencies
Disclosure of other provisions [line items]
Other provisions	10,097	9,878
Civil contingencies
Disclosure of other provisions [line items]
Other provisions	4,281	2,673
Labor contingencies
Disclosure of other provisions [line items]
Other provisions	R$ 5333	R$ 2642

Provisions and contingent lia_4

Provisions and contingent liabilities - Summary of changes in other provisions (Details) - BRL (R$) R$ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Disclosure of other provisions [abstract]
Beginning of period	R$ 15193	R$ 17474	R$ 11843
Monetary correction	4,102	2,492	1,667
Provision	3,499	2,338	9,105
Reversed	(1,454)	(3,939)	(1,208)
Payments	(1,629)	(3,172)	(3,933)
End of period	R$ 19711	R$ 15193	R$ 17474

Provisions and contingent lia_5

Provisions and contingent liabilities - Additional information (Details) R$ in Thousands	Dec. 31, 2020BRL (R$)claim	Dec. 31, 2019BRL (R$)	Dec. 31, 2018BRL (R$)	Dec. 31, 2017BRL (R$)
Disclosure of contingent liabilities [line items]
Other provisions	R$ 19711	R$ 15193	R$ 17474	R$ 11843
Number of civil and administrative claims for which the likelihood of loss has been classified as probable | claim	71
Judicial deposits	R$ 10199	18,403
Tax
Disclosure of contingent liabilities [line items]
Other provisions	10,097	9,878
Civil
Disclosure of contingent liabilities [line items]
Other provisions	4,281	2,673
Judicial deposits	100	9,744
Labor
Disclosure of contingent liabilities [line items]
Other provisions	R$ 5333	R$ 2642

Provisions and contingent lia_6

Provisions and contingent liabilities - Summary of contingent liabilities (Details) - BRL (R$) R$ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Disclosure of contingent liabilities [line items]
Estimated financial effect of contingent liabilities	R$ 217426	R$ 153951
Tax
Disclosure of contingent liabilities [line items]
Estimated financial effect of contingent liabilities	71,027	69,386
Civil
Disclosure of contingent liabilities [line items]
Estimated financial effect of contingent liabilities	136,228	81,414
Labor
Disclosure of contingent liabilities [line items]
Estimated financial effect of contingent liabilities	R$ 10171	R$ 3151

Total revenue and income - Disa

Total revenue and income - Disaggregation of revenue by major service lines (Details) - BRL (R$) R$ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Analysis of income and expense [abstract]
Brokerage commission	R$ 2139985	R$ 1288135	R$ 861068
Securities placement	1,429,824	1,154,786	631,949
Management fees	1,224,125	1,035,224	527,644
Insurance brokerage fee	112,802	106,438	56,713
Educational services	118,272	97,986	42,653
Other services	477,584	275,467	160,409
Revenue before sales taxes and contributions on revenue	5,502,592	3,958,036	2,280,436
Sales taxes and contributions on revenue	(486,104)	(362,264)	(225,887)
Net revenue from services rendered	R$ 5016488	R$ 3595772	R$ 2054549

Total revenue and income - Summ

Total revenue and income - Summary of net income from financial instruments (Details) - BRL (R$) R$ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Analysis of income and expense [abstract]
Net Income of financial instruments at fair value through profit or loss	R$ 3020698	R$ 1360207	R$ 821617
Net income from financial instruments at amortized cost and at fair value throughother comprehensive income	188,196	199,947	114,442
Taxes and contributions on financial income	(73,777)	(28,118)	(32,155)
Net income from financial instruments	R$ 3135117	R$ 1532036	R$ 903904

Total revenue and income - Su_2

Total revenue and income - Summary of disaggregation by geographic location (Details) - BRL (R$) R$ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Brazil
Disclosure of disaggregation by geographic location [Line Items]
Total revenue and income	R$ 7454304	R$ 4790236	R$ 2716459
Selected assets	3,244,421	1,208,737
United States
Disclosure of disaggregation by geographic location [Line Items]
Total revenue and income	655,817	307,456	204,207
Selected assets	129,956	224,244
Europe
Disclosure of disaggregation by geographic location [Line Items]
Total revenue and income	41,484	30,116	R$ 37787
Selected assets	R$ 4123	R$ 16476

Operating costs - Summary of op

Operating costs - Summary of operating costs (Details) - BRL (R$) R$ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Analysis of income and expense [abstract]
Commission and incentive costs	R$ 2087197	R$ 1269309	R$ 750103
Operating losses	31,295	13,922	1,769
Other costs	526,867	313,419	181,154
Clearing house fees	344,278	201,083	96,896
Third parties’ services	92,997	76,669	53,124
Other	89,592	35,667	31,134
Operating costs	R$ 2645359	R$ 1596650	R$ 933026

Operating expenses by nature (D

Operating expenses by nature (Details) - BRL (R$) R$ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Analysis of income and expense [abstract]
Selling expenses	R$ 134915	R$ 155115	R$ 96075
Advertising and publicity	134,915	155,115	96,075
Administrative expenses	3,013,598	1,891,481	1,176,805
Personnel expenses	2,138,470	1,261,887	712,060
Compensation	846,742	408,394	221,746
Employee profit-sharing and bonus	807,640	645,992	356,938
Executives profit-sharing	194,419	67,547	50,656
Benefits	75,302	47,457	35,922
Social charges	208,151	88,960	45,115
Other	6,216	3,537	1,683
Other taxes expenses	44,029	39,691	43,945
Depreciation of property and equipment and right-of-use assets	67,422	53,530	26,278
Amortization of intangible assets	75,839	37,630	26,510
Other administrative expenses	687,838	498,743	368,012
Data processing	322,659	178,860	130,678
Technical services	101,389	85,782	76,476
Third parties' services	168,019	145,730	63,333
Rent expenses	17,955	10,575	41,950
Communication	29,311	17,495	11,457
Travel	9,923	21,676	13,804
Legal and judicial	6,976	3,406	9,023
Other	31,606	35,219	21,291
Total	R$ 3148513	R$ 2046596	R$ 1272880

Other operating income, net (De

Other operating income, net (Details) - BRL (R$) R$ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Analysis of income and expense [abstract]
Other operating income	R$ 377480	R$ 208245	R$ 20682
Revenue from incentives from Tesouro Direto, B3 and others	352,879	101,615	9,931
Interest received on tax	5,521	31,782	0
Recovery of charges and expenses	1,798	53,453	6,873
Reversal of operating provisions	1,366	9,767	2,641
Other	15,916	11,628	1,237
Other operating expenses	(206,427)	(54,888)	(51,971)
Legal, administrative proceedings and agreement with customers	(45,277)	(9,499)	(16,385)
Losses on write-off and disposal of assets	(52,102)	(10,265)	(11,064)
Tax incentive expenses	(8,136)	(7,060)	(2,015)
Fines and penalties	(16,995)	(1,191)	(7,446)
Associations and regulatory fees	(13,524)	(4,216)	(3,059)
Charity	(41,654)	(6,751)	(5,938)
Other	(28,739)	(15,906)	(6,064)
Other operating income (expenses), net	R$ 171053	R$ 153357	R$ 31289

Share-based plan - Additional i

Share-based plan - Additional information (Details) R$ in Thousands	12 Months Ended
	Dec. 31, 2020BRL (R$)	Dec. 31, 2020USD ($)shares	May 31, 2020USD ($)	Dec. 31, 2019shares
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of shares reserved for issue under options and contracts for sale of shares | shares		13,899,648		4,112,046
Expense from share-based payment transactions with employees | R$	R$ 292817
Tax provisions and does not include any tax benefits on total share based compensation expense | R$	R$ 60026
Weighted average fair value at measurement date, other equity instruments granted | $		$ 46.48
RSUs
Disclosure of terms and conditions of share-based payment arrangement [line items]
Vesting period	5 years
Number of shares reserved for issue under options and contracts for sale of shares | shares		11,079,736		1,921,669
Weighted average fair value at measurement date, other equity instruments granted | $		$ 27
PSUs
Disclosure of terms and conditions of share-based payment arrangement [line items]
Vesting period	1 year
Total combined vesting and holding period	6 years
Number of shares reserved for issue under options and contracts for sale of shares | shares		2,819,912		2,190,377
Weighted average fair value at measurement date, other equity instruments granted | $		$ 34.56	$ 52.41
PSUs | Share-Based Payment Arrangement, Tranche One
Disclosure of terms and conditions of share-based payment arrangement [line items]
Vesting percentage	33.00%
PSUs | Share-Based Payment Arrangement, Tranche Two
Disclosure of terms and conditions of share-based payment arrangement [line items]
Vesting percentage	33.00%
PSUs | Share-Based Payment Arrangement, Tranche Three
Disclosure of terms and conditions of share-based payment arrangement [line items]
Vesting percentage	34.00%

Share-based plan - Activity of

Share-based plan - Activity of RSUs and PSUs (Details) - shares shares in Thousands	Oct. 01, 2020	Sep. 01, 2020	Jul. 01, 2020	Jan. 01, 2020	Dec. 31, 2020
Number of units
Outstanding (shares)				4,112,046	4,112,046
Granted (shares)	8,437,097	1,783,200	139,660		10,359,957
Forfeited (shares)	(140,019)	(337,840)		(94,496)	(572,355)
Outstanding (shares)					13,899,648
RSUs
Number of units
Outstanding (shares)				1,921,669	1,921,669
Granted (shares)	7,807,562	1,783,200	139,660		9,730,422
Forfeited (shares)	(140,019)	(337,840)		(94,496)	(572,355)
Outstanding (shares)					11,079,736
PSUs
Number of units
Outstanding (shares)				2,190,377	2,190,377
Granted (shares)	629,535	0	0		629,535
Forfeited (shares)	0	0		0	0
Outstanding (shares)					2,819,912

Earnings per share (basic and_3

Earnings per share (basic and diluted) (Details) - BRL (R$) R$ / shares in Units, shares in Thousands, R$ in Thousands		12 Months Ended
		Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Basic and diluted earnings per share [abstract]
Net Income attributable to owners of the Parent		R$ 2076430	R$ 1080484	R$ 461440
Basic weighted average number of outstanding shares (in shares)		552,291	511,462	493,117
Basic earnings (loss) per share (in R$ per share)	[1]	R$ 3.7597	R$ 2.1125	R$ 0.9358
Share based plan		6,817	248	0
Diluted weighted average number of outstanding shares (in shares)		559,108	511,710	493,117
Diluted earnings (loss) per share (in R$ per share)	[1]	R$ 3.7138	R$ 2.1115	R$ 0.9358
[1]	(*) The basic and diluted earnings per common share are in effect with the reverse share split occurred on November 30, 2019.

Determination of fair value (De

Determination of fair value (Details) R$ in Thousands	12 Months Ended
	Dec. 31, 2020BRL (R$)	Dec. 31, 2019BRL (R$)
Disclosure of financial assets [line items]
Securities	R$ 49590013	R$ 22443392
Derivative financial instruments	7,559,433	4,085,004
Securities	19,039,044	2,616,118
Securities	1,828,704	2,266,971
Securities purchased under agreements to resell	6,627,409	9,490,090
Securities trading and intermediation	1,051,566	504,983
Accounts receivable	506,359	462,029
Loan operations	3,918,328	386
Other financial assets	69,971	19,805
Securities loaned	2,237,442	2,021,707
Derivative financial instruments	7,819,364	3,229,236
Securities sold under repurchase agreements	31,839,344	15,638,407
Securities trading and intermediation	20,303,121	9,114,546
Deposits	3,021,750	70,195
Structured operations certificates	2,178,459	19,474
Borrowings and lease liabilities	492,535	637,484
Debentures	335,250	835,230
Accounts payables	859,550	266,813
Other financial liabilities	1,514,174	8,962
Increase (decrease) in fair value due to change in discount rate by 100 bps	R$ 14713
Discount rate
Disclosure of financial assets [line items]
Weighted average discount rate	0.0533
Fair value
Disclosure of financial assets [line items]
Securities	R$ 49590013	22,443,392
Derivative financial instruments	7,559,433	4,085,004
Securities	19,039,044	2,616,118
Securities	1,830,031	3,914,923
Securities purchased under agreements to resell	6,627,044	9,490,090
Securities trading and intermediation	1,051,566	504,983
Accounts receivable	506,359	462,029
Loan operations	4,037,954	386
Other financial assets	69,971	19,805
Securities loaned	2,237,442	2,021,707
Derivative financial instruments	7,819,364	3,229,236
Securities sold under repurchase agreements	31,810,893	15,638,407
Securities trading and intermediation	20,303,121	9,114,546
Deposits	2,636,085	70,165
Structured operations certificates	2,178,459	19,474
Borrowings and lease liabilities	492,441	633,781
Debentures	331,520	836,001
Accounts payables	859,550	266,813
Other financial liabilities	1,514,174	8,962
Level 1 | Fair value
Disclosure of financial assets [line items]
Securities	35,549,047	20,277,031
Derivative financial instruments	26,535	21,809
Securities	19,039,044
Securities	1,830,031	0
Securities purchased under agreements to resell	0	0
Securities trading and intermediation	0	0
Accounts receivable	0	0
Loan operations	0	0
Other financial assets	0	0
Securities loaned	2,237,442
Derivative financial instruments	13,221	0
Securities sold under repurchase agreements	0	0
Securities trading and intermediation	0	0
Deposits	0	0
Structured operations certificates	0	0
Borrowings and lease liabilities	0	0
Debentures	0	0
Accounts payables	0	0
Other financial liabilities	0	0
Level 2 | Fair value
Disclosure of financial assets [line items]
Securities	14,040,966	2,166,361
Derivative financial instruments	7,532,898	4,063,195
Securities	0	0
Securities	0	3,914,923
Securities purchased under agreements to resell	6,627,044
Securities trading and intermediation	1,051,566
Accounts receivable	506,359
Loan operations	4,037,954
Other financial assets	69,971	19,805
Securities loaned	0	0
Derivative financial instruments	7,806,143
Securities sold under repurchase agreements	31,810,893
Securities trading and intermediation	20,303,121
Deposits	2,636,085
Structured operations certificates	2,178,459
Borrowings and lease liabilities	492,441	633,781
Debentures	331,520	836,001
Accounts payables	859,550
Other financial liabilities	1,052,174	R$ 8962
Level 3 | Fair value
Disclosure of financial assets [line items]
Securities	0
Derivative financial instruments	0
Securities	0
Securities	0
Securities purchased under agreements to resell	0
Securities trading and intermediation	0
Accounts receivable	0
Loan operations	0
Other financial assets	0
Securities loaned	0
Derivative financial instruments	0
Securities sold under repurchase agreements	0
Securities trading and intermediation	0
Deposits	0
Structured operations certificates	0
Borrowings and lease liabilities	0
Debentures	0
Accounts payables	0
Other financial liabilities	R$ 462000

Management of financial risks_3

Management of financial risks and financial instruments (Details) - BRL (R$) R$ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Subclassifications of assets, liabilities and equities [abstract]
Securities purchased under agreements to resell	R$ 6627409	R$ 9490090
Securities	70,457,761	27,326,481
Public securities	51,944,301	20,381,125
Private securities	18,513,460	6,945,356
Derivative financial instruments	7,559,433	4,085,004
Securities trading and intermediation	1,051,566	504,983
Accounts receivable	506,359	462,029
Loan operations	3,918,328	386
Other financial assets	69,971	19,805
Off-balance exposures	35,810	0
Total	R$ 90226637	R$ 41888778

Management of financial risks_4

Management of financial risks and financial instruments - Summary of financial liabilities into groupings based on their contractual maturities (Details) - BRL (R$) R$ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Disclosure of financial assets [line items]
Securities loaned	R$ 2237442	R$ 2021707
Derivative financial instruments	7,819,364	3,229,236
Securities sold under repurchase agreements	31,839,344	15,638,407
Securities trading and intermediation	20,303,121	9,114,546
Deposits	3,021,750	70,195
Structured operations certificates	2,178,459	19,474
Borrowings and lease liabilities	492,535	637,484
Debentures	335,250	835,230
Accounts payables	859,550	266,813
Other financial liabilities	1,514,174	8,962
Financial liabilities	70,600,989	31,842,054
Up to 1 month
Disclosure of financial assets [line items]
Securities loaned	2,237,442	2,021,707
Derivative financial instruments	1,572,140	1,557,088
Securities sold under repurchase agreements	31,839,344	15,638,407
Securities trading and intermediation	20,303,121	9,114,546
Deposits	112,037	70,195
Structured operations certificates	0	0
Borrowings and lease liabilities	6,378	8,239
Debentures	0	0
Accounts payables	859,550	266,813
Other financial liabilities	1,052,174	8,962
Financial liabilities	57,982,186	28,685,957
From 2 to 3 months
Disclosure of financial assets [line items]
Securities loaned	0	0
Derivative financial instruments	814,220	211,882
Securities sold under repurchase agreements	0	0
Securities trading and intermediation	0	0
Deposits	58,966	0
Structured operations certificates	0	0
Borrowings and lease liabilities	12,710	26,258
Debentures	0	0
Accounts payables	0	0
Other financial liabilities	0	0
Financial liabilities	885,896	238,140
From 3 to 12 months
Disclosure of financial assets [line items]
Securities loaned	0	0
Derivative financial instruments	2,643,065	685,566
Securities sold under repurchase agreements	0	0
Securities trading and intermediation	0	0
Deposits	2,353,648	0
Structured operations certificates	2,434	0
Borrowings and lease liabilities	32,568	81,953
Debentures	0	435,230
Accounts payables	0	0
Other financial liabilities	0	0
Financial liabilities	5,031,715	1,202,749
From 1 to 5 years
Disclosure of financial assets [line items]
Securities loaned	0	0
Derivative financial instruments	2,205,410	732,286
Securities sold under repurchase agreements	0	0
Securities trading and intermediation	0	0
Deposits	497,099	0
Structured operations certificates	853,118	0
Borrowings and lease liabilities	375,504	521,034
Debentures	335,250	400,000
Accounts payables	0	0
Other financial liabilities	462,000	0
Financial liabilities	4,728,381	1,653,320
Above 5 years
Disclosure of financial assets [line items]
Securities loaned	0	0
Derivative financial instruments	584,529	42,414
Securities sold under repurchase agreements	0	0
Securities trading and intermediation	0	0
Deposits	0	0
Structured operations certificates	1,322,907	19,474
Borrowings and lease liabilities	65,375	0
Debentures	0	0
Accounts payables	0	0
Other financial liabilities	0	0
Financial liabilities	R$ 1972811	R$ 61888

Management of financial risks_5

Management of financial risks and financial instruments - Additional information (Details) $ in Thousands	Dec. 31, 2020USD ($)	Dec. 31, 2020GBP (£)	Dec. 31, 2019USD ($)	Dec. 31, 2019GBP (£)
XP Holdings
Disclosure of sensitivity analysis [Line Items]
Foreign Currency Risk	$ 46,534		$ 43,323
XP Advisors Inc
Disclosure of sensitivity analysis [Line Items]
Foreign Currency Risk	$ 801		$ 744
XP Holdings UK Ltd
Disclosure of sensitivity analysis [Line Items]
Foreign Currency Risk | £		£ 2,268		£ 3,059,000

Management of financial risks_6

Management of financial risks and financial instruments - Summary of sensitivity analysis (Details) - BRL (R$) R$ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Disclosure of sensitivity analysis [Line Items]
Sensitivity analysis increase decrease in one percent	R$ 7835	R$ 3581
Sensitivity analysis increase decrease in twenty five percent	(305,970)	(173,542)
Sensitivity analysis increase decrease in fifty percent	(614,564)	(460,503)
Pre-fixed | Pre-fixed interest rate in Reais
Disclosure of sensitivity analysis [Line Items]
Sensitivity analysis increase decrease in one percent	(191)	(907)
Sensitivity analysis increase decrease in twenty five percent	(9,056)	(163,057)
Sensitivity analysis increase decrease in fifty percent	(33,402)	(445,866)
Exchange coupons | Foreign currencies coupon rate
Disclosure of sensitivity analysis [Line Items]
Sensitivity analysis increase decrease in one percent	(379)	(67)
Sensitivity analysis increase decrease in twenty five percent	(5,508)	570
Sensitivity analysis increase decrease in fifty percent	(11,184)	(854)
Foreign currencies | Exchange rates
Disclosure of sensitivity analysis [Line Items]
Sensitivity analysis increase decrease in one percent	(1,997)	(2,102)
Sensitivity analysis increase decrease in twenty five percent	(169,318)	(1,493)
Sensitivity analysis increase decrease in fifty percent	(373,807)	43,908
Price indexes | Inflation coupon rates
Disclosure of sensitivity analysis [Line Items]
Sensitivity analysis increase decrease in one percent	(311)	(63)
Sensitivity analysis increase decrease in twenty five percent	(14,384)	(782)
Sensitivity analysis increase decrease in fifty percent	(28,434)	(301)
Shares | Shares prices
Disclosure of sensitivity analysis [Line Items]
Sensitivity analysis increase decrease in one percent	(4,957)	(442)
Sensitivity analysis increase decrease in twenty five percent	(107,704)	(8,780)
Sensitivity analysis increase decrease in fifty percent	R$ 167737	R$ 57390

Capital management - Summary of

Capital management - Summary of net debt and corresponding gearing ratios (Details) - BRL (R$) R$ in Thousands	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Subclassifications of assets, liabilities and equities [abstract]
Borrowings and lease liabilities	R$ 492535	R$ 637484
Debentures	335,250	835,230
Structured financing	874,771	0
Total debt	1,702,556	1,472,714
Cash	(1,954,788)	(109,922)	R$ 68407
Securities purchased under agreements to resell	(593,673)	(654,057)	(488,809)
Interbank certificate deposits	(111,927)	(123,817)	R$ 69647
Net debt	(957,832)	584,918
Equity attributable to owners of the Parent company	10,894,609	7,153,396
Total capital	R$ 9936777	R$ 7738313
Gearing ratio %	(9.64%)	7.56%

Capital management - Additional

Capital management - Additional information (Details) - BRL (R$) R$ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Subclassifications of assets, liabilities and equities [abstract]
Capital to maintain above minimum capital requirement	1.00%
Contracts under financial covenants	R$ 619337	R$ 1217308

Cash flow information (Details)

Cash flow information (Details) - BRL (R$) R$ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Disclosure of reconciliation of liabilities arising from financing activities [line items]
Total debt	R$ 1472714	R$ 876147	R$ 867024
Acquisitions / Issuance	55,820	524,196	725,370
Write-off	(78,321)
Payments	(552,868)	(135,147)	(689,634)
Securities purchased under agreements to resell	(64,717)
Revaluation	(10,050)
Net foreign exchange differences	23,610	3,085	(35,091)
Interest accrued	52,821	84,367	62,663
Interest paid	(71,224)	(28,428)	(54,185)
Total debt	(644,929)	1,472,714	876,147
New IFRS
Disclosure of reconciliation of liabilities arising from financing activities [line items]
Total debt		1,024,641
Change in accounting policy			148,494
Total debt			1,024,641
Borrowings
Disclosure of reconciliation of liabilities arising from financing activities [line items]
Total debt	382,078	469,609	867,024
Acquisitions / Issuance	0	0	325,370
Write-off	0
Payments	(95,395)	(85,353)	(689,634)
Securities purchased under agreements to resell	0
Revaluation	0
Net foreign exchange differences	0	0	(35,091)
Interest accrued	11,892	26,250	56,125
Interest paid	(14,488)	(28,428)	(54,185)
Total debt	284,087	382,078	469,609
Borrowings | New IFRS
Disclosure of reconciliation of liabilities arising from financing activities [line items]
Total debt		469,609
Change in accounting policy			0
Total debt			469,609
Lease liabilities
Disclosure of reconciliation of liabilities arising from financing activities [line items]
Total debt	255,406	0	0
Acquisitions / Issuance	55,820	124,196	0
Write-off	(78,321)
Payments	(57,473)	(37,979)	0
Securities purchased under agreements to resell	0
Revaluation	(10,050)
Net foreign exchange differences	23,610	3,085	0
Interest accrued	19,456	17,610	0
Interest paid	0	0	0
Total debt	208,448	255,406	0
Lease liabilities | New IFRS
Disclosure of reconciliation of liabilities arising from financing activities [line items]
Total debt		148,494
Change in accounting policy			148,494
Total debt			148,494
Debentures
Disclosure of reconciliation of liabilities arising from financing activities [line items]
Total debt		406,538	0
Acquisitions / Issuance	0	400,000	400,000
Write-off	0
Payments	(400,000)	(11,815)	0
Securities purchased under agreements to resell	(64,717)
Revaluation	0
Net foreign exchange differences	0	0	0
Interest accrued	21,473	40,507	6,538
Interest paid	(56,736)	0	0
Total debt	R$ 335250		406,538
Debentures | New IFRS
Disclosure of reconciliation of liabilities arising from financing activities [line items]
Total debt		R$ 406538
Change in accounting policy			0
Total debt			R$ 406538

Cash flow information - Additio

Cash flow information - Additional information (Details) R$ in Thousands	12 Months Ended
	Dec. 31, 2020BRL (R$)
Disclosure of reconciliation of liabilities arising from financing activities [abstract]
Non-cash investing and financing activities related to business acquisitions through accounts payables and contingent consideration	R$ 35671
Non-cash investing and financing activities related to acquisition of investment in associates through accounts payables and contingent consideration	R$ 468064

Uncategorized Items - xp-202012

Label	Element	Value
Monthly Minimum Income for Surcharge	xp_MonthlyMinimumIncomeForSurcharge	R$ 20000
Annual Minimum Income For Surcharge	xp_AnnualMinimumIncomeForSurcharge	R$ 240000
COFINS Tax Rate	xp_COFINSTaxRate	7.60%
PIS Tax Rate	xp_PISTaxRate	1.65%
Selected assets	xp_SelectedAssets	R$ 1449457000
Selected assets	xp_SelectedAssets	R$ 3378500000
Social Contribution Tax on Net Income	xp_SocialContributionTaxOnNetIncome	15.00%
Social Contribution Tax on Net Income	xp_SocialContributionTaxOnNetIncome	9.00%
Rate Applicable to Companies Under PPM COFINS	xp_RateApplicableToCompaniesUnderPPMCOFINS	3.00%
Rate Applicable to Companies Under PPM COFINS	xp_RateApplicableToCompaniesUnderPPMCOFINS	4.00%
Rate Applicable to Companies Under PPMPIS	xp_RateApplicableToCompaniesUnderPPMPIS	0.65%
Rate Applicable to Companies Under PPMPIS	xp_RateApplicableToCompaniesUnderPPMPIS	1.00%
Loss Carryforwards Used to Offset Taxable Profit	xp_LossCarryforwardsUsedToOffsetTaxableProfit	30.00%
Social Contribution Tax on Net Income Temporary Increase	xp_SocialContributionTaxOnNetIncomeTemporaryIncrease	20.00%
Applicable Surcharge Tax Rate	xp_ApplicableSurchargeTaxRate	10.00%
Applicable tax rate	ifrs-full_ApplicableTaxRate	15.00%
Top of range [member]
Percentage of Taxes Reducing Gross Revenues	xp_PercentageOfTaxesReducingGrossRevenues	5.00%
Term Of Operating Lease	xp_TermOfOperatingLease	10 years
Bottom of range [member]
Percentage of Taxes Reducing Gross Revenues	xp_PercentageOfTaxesReducingGrossRevenues	2.00%
Term Of Operating Lease	xp_TermOfOperatingLease	1 year