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Moody's: Brazilian fintech XP's IPO to support growth strategy, banking goals

Brazil-based XP Inc.'s recently completed IPO is credit positive for the company because it will provide backing for its growth strategy and allow it to launch its new digital banking platform, Moody's said.

XP, the holding company of online investment platform XP Investimentos SA, closed the IPO with estimated net proceeds of $1.1 billion. The company said it will use the proceeds to strengthen its banking unit.

Through its banking operation, XP plans to provide more products, which include digital bank accounts, foreign exchange transactions and consumer loans backed by investment assets, according to Moody's. These new offerings will complement the company's strong online investment advisory business and at a lower cost compared to services from traditional banks.

The strategy will gain from Brazil's favorable economic environment that is expected to recover at a faster pace in 2020, the rating agency said. XP will also be able to access international markets and improve its visibility with investors, supporting its long-term growth strategy.