XP Inc., a Brazilian financial services company and the country's biggest digital broker, will use $1 billion in proceeds from its recent initial public offering to strengthen its banking unit, Reuters reported, citing CEO Guilherme Benchimol.

XP, which has 350 billion reais under management, is targeting a larger portion of its clients' assets, Benchimol said, estimating that consumers invest 45% of their savings at XP and deposit the rest at retail banks. The company will expand its product range and introduce a credit card offering.

The chief executive added that XP might evaluate acquisitions and a global expansion, but this is not the company's current primary focus.

XP recently priced its Nasdaq IPO at $27.00 per share, above its indicative price range, raising about $1.96 billion without considering overallotments. The company's shares jumped roughly 28% on their first day of trading.

"Investors realize the potential and the upsize that we have ahead of us in terms of how concentrated the financial industry still is in Brazil," CFO Bruno Constantino reportedly said in an interview.

As of Dec. 12, US$1 was equivalent to 4.10 Brazilian reais.