“Can a trader-first brokerage survive as a distinct brand inside XP Inc., or is modalmais just a feeder channel for XP's broker stack?”
Founded 2015 as Banco Modal's retail digital brokerage in Brazil, modalmais grew into a full digital bank offering investments, PIX payments, and a checking account. After the 2022 business combination with XP Inc., the company is now narrowing its focus exclusively to active traders (day trade, mini-contracts) and migrating customer accounts onto XP's underlying systems. Embedded finance scope is therefore shrinking — the broader digital-bank ambition has been folded into XP.
Modalmais discloses Banco Modal S.A. (in-house) as its banking provider, according to the Embedded Finance Index 2026.
Modalmais does not disclose a bank charter of its own; its banking services are provided through Banco Modal S.A. (in-house).
Modalmais processes payments through PIX (self-operated via Banco Modal). Disclosed money-movement rails: Pix.
Modalmais connects to bank accounts through Open Finance Brasil (regulated participant).
The Embedded Finance Index 2026 maps 5 layers in Modalmais's stack: Payments / PSP (PIX (self-operated via Banco Modal)); Money movement (Pix); Banking / BaaS (Banco Modal S.A. (in-house)); Open banking (Open Finance Brasil (regulated participant)); Sponsor bank (Banco Modal S.A. (in-house)).
Modalmais is founded in 2015 and headquartered in São Paulo, Brazil.
Modalmais has raised ~$339M in total (latest round: M&A (combination with XP Inc.)).
Get a read on where your own stack stands against Modalmais and the rest of its category — what they built versus bought, which providers they use, and where the gaps in your own strategy and competitive set actually are.