Modalmais
“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?”
Founded2015
HQSão Paulo, Brazil
Total raised~$339M
Latest roundM&A (combination with XP Inc.)
IndustryFintech / Investment
The story
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.
Last 12 months
Product timeline
2015
Banco Modal launches modalmais as digital investment brokerage· banking
2021
Modal joins Open Finance ecosystem in Brazil· banking
2022
Business combination announced with XP Inc.· acquisition
2024
Modalmais repositions as trader-focused brokerage; migration of accounts to XP infrastructure begins· pivot
Regulated entities
1
regulatory licence held by Modalmais
Licence types, jurisdictions and registered entities are in the Embedded Finance Index report.
The stack
4 layers disclosed in Modalmais’s embedded-finance stack
Payments / PSP
PIX (self-operated via Banco Modal)
Banking / BaaS
in the full report
Open banking
in the full report
Sponsor bank
in the full report
Accounting gap: none
3 more providers across 3 layers, with confidence-scored evidence and source URLs, are in the Embedded Finance Index report.