“Can XP Inc. keep the mass-retail investor inside its ecosystem by bolting a full digital-banking layer (Banco XP) onto a zero-brokerage investment app?”
Rico was founded in 2011 as a 100%-online retail investment brokerage in Brazil and was absorbed into the XP Inc. group, now operating as a consumer-facing brand of XP Investimentos CCTVM S.A. Its embedded-finance stack is entirely intra-group: brokerage/custody run through XP Investimentos, and the Conta Digital, PIX, debit/credit card and Open Finance adhesion run through sister entity Banco XP S.A. Rico's strategic role within XP is to serve the mass-retail, self-directed investor segment while XP proper serves higher-tier and advisor-intermediated clients.
Rico.com.vc discloses Banco XP S.A. (in-house) as its banking provider, with Banco XP S.A. as its sponsor bank, according to the Embedded Finance Index 2026.
Rico.com.vc does not disclose a bank charter of its own; its banking services are provided through Banco XP S.A..
Rico.com.vc processes payments through Banco XP S.A. (in-house). Disclosed money-movement rails: Pix.
Rico.com.vc's cards are issued through Banco XP S.A. (in-house).
Rico.com.vc's lending and capital products are provided by Banco XP S.A. (in-house).
Rico.com.vc connects to bank accounts through Banco XP S.A. (in-house).
Rico.com.vc uses XP International (in-house) for FX and cross-border payouts.
Rico.com.vc's investing and wealth products are powered by XP Investimentos CCTVM S.A. (in-house).
The Embedded Finance Index 2026 maps 9 layers in Rico.com.vc's stack: Payments / PSP (Banco XP S.A. (in-house)); Money movement (Pix); Banking / BaaS (Banco XP S.A. (in-house)); Card issuing (Banco XP S.A. (in-house)); Lending (Banco XP S.A. (in-house) and Cartão de crédito Rico (revolving credit)); Open banking (Banco XP S.A. (in-house)); Sponsor bank (Banco XP S.A.); FX & payouts (XP International (in-house)); Investing (XP Investimentos CCTVM S.A. (in-house)).
Rico.com.vc is founded in 2011 and headquartered in São Paulo, Brazil.
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