XP Inc. acquires Brazilian insurance startup DM10

LatamListXP Inc., a Brazilian VC fund, acquired DM10, an insurance marketplace, for an undisclosed amount. The acquisition of DM10 further expands the XP Seguridade network, the insurance sector of XP. This is also the second acquisition announcement from XP of the week.

DM10 is a marketplace that connects independent insurance providers with customers for the best life insurance and pension plan products. The startup reportedly has a network of almost 1,000 active brokers across the region

According to Roberto Teixeira, Head of XP Seguridade, XP aims to transform the private pension market in Brazil. With the XP acquisition, DM10 will have access to XP’s product platform, commercial support, and technology to further develop their platform and the user experience.

“We want to make the same transformation in the Private Pension market as we did in investment. Looking ahead, we believe that we can continue to grow and gain market share by further democratizing access to superior products and leveraging the company’s distribution reach,” explained Teixeira.

The completion of the acquisition is subject to certain conditions and authorization from the Central Bank of Brazil.

Read more on Exame.

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