Brazilian financial services platform XP has acquired DM10, a marketplace that connects independent distributors with life insurance and pension plan products.

The acquisition is expected to bolster XP’s distribution network in the insurance segment.

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DM10, which was established in 2007, has a presence across the national territory and has a network of approximately 1,000 active brokers.

The deal will give brokers of teh acquired firm access to XP’s product platform, commercial support and technology.

XP said that the acquisition of DM10 can make it one of the ‘market leaders in the next years’ by democratising access to better products.

XP Seguros head Roberto Teixeira said: “We want to make the same transformation in the Private Pension market as we did in investments. 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.

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“In order to achieve that, XP will continue to invest heavily in technology to improve the digital experience of clients and brokers, offering full integration between Insurance products and the investment platform.”

DM10 CEO Daian Moura commented: “I have no doubt that they will continue to be key agents and now, together with XP, we can improve the financial lives of millions of Brazilians who are currently investing in unsuitable, inefficient and expensive products.”

The completion of deal depends on the compliance with certain precedent conditions, including receipt of approval from the Central Bank of Brazil.