QI Tech, the Direct Credit Company Approved by Brazilian Central Bank, Announces $200M Investment

QI Tech, the Direct Credit Company (SCD) approved by the Brazilian Central Bank, today announced an investment of US$200 million (R$1 billion) in a Series B round “led by General Atlantic, a global investor, with participation from existing investor Across Capital, which is doubling its initial investment in the company.”

QI Tech plans to leverage the new capital “to further expand its leading product position and explore strategic M&A opportunities.”

Founded in 2018 by Pedro Mac Dowell, Marcelo Bentivoglio, and Marcelo Buosi, QI Tech is transforming the credit market “by simplifying the loan process, with a mission to decentralize credit away from major banks.”

QI Tech offers a comprehensive set of APIs that “allows any business to offer financial products to its customers.”

The company’s “one-stop-shop” solution “provides digital registration tools, data validation, credit scoring, digital account opening, wire transfers, Pix, bank slips, and credit underwriting for various sectors of the economy.”

To complete the range of services offered, QI Tech also “holds a brokerage license (DTVM), used to structure, administer, and safeguard investment funds in credit rights (FIDC). The fintech holds a top-tier Fitch rating of A+ (bra).”

Pedro Mac Dowell, founder and CEO of QI Tech, said:

“This new partnership lays the foundation for the size of the opportunity we are pursuing. We plan to use the new capital to strengthen our leadership position in Brazil, keeping an eye on potential local opportunities and executing an aggressive growth strategy for each business unit.” 

In 2021, after two years of operation, QI Tech raised a Series A round “of US$50 million (R$270 million at the time), led by the Sovereign Investment Fund of Singapore (GIC).” The company has “been profitable since its first year of operation.”

Luiz Ribeiro, Managing Director and Co-Head of the Brazil office at General Atlantic, added,

“We have tracked QI Tech for several years and are impressed by the vision of the leadership team. By building native connectivity with the national financial system, as well as through a modular API, QI Tech has enabled the development of credit, payment, and banking solutions for a range of asset managers, corporates, and fintechs. As digital payments and credit adoption in Brazil continues to accelerate, QI Tech is capturing an exciting opportunity to power high-quality financial infrastructure for their customers. We look forward to supporting the company in its continued expansion.”

QI Tech engaged J.P. Morgan “as its leading placement agent, Vinci Partners as its financial advisor, and Freitas e Leite Advogados as its legal counsel.”

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