QI Tech, a financial services infrastructure provider in Brazil, announced it has extended its Series B round, raising additional equity with current investor General Atlantic, a global growth investor, as well as Across Capital.
Following the extension, QI Tech has “achieved unicorn status, six months after raising its US$200M Series B round in October 2023.”
Founded in 2018, QI Tech is a financial infrastructure platform “spanning financial, credit, banking, and anti-fraud solutions, with a focus on decentralizing these services from major banks.”
The company offers a comprehensive set of APIs that “allows any business to provide financial products to its customers.”
Pedro Mac Dowell, founder and CEO of QI Tech, commented:
“QI Tech is taking intentional, strategic steps to support our expansion and create a comprehensive suite of financial infrastructure products that better address client needs. Achieving unicorn status is reflection of the hard work and collaboration of every member of our team, and we deeply appreciate the continued trust and support of General Atlantic and our investor base.”
QI Tech’s solution reportedly “includes digital onboarding tools, facial recognition, 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 “maintains a brokerage license (DTVM), used to structure, administer, and safeguard investment funds. QI Tech is the first Direct Credit Company (SCD) approved by the Brazilian Central Bank and holds a top-tier Fitch rating of A+ (bra).”
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, said:
“General Atlantic is pleased to deepen our partnership with QI Tech and support the Company in its long-term development. We believe QI Tech is uniquely positioned as a challenger to existing incumbent solutions, with the momentum to become a leading, diversified player in Brazil’s financial infrastructure ecosystem as opportunities for digital payments and credit adoption continue to emerge. We look forward to continued partnership with QI Tech’s driven and execution-focused management team.”
J.P. Morgan Securities LLC acted as exclusive financial advisor to QI Tech.
