QI Tech, a Brazilian one-stop-shop platform for financial, credit, banking, and anti-fraud services, has raised $200m in a Series B funding round.
The financing round was led by global investor General Atlantic and saw participation from QI Tech’s existing investor Across Capital.
General Atlantic Brazil managing director and co-head Luiz Ribeiro said: “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.”
The Brazilian fintech firm intends to utilise the new capital to further expand its product position and explore strategic merger and acquisition (M&A) opportunities.
Established in 2018, QI Tech is said to be the first direct credit company (SCD) approved by the Brazilian Central Bank.
The firm offers a suite of application programming interfaces (APIs) that enables any institution to deliver financial products to its customers.
Besides, QI Tech’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.
The company also holds a brokerage license (DTVM), used to structure, administer, and safeguard investment funds in credit rights (FIDC).
QI Tech founder and CEO Pedro Dowell 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, QI Tech secured $50m in a Series A funding round led by the Sovereign Investment Fund of Singapore (GIC).
J.P. Morgan was the placement agent for QI Tech while Vinci Partners and Freitas e Leite Advogados served as financial advisor and legal counsel, respectively.