Brazilian financial services infrastructure provider QI Tech has secured unicorn status following the extension of its Series B funding round.
The financing round led by the company’s current investor General Atlantic also had the participation from Across Capital.
QI Tech’s unicorn status comes after six months of raising $200m in a Series B round in October 2023.
General Atlantic Brazil office managing director and co-head Luiz Ribeiro 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.”
Established in 2018, QI Tech is a financial infrastructure platform that encompasses a wide range of solutions, including financial, credit, banking, and anti-fraud services. Its primary focus is to decentralise these services from major banks.
The Brazilian firm also offers a comprehensive set of application programming interfaces (APIs) that enables any business to provide financial products to its customers.
QI Tech’s solution comprises facial recognition, data validation, digital onboarding tools, credit scoring, wire transfers, digital account opening, Pix, bank slips, and credit underwriting for various sectors of the economy.
Besides, the firm has a brokerage license (DTVM), used to structure, administer, and protect investment funds.
J.P. Morgan Securities serves as the exclusive financial adviser to the financial services infrastructure provider.
QI Tech founder and CEO Pedro Mac Dowell said: “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 a 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 Series A round of funding that raised $50m was closed in 2021. It was led by the Sovereign Investment Fund of Singapore (GIC).