Brazil’s QI Tech raises $200m in Series B funding round
QI Tech, a São-Paulo based fintech licenced by the Brazilian Central Bank, has secured $200 million in a Series B funding round led by General Atlantic.
QI Tech secures $200m Series B funding
The round also saw participation from existing investor Across Capital, which is doubling its initial investment in the company, and follows the company’s $50 million Series A fundraise in 2021.
Founded in 2018, QI Tech claims to be the first Direct Credit Company (SCD) approved by the country’s central bank, and offers a set of APIs enabling businesses to offer financial products to their customers.
Its solutions include digital registration tools, data validation, credit scoring, digital account opening, wire transfers, Pix, bank slips and credit underwriting. The fintech also holds a brokerage licence issued by the Brazilian Central Bank.
“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,” comments Pedro Mac Dowell, founder and CEO of QI Tech.
Luiz Ribeiro, managing director and co-head of the Brazil office at General Atlantic, believes that the company has “captured” an opportunity in the country, as digital payments and credit adoption in Brazil “continues to accelerate”.
“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.”
