After QI Tech extended its Series B round, the Brazil-based financial services infrastructure provider has officially achieved unicorn status.
QI Tech opted to raise additional equity with its current investor General Atlantic, a global growth investor, as well as investment firm Across Capital. Following the extension, the fintech achieved unicorn status, six months after raising its $200million Series B round in October 2023.
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 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.”
Founded in 2018, QI Tech is a financial infrastructure platform spanning financial, credit, banking, and anti-fraud solutions, with a focus on decentralising these services from major banks. The fintech also offers a comprehensive set of APIs, with a view to enabling businesses to provide financial products to their customers.
Luiz Ribeiro, managing director and co-head of the Brazil office at General Atlantic, also added: “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 its driven and execution-focused management team.”
QI Tech’s ‘one-stop-shop’ solution 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. It is the first Direct Credit Company (SCD) approved by the Brazilian Central Bank, and has been profitable since its first year of operation.
