Brazilian financial infrastructure company QI Tech has secured a $63 million Series B extension led by General Atlantic with participation from Across Capital. The funding follows the company’s initial $200 million Series B round in 2023 and $50 million Series A in 2021.
Founded in 2018 and licensed by the Brazilian Central Bank, QI Tech provides an array of technological infrastructure for banking, collections, credit, payments, onboarding, and anti-fraud services. The company recently expanded its offerings with an Insurance-as-a-Service platform and QI Fatura, a digital framework enabling instalment payments via Pix.
QI Tech adds that it is also currently developing foreign exchange infrastructure aimed at eliminating the “traditional bureaucracy and delays associated with FX in Brazil” and reducing dependency on the Swift network.
CEO Pedro Mac Dowell says the latest funding will help accelerate further product development and positions the company “for strategic M&A moves aligned with our long-term vision”. QI Tech previously purchased brokerage firm Singulare in 2023.
CFO Marcelo Bentivoglio indicates in an interview with Brazil Journal that additional acquisitions are in the pipeline, particularly in custody and administration services.
While not disclosing the exact figure, Mac Dowell revealed in the same interview that QI Tech’s market value now exceeds $2 billion.
Source: https://www.fintechfutures.com/
