QI Tech Scores $200 Million in Series B, Topping Brazil's Funding Charts

QI Tech Scores $200 Million in Series B, Topping Brazil's Funding Charts

Brazil's QI Tech, a Banking-as-a-Service (BaaS) pioneer, has bagged $200 million in a Series B funding round. Leading the investment was New York’s General Atlantic, marking this as Brazil’s biggest funding event for the year across all sectors, based on Crunchbase data.

Transaction Highlights:

  • Deal Value: $200 million.
  • Investors: Led by General Atlantic, backed by additional funding from Across Capital.
  • Recipient: QI Tech, a São Paulo-based BaaS innovator founded in 2018.

QI Tech Snapshot:

  • Financial Upswing: The new influx of cash is slated for aggressive growth strategies and potential M&A activities. QI Tech has reported a net revenue of $21.2 million for the first half of 2023, up 89% compared to the same period last year.

  • Product Arsenal: The company offers an extensive range of financial services through its modular API, from digital registration tools to credit underwriting across various economic sectors.

  • Market Dominance: With over 300 clients including big names like Shopee and Vivo Telefonica, QI Tech stands out as a one-stop solution in the BaaS space in Brazil.

  • Team Expansion: Employee count has escalated to 120, more than doubling from 50 a year prior.

Industry Context:

The success of QI Tech aligns with Brazil's flourishing fintech landscape, marked by significant acquisitions and high valuations, such as Nubank’s $35 billion valuation and Visa's $1 billion acquisition of Pismo.

The Roadmap:

With a total of $262 million in venture capital since its 2018 inception, QI Tech aims to fortify its market presence through strategic acquisitions and an extension of its product suite, including its lending-as-a-service business and white-label banking solutions.

Investor Perspective:

General Atlantic, a long-time observer of Brazil's fintech scene, commended QI Tech's impressive growth and the team's forward-thinking strategy, highlighting the company's ability to capitalise on market tailwinds like the increasing demand for digital payments and credit products.

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