Brazilian Banking-as-a-Service platform QI Tech has raised $200 million in a Series B round led by General Atlantic.
GA was joined by existing investor Across Capital, which is doubling its initial $12 million investment in the company. The new raise brings the São Paulo-based startup’s total venture capital investments to $262 million, including a $50 million Series A round of funding led by the Sovereign Investment Fund of Singapore back in November 2021.
Founded in 2018 by Pedro Mac Dowell, Marcelo Bentivoglio, and Marcelo Buosi, QI Tech offers a set of APIs that allows any business to offer financial products to its customers, providing digital registration tools, data validation, credit scoring, digital account opening, wire transfers, Pix, bank slips, and credit underwriting. To round out the offering, QI Tech also holds a brokerage license (DTVM), used to structure, administer, and safeguard investment funds in credit rights.
The company claims to have been profitable since its inception in 2018.
Says CEO Mac Dowell: “This new partnership lays the foundation for the size of the opportunity we are pursuing. 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.”