QI Tech raises USD 200 million in Series B funding

Wednesday 1 November 2023 14:54 CET | News

Brazil-based financial services provider QI Tech has raised USD 200 million in a Series B funding round led by General Atlantic.


This fundraising effort was led by General Atlantic and aims to support the company in its pursuit of future acquisitions and potential public listing. Headquartered in Sao Paulo, QI Tech specialises in offering banking services and digital infrastructure solutions to businesses. The newly acquired funds will be instrumental in helping the company remain vigilant regarding opportunities within the financial market. 

Representatives from QI Tech cited by Reuters expressed the company's intention to allocate a portion of the capital towards financing acquisitions. Furthermore, QI Tech is positioning itself for a potential initial public offering (IPO) in the future, with the listing being considered for both domestic and international stock markets, contingent on prevailing market conditions. 

In addition to General Atlantic's involvement, Across Capital Partners, an existing shareholder in QI Tech, participated in the funding round. It's worth noting that QI Tech had previously received a USD 50 million investment from Singapore's GIC in an earlier funding round. The influx of fresh capital will contribute to the expansion of the company's commercial and product development initiatives. 

While the company's specific revenue figures were not disclosed, officials did mention that they amount to hundreds of millions of reais. They also emphasized that QI Tech has maintained profitability since its inception.


Brazil-based financial services provider QI Tech has raised USD 200 million in a Series B funding round led by General Atlantic.


More information about QI Tech

According to TechCrunch, QI Tech enables companies to extend banking services and financial products to their customers, employees, or suppliers. For instance, a telecom company can collaborate with QI Tech to function as a financial institution, as explained by Mac Dowell. 

QI Tech's suite of services encompasses digital registration tools, data verification, credit assessment, digital account setup, wire transfers, Pix (a Brazilian instant payment system), bank transactions, and credit evaluation across different sectors of the economy. This platform supports a range of applications, such as Buy Now, Pay Later options for ecommerce clients and the issuance of home equity and student loans by asset management firms and fintech companies. 

The same source reveals that during the first half of 2023, the company reported USD 21.2 million in net revenues, an increase of 89% compared to the same period of 2022. Its more than 300 customers include Shopee, Vivo Telefonica and 99 (Didi). The company charges its customers via a pay-as-you-go model, and customers pay a fixed fee for every transaction they process using QI Tech APIs.

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Keywords: funding, investment, financial services, fintech
Categories: Banking & Fintech
Companies: General Atlantic, QI Tech
Countries: Brazil
This article is part of category

Banking & Fintech

General Atlantic


QI Tech

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