In a landmark move for Brazil's fintech sector, São Paulo-based startup QI Tech has secured USD $200M in Series B funding, the country's largest raise across all industries this year, led by investment powerhouse General Atlantic. This strategic influx of capital propels QI Tech's total venture funding to an impressive $262 million since its inception in 2018.
QI Tech, the brainchild of founders Pedro Mac Dowell, Marcelo Bentivoglio, and Marcelo Buosi, is pioneering a transformative banking-as-a-service platform. Through its modular API, the company facilitates the creation of sophisticated credit, payment, and banking solutions. This innovation equips companies from varied sectors to offer banking services directly, disrupting the traditional reliance on banks.
The company's offerings are comprehensive, including digital registration, credit scoring, account opening, and other critical financial services. Its technology suite has set a new industry standard, enabling developers to integrate complex financial products seamlessly.
Despite its short history, QI Tech boasts profitability since its first year, reflecting its commitment to scalability and robust financial health. The startup's customer base has grown to over 300, including names like Shopee and Vivo Telefonica, and it has reported a striking 89% revenue increase in the first half of 2023.
With 120 employees, up from 50 last year, QI Tech is eyeing an aggressive expansion, including strategic mergers and acquisitions, having already successfully integrated Zaig and Builders Bank into its ecosystem. The capital will further bolster its lending-as-a-service offering, banking-as-a-service segment, and broker dealer services through QI DTVM.
Luiz Ribeiro from General Atlantic lauds QI Tech for its compelling platform and the team's visionary leadership. He notes the startup's profitable growth and its alignment with the burgeoning demand for digital financial services in Brazil.
QI Tech's success signals a paradigm shift in the Latin American financial landscape, setting the stage for a more decentralized and accessible financial future.