Brazil's QI Tech Raises $200M in Series B Funding Led by General Atlantic

Brazilian fintech startup QI Tech has raised $200 million in a Series B funding round led by General Atlantic. Founded in 2018, QI Tech's infrastructure platform empowers large enterprises to develop credit, payment, and banking solutions using a modular API. It holds a Direct Credit Society (SCD) license, allowing companies to offer financial products to their customers, employees, or suppliers. The latest funding will support QI Tech's expansion and explore strategic M&A opportunities. The company reported $21.2 million in net revenues during H1 2023.

In December 2021, QI Tech acquired Zaig, focused on KYC, AML, Antifraud, and Credit Scoring. This year, it acquired Builders Bank, a banking application development startup. The new capital will also be used to further develop its lending-as-a-service business and verticals such as white-label banking, transaction experience, and broker dealer services for investment funds.

General Atlantic's Luiz Ribeiro noted that QI Tech's platform is one of the most compelling in the Brazilian financial markets infrastructure space. Brazil has been home to successful fintech companies like Nubank, a digital bank valued at over $35 billion, and Visa's acquisition of Brazilian payments infrastructure startup Pismo for $1 billion in cash.