Brazilian fintech QI Tech raised a $50M Series B extension from General Atlantic, bringing its valuation over the $1B threshold. The investment comes five months after their $200M Series B in November 2023.
QI Tech will put the funds towards its expansion efforts by doubling down on its M&A strategy and entering new business lines such as foreign exchange and insurance.
QI Tech offers a banking-as-a-service platform with infrastructure for credit, banking, payments, and collections.
“In banking as a service, we compete with Dock. In fiduciary administration, with Oliveira Trust and Vórtx. In anti-fraud, with idwall and Unico. In escrow accounts, with FitBank and Iugu. But none of these companies are on all fronts like we are,” said Pedro Mac Dowell, founder & CEO at QI Tech.
Founded in 2018, QI Tech aims to surpass $135 million in revenue this year, and its client base of over 400 customers includes companies like Vivo, 99, and QuintoAndar.
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