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Brazilian banking - as - a - service startupQI Techhas raised $ 200 million in a Series B round of financial backing guide by New York - based General Atlantic . The lift is believed to be the largest in Brazil — across all industries — this class so far , according to Crunchbase .
plant in 2018 by Pedro Mac Dowell , Marcelo Bentivoglio and Marcelo Buosi , QI Tech is an infrastructure platform enabling the development of credit , payment , and banking root through a modular API . Italso hold up a Direct Credit Society ( SCD ) licence . In Brazil , an SCD is a type of national money box charter but with some restriction , as explained by CEO Mac Dowell . ( QI Tech claims to be the first SCD approved by the Brazilian Central Bank . )
Essentially , QI Tech allows any company to act like a bank and offer fiscal Cartesian product to its customers , employees or provider . For example , if a telecom company settle to extend paysheet loans to its employee , “ the telecom could partner with QI and act like a bank , ” Mac Dowell said .
Specifically , QI Tech ’s offering provides digital registration tools , datum validation , credit scoring , digital report opening , wire transfers , Pix , bank slips and cite underwriting for various sector of the thriftiness . It alsopowers a motley of use subject , including buy - now salary - later by eastward - commerce customer or the issuance of home plate equity and student loan by plus managing director and fintechs .
“ Our key differentiators are the technology and the compounding of lineament that create a ‘ one - stop - shop ’ solvent , ” Mac Dowell wrote via email . “ The technology is seamless , any developer can create digital accounts , make defrayal or issue loans in just a few consolidation steps , like Stripe , but for more complex fiscal product . In Brazil ( or even in the U.S. ) , there ’s no such tech company that can offer the complete suite of feature . Fintechs often rely on bank partnerships to make their product offer , and banks usually have fix capableness with modern modular applied science . QI Tech created a solution that is the full of the two humans : a technical school fellowship that hold the bank permit . ”
The new raise fetch the São Paulo - free-base startup ’s full speculation capital raise since its 2018 inception to $ 262 million . QI Tech , which claim to have been profitable since its first twelvemonth of surgical operation , bootstrapped from December 2018 until November 2021 , when it raised $ 50 million in a Series A round of funding led by the Sovereign Investment Fund of Singapore ( GIC ) . Across Capital , which put $ 12 million in the company in October 2022,doubled its investiture in QI Tech in the tardy financing . The company correct to reveal its current valuation .
“ Since the beginning , we direct for scalability and gainfulness , a strategy that was not very well ascertain but turned out to be the newfangled room , ” Bentivoglio publish via e - mail . “ We go on substantial on our main beliefs that a company can build extremely scalable products with great cash generation ( even in the first phase ) . ”
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During the first one-half of 2023 , the company reported $ 21.2 million in net revenues , an increase of 89 % compared to the same period of 2022 . Its more than 300 customer include Shopee , Vivo Telefonica and 99 ( Didi ) . The ship’s company charges its customer via a pay - as - you - go fashion model . Customers ante up a fixed fee for every transaction they process using QI Tech APIs .
The society presently has 120 employees , up from 50 a year ago .
QI Tech plans to apply the new capital toward explore “ strategic M&A opportunities ” and an “ aggressive growth strategy . ”
“ We get to accelerate ontogenesis through learning , and the capital will be used to finance a few transactions that can help increase our merchandise offering or consolidate a upright presence , ” Mac Dowell said . In December of 2021 , QI Tech acquired Zaig , a inauguration focused on providing KYC , AML , Antifraud and Credit Scoring locomotive engine . And , to begin with this year , QI Tech acquiredBuilders Bank , a banking app development startup . It also plans to practice the money toward its lending - as - a - service commercial enterprise , and developing late upright , such as its banking - as - a - service segment ( white - label banking and transaction experience , let in digital accounts and card issuance ) and the QI DTVM , the broker dealer license through which QI Tech can offer administration and custody services to investment funds .
Luiz Ribeiro , managing film director and co - head of General Atlantic ’s Brazilian office , said his firm has track QI Tech for several long time and is impressed “ by the vision of the leading squad . ”
“ We have been close monitoring the financial markets base in Brazil for year , and QI Tech ’s platform is one of the most compelling in the space . The company has raise substantially ( and profitably ) in recent years and is preserve to benefit from market tailwinds , including increased borrowing of embedded finance and a growing appetite for digital payment and credit products in the country , ” he wrote via email . “ In addition to secular movement , QI Tech remain dedicated to providing customers with relevant , high - tone products – evidenced by high-pitched customer satisfaction rate . We ’ve been impressed by the leadership squad , their carrying out acquisition and forward visual sensation – all of which allows them to establish and sustain a strong position in the market . ”
Brazil has been home to a number of successful fintech companies . Nubank has produce to bea $ 35 billion - plus digital bankthat offer credit cards , checking accounts and life policy to consumer . And , in late June , deferred payment card colossus Visa annunciate it wasacquiringBrazilian payments infrastructure startupPismofor $ 1 billion in cash in what is probable to be one of the orotund fintech M&A deals take lieu this year .
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