QI Tech, a Brazilian fintech, has raised BRL350m ($63m) for its financial infrastructure platform in a Series B extension led by General Atlantic.
The funding aims to boost the company’s client solutions development, support strategic acquisitions, and enhance its position in the digital banking sector in Brazil.
This follows a prior Series B round of $200m also led by General Atlantic in 2023, which facilitated the acquisition of brokerage firm Singulare.
Across Capital also participated in the Series B extension, marking its fourth investment in the Brazilian fintech.
The additional funds will be directed towards expanding QI Tech’s acquisition strategy and product diversification, with a focus on creating an integrated financial ecosystem through proprietary technology and application programming interface (API) integrations.
QI Tech CEO and founder Pedro Mac Dowell said: “This new investment enhances our ability to accelerate the development of solutions aimed at modernising Brazil’s financial infrastructure.
“We remain focused on expanding our portfolio with reliability, compliance, and scalability. The additional capital also positions QI Tech for strategic merger and acquisitions (M&A) moves aligned with our long-term vision.”
Founded in 2018, QI Tech offers an API platform for financial institutions, fintechs, and enterprises to deploy financial products efficiently. The company covers services such as core banking, payments, lending, investments, and insurance.
QI Tech’s recent acquisitions include Zaig in 2021, Singulare in 2023, and Builders Bank in 2023. These acquisitions are said to have bolstered its capabilities in anti-fraud transactions and white-label banking platforms.
The firm is claimed to process over 20 million anti-fraud transactions monthly and safeguards $13m against fraud each month. Following the acquisition of Singulare, QI Tech became one of the major custodians of Investment Funds for Private Credit (FIDCs) with $17bn in assets under custody.
Expanding beyond traditional banking, QI Tech launched an insurance-as-a-service platform that issued over $27m in premiums within six months.
Additionally, the company is developing foreign exchange infrastructure to streamline international transactions. This new feature intends to provide clients with a fully digital experience devoid of typical bureaucratic delays associated with FX transactions.
