QI Tech achieves unicorn status with $50M Series B extension

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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.

Read more on Brazil Journal

Araceli is a marketer and has been a volunteer and organizer of Hackathons, Startup Weekends, and H/F Community. She’s currently PR Manager at Magma Partners, where she helps startups to develop communication strategies in the United States and Latin America.

Hellen is a content writer with over 5 years of experience writing about startups and venture capital. Having held several different titles throughout her career, she stays true to form as a marketer by believing LinkedIn descriptors matter less than the jobs to be done.

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