QI Tech, a financial services technology company whose clients include Vivo and 99, raised BRL 1 billion — equivalent to US$200 million — in a Series B funding round. Most of the investment was provided by General Atlantic, which joined the company as a new investor. Across Capital, a Brazilian investment firm that was already a shareholder, also participated and doubled its initial investment.
The funding was secured amid a global reduction in the availability of capital for startups, highlighting investor interest in companies that had already demonstrated financial sustainability. QI Tech reached break-even during its first year of operations, in 2018.
Although the company’s exact valuation was not disclosed, the round represented an increase compared with its Series A valuation. General Atlantic became one of QI Tech’s main investors, while Singapore sovereign wealth fund GIC remained its largest external shareholder after leading the previous BRL 270 million round.
The round followed a pro rata structure, under which all shareholders were diluted proportionally. Founders Pedro Mac Dowell, CEO; Marcelo Bentivoglio, CFO; and Marcelo Buosi, COO, remained in control of the company, with no shareholders exiting the capitalization table.
The proceeds were intended to support QI Tech’s acquisition strategy, which began after its Series A round. The company had already invested in Zaig, a customer identity and KYC technology specialist, and Builders Bank, a developer of applications for the financial sector. QI Tech also planned to expand into areas such as Open Finance and artificial intelligence.
The investment would also support the expansion of the company’s four business units: Lending as a Service, Banking as a Service, customer identity solutions, and its securities brokerage operation serving the FIDC market. With approximately 300 corporate clients at the time, QI Tech aimed to consolidate its position as a one-stop shop for financial services technology.
The company expected its credit origination volume to reach BRL 10 billion by the end of the year and its workforce to grow to 200 employees by the end of 2024. QI Tech was also considering a future initial public offering, although it planned to wait for more favorable market conditions, potentially within two or three years.