Fitch Ratings has assigned, for the first time, National Long-Term and Short-Term Ratings of “A+(bra)” and “F1+(bra),” respectively, to QI Participações S.A. — QI Tech — and its subsidiary QI Sociedade de Crédito Direto S.A. — QI SCD —, with a Stable Outlook. The ratings reflect QI Tech’s business profile, highlighting its strong strategic execution, low leverage, sound liquidity, and robust financial margins.
Founded in 2018 and a pioneer in obtaining Brazil’s first Direct Credit Society license, QI Tech operates across four business verticals focused on B2B financial services: Banking as a Service (BaaS), Lending as a Service (LaaS), Know Your Client (KYC), and a securities distribution firm, known in Brazil as a DTVM, established in 2023 to provide third-party fund administration and custody services.
The company demonstrated robust growth, with net revenue of BRL 102 million in the first half of 2023, despite its still significant concentration of clients and products.
Fitch highlights QI Tech’s strong profitability, with EBITDA and net income of BRL 59 million and BRL 31.1 million, respectively, as of June 2023. The group has low credit risk, as credit transactions remain on its balance sheet for short periods, as well as high-quality assets consisting primarily of Brazilian government securities.
The ratings reflect Fitch’s view that QI SCD, the group’s most relevant subsidiary, is fully integrated with its parent company in terms of management, systems, and strategy, resulting in a highly correlated credit profile between the two entities.