Subscribe
Logo
Logo
  • Topics Icon Topics
    • AI Icon AI
    • Banking Icon Banking
    • Blockchain/DeFi Icon Blockchain/DeFi
    • Embedded Finance Icon Embedded Finance
    • Fraud/Identity Icon Fraud/Identity
    • Investing Icon Investing
    • Lending Icon Lending
    • Payments Icon Payments
    • Regulation Icon Regulation
    • Startups Icon Startups
  • Podcasts Icon Podcasts
  • Products Icon Products
    • Webinars Icon Webinars
    • White Papers Icon White Papers
  • TechWire Icon TechWire
  • Search
  • Subscribe
Reading
Brazil’s QI Tech achieves unicorn status with recent $50M series B extension
ShareTweet
Home
Banking
Brazil’s QI Tech achieves unicorn status with recent $50M series B extension

Brazil’s QI Tech achieves unicorn status with recent $50M series B extension

David Feliba·
LatAm
·May. 7, 2024·2 min read

Brazilian fintech QI Tech announced a $50 million Series B round extension led by General Atlantic, supplementing its earlier $200 million investment six months prior and catapulting the firm past the $1 billion valuation mark.

Hence, Latin America welcomes another unicorn company into its fold, despite the challenges posed by the recent surge in interest rates, which notably dampened valuations for tech startups across the region. Investment firm Across Capital also participated in the deal.

“QI Tech is taking intentional, strategic steps to support our expansion and create a comprehensive suite of financial infrastructure products that better address client needs,” Pedro Mac Dowell, CEO and founder at QI Tech, said. “Achieving unicorn status is reflection of the hard work.”

QI Tech bucks the trend

The Sao Paulo-based Brazilian fintech had already bucked the trend back in October, when it scored big with a $200 million Series B funding round led by General Atlantic as well. At the time, however, the company chose to keep its valuation under wraps.

Now, the company aims to apply the funding to fuel its growth strategy across the region. “We offer a complete infrastructure to enterprsies that seek to offer financial services to their customers such as banking as a service, anti-fraud tools and more,” the firm said.

Pedro Mac Dowell, CEO and founder at QI Tech.

Established in 2018, the company offers a suite of tech APIs that support different digital produts for its customers. It’s part of a a burgeoning wave of fintechs that have emerged in recent years to create much-needed digital banking infrastructure.

The firm enables banks, fintechs and non-financial firms to integrate digital banking tools such as digital onboarding , facial recognition, credit scoring, digital account opening, wire transfers, Pix payments and credit underwriting.

A market on the rise

The banking-as-a-service market has been steadily expanding in Latin America, driven by the region’s growing e-commerce sector and the increasing adoption of digital banking in economies that were once predominantly cash-based.

The BaaS market is expected to surpass the $2 billion threshold this year, according to a recent study, with further growth anticipated in the years ahead. Market research firm Mordor Intelligence forecasts a steady 7% annual growth rate for the regional industry, driven by rising demand from non-bank businesses seeking to integrate financial services into their offerings.

“We believe QI Tech is uniquely positioned as a challenger to existing incumbent solutions,” Luiz Ribeiro, Managing Director and Co-Head of the Brazil office at General Atlantic, said. ” (It has) momentum to become a leading, diversified player in Brazil’s financial infrastructure ecosystem as opportunities for digital payments and credit adoption continue to emerge.”

LatAm’s Mercado Libre plows ahead with 50M fintech clients
  • David Feliba
    David Feliba

    David is a Latin American journalist. He reports regularly on the region for global news organizations such as The Washington Post, The New York Times, The Financial Times, and Americas Quarterly.

    He has worked for S&P Global Market Intelligence as a LatAm financial reporter and has built expertise on fintech and market trends in the region.

    He lives in Buenos Aires.

    View all posts
Tags
digital bankingQI Tech
Related

Rory O’Reilly, Co-Founder and CEO of Knot, on connecting cardholders to merchants

Nico Simko, Founder & CEO of Clair on a different approach to earned wage access

Anthony Sharett, President of Pathward, on how to do banking-as-a-service right

Nubank’s Credit Loan Strategy: How It Works

Popular Posts

Today:

  • Fintech ForecastWhy Every Lender Should Be Using Cash Flow Underwriting Today Jul. 29, 2025
  • FN-US-payment ForecastThe U.S. Payments Modernization that Wasn’t Jul. 31, 2025
  • Caspian (2)Funded: Caspian lands $5.4M seed to automate tariff management Aug. 1, 2025
  • Jeff Radke AccelerantAs Accelerant IPOs on NYSE, CEO Jeff Radke Hopes to Usher In Insurtech 3.0 Jul. 24, 2025
  • July 30th FN AI articleThe AI-Powered Ad Machine Jul. 30, 2025
  • 124Very Stablecoin GENIUS Act Signed; Stripe Scoops Up Orum Jul. 23, 2025
  • Dr Luke BarrWhen the Copilot Becomes the Pilot (and You Stop Flying) Jul. 16, 2025
  • FN articleVisa’s Director of Product Management on BNPL’s Future Jul. 22, 2025
  • 122AI Wages War on Art & Culture Jul. 30, 2025
  • MomentFunded: Moment raises $36M Series B to automate fixed income for financial institutions Jul. 18, 2025

This month:

  • Penny LeeThe Battle for Open Banking’s Future Jul. 10, 2025
  • Fintech ForecastWhy Every Lender Should Be Using Cash Flow Underwriting Today Jul. 29, 2025
  • Jon StonaTips from Airwallex x McLaren on Making the Best of a Fintech Sponsorship  Jun. 18, 2025
  • KanyiThe World According to Kanyi Maqubela Jul. 8, 2025
  • Eric GlymanHow Ramp’s CEO Eric Glyman is betting big on AI agents Jul. 15, 2025
  • WayfoundThe AI Agent Wild West Jul. 9, 2025
  • Pat UtzAbstract CEO on RegTech in the era of Trump 2.0 Jul. 17, 2025
  • Jeff Radke AccelerantAs Accelerant IPOs on NYSE, CEO Jeff Radke Hopes to Usher In Insurtech 3.0 Jul. 24, 2025
  • TechNexus The AI IssueAI’s Existential Opportunity Jul. 9, 2025
  • Dr Luke BarrWhen the Copilot Becomes the Pilot (and You Stop Flying) Jul. 16, 2025

  • About
  • Contact
  • Disclaimer
  • Privacy Policy
  • Terms
Subscribe
Copyright © 2025 Fintech Nexus
  • Topics
    • AI
    • Banking
    • Blockchain/DeFi
    • Embedded Finance
    • Fraud/Identity
    • Investing
    • Lending
    • Payments
    • Regulation
    • Startups
  • Podcasts
  • Products
    • Webinars
    • White Papers
  • TechWire
  • Contact Us
Start typing to see results or hit ESC to close
lis digital banking USA Lending Club UK
See all results