Brazilian fintech QI Tech has achieved unicorn status after extending its Series B round.
With this extension, the company has raised additional capital from current investors General Atlantic and Across Capital, QI Tech said in a press release on Thursday (April 25).
The announcement comes six months after QI Tech raised $200 million in a Series B round, according to a release.
“QI Tech is a comprehensive financial infrastructure that will support our expansion and better serve our customers’ needs,” Pedro Mac Dowell, founder and CEO of QI Tech, said in a release. “We are taking intentional and strategic steps to create a suite of products.”
“Achieving unicorn status is a reflection of the hard work and collaboration of all members of our team, and we are deeply grateful to General Atlantic and our investor base for their continued trust and support.” Mac Dowell he added.
QI Tech was founded in 2018 and currently provides a financial infrastructure platform that includes financial, credit, banking, and anti-fraud solutions, and is looking to decentralize these services from large banks, according to the release. He says he is aiming for it.
The company’s application programming interfaces (APIs) enable businesses to provide financial services to their customers, according to the release.
According to the release, services provided by QI Tech’s solutions include digital onboarding tools, facial recognition, data verification, credit scoring, digital account opening, wire transfers, Pix, bank slips, and credit underwriting.
Investor General Atlantic aims to support the company’s long-term development, Luis Ribeiro, Managing Director and Co-Head of General Atlantic’s Brazil Office, said in a release.
“As opportunities for digital payments and credit adoption continue to emerge, QI Tech has the momentum to become a leading diversified player in Brazil’s financial infrastructure ecosystem and is uniquely positioned as a challenger to existing incumbent solutions. We believe that we are in the position of
PYMNTS Intelligence finds that Brazil is ahead of the curve in adopting peer-to-peer (P2P) payments.
Nearly 82% of Brazilian consumers use P2P functionality to send money, according to the PYMNTS Intelligence study 2024 Global Digital Shopping Index: Brazil Edition, commissioned by Visa Acceptance Solutions.
The report found that only India surpassed Brazil, with nine out of 10 consumers using P2P technology. In contrast, 51% of US consumers and 52% of UK consumers use her P2P payments.