Brazilian FinTech QI Tech has achieved unicorn status after extending its Series B round.
With this extension, the firm raised additional equity with current investor General Atlantic and Across Capital, QI Tech said in a Thursday (April 25) press release.
This announcement comes six months after QI Tech raised $200 million in its Series B round, according to the release.
“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, founder and CEO of QI Tech, said in the release.
“Achieving unicorn status is reflection of the hard work and collaboration of every member of our team, and we deeply appreciate the continued trust and support of General Atlantic and our investor base,” Mac Dowell added.
QI Tech was founded in 2018 and now provides a financial infrastructure platform that includes financial, credit, banking and anti-fraud solutions and aims to decentralize these services from major banks, according to the release.
The company’s application programming interfaces (APIs) allow businesses to provide financial services to their customers, the release said.
Among the services QI Tech’s solution delivers are digital onboarding tools, facial recognition, data validation, credit scoring, digital account opening, wire transfers, Pix, bank slips and credit underwriting, per the release.
Investor General Atlantic aims to support the company’s long-term development, Luiz Ribeiro, managing director and co-head of the Brazil office at General Atlantic, said in the release.
“We believe QI Tech is uniquely positioned as a challenger to existing incumbent solutions, with the momentum to become a leading, diversified player in Brazil’s financial infrastructure ecosystem as opportunities for digital payments and credit adoption continue to emerge,” Ribeiro said.
PYMNTS Intelligence has found that Brazil is ahead of the curve when it comes to embracing peer-to-peer (P2P) payments.
Nearly 82% of Brazilian consumers send money using P2P functionality, according to the “2024 Global Digital Shopping Index: Brazil Edition,” a PYMNTS Intelligence study commissioned by Visa Acceptance Solutions.
The report found that only India, where nine in 10 consumers use P2P technology, surpasses Brazil. In comparison, 51% of U.S. consumers and 52% of U.K. consumers use P2P payments.