Brazil's QI Tech Raises $200M Series B Led by General Atlantic
QI Tech, a Brazilian BaaS fintech, closed a $200 million Series B funding round on October 31, 2023, led by General Atlantic with participation from Across Capital. The round was the largest funding deal in Brazil across all industries in 2023 according to Crunchbase. QI Tech holds the distinction of being the first Direct Credit Company (SCD) approved by the Brazilian Central Bank, positioning it as a licensed infrastructure provider for embedded lending.
The company reported $21.2 million in net revenues for the first half of 2023, representing an 89% increase over the same period in 2022. QI Tech serves over 300 customers including major brands such as Shopee and Vivo Telefonica. The funding is intended to fuel strategic acquisitions and organic growth aimed at decentralizing credit distribution away from Brazil's dominant traditional banks.
This investment underscores strong investor confidence in BaaS and embedded credit infrastructure in Latin America's largest economy.
- Validates BaaS and embedded lending infrastructure as a high-growth category in Latin America
- Large round signals investor appetite for licensed BaaS providers capable of displacing traditional bank credit distribution
- Potential M&A activity could consolidate Brazil's fragmented fintech lending ecosystem