Brazil-based QI Tech, a FinTech that provides a range of financial services through APIs, has raised $50m in Series A funding.
The funding round was led by GIC, Singapore’s sovereign wealth fund.
With the fresh capital, QI Tech said it will invest in the construction of new products, focussing especially on improving the consumer’s credit journey, and on developing its data science team. The company also plans to quadruple the size of its team, which currently comprises 48 people.
QI Tech is the first direct credit company (SCD) approved by the Brazilian Central Bank. A technology company with a banking license, QI Tech provides financial infrastructure as a service to companies, fintechs and other small financial institutions, to enable them to offer credit solutions to consumers.
“We offer all Lending-as-a-Service verticals, such as student finance, direct consumer credit, BNPL Buy now, Pay later, auto loans, home equity, working capital lines and secured credit operations,” QI Tech partner Marcelo Bentivoglio explained. “Thereby, any FinTech, traditional company or bank can use QI Tech’s APIs to offer these verticals to their end customers.”
Since its launch in 2019, QI Tech has handled more than $1bn in credit transactions: $40m in its first year of operations and $200m in the second year.
Pedro Mac Dowell, CEO of QI Tech said, “GIC’s funding comes at a decisive moment in our trajectory, as we seek to take the next step towards improving the end-to-end credit journey experience and enabling any business to offer fully digital banking services through our proprietary technology.”
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