QI Tech, a São Paulo-based Fintech startup It raised $ 50 million Financing for the deployment of a fully automated Lending-as-a-Service platform.
The Series A funding round, one of the largest for any Latin American startup, was led by GIC, Singapore’s sovereign wealth fund. Funding will be used by QI Tech to expand its product offering and accelerate inorganic growth efforts, as well as quadruple its team, which currently consists of 48 people. Pedro Mac Dowell, CEO of QI Tech, mentioned the importance of the shift:
“Brazil’s largest banks are losing credit share to other companies, such as retailers, service applications and domestic operators. “The advent of the GIC strengthens our independence and our commitment to financial services.”
Founded in 2018, QI Tech is the first direct credit company approved by the Brazilian Central Bank to operate in the country. However, instead of offering direct credit to final borrowers, it provides infrastructure to other institutions to do so. By offering a 100% digital solution, the startup has been able to grow its user base to more than 100 customers, while managing more than $ 1 trillion. credit transactions. Marcelo Bentivoglio, a partner at QI Tech, said:
“We offer all vertical Lending-as-a-Service, such as student finance, direct consumer credit, BNPL Buy Now, Pay Later, car loans, home equity, capital lines and secured credit operations. Thus, any fintech , traditional companies or banks can use QI Tech APIs to offer these verticals to end customers ”.
With that More than 60% Given the importance of establishing partnerships with 49% of credit unions and banks with fintech companies, startups like QI Tech have received increasing attention from investors. By providing these organizations with the necessary infrastructure to easily improve their internal credit process, QI tech aims to become a leading leader in the redesign of old credit systems, creating more opportunities for consumers.