Brazilian fintech QI Tech has secured $50m from Singapore’s sovereign wealth fund GIC in its Series A funding round.
QI Tech, a Brazilian Central Bank approved Direct Credit Company (SCD), offers financial services through APIs. Particularly, QI Tech technological infrastructure enables its clients to offer financial services.
Since mid-2019, QI Tech has handled more than $1bn in credit transactions.
It is based in Sao Paolo and counts more than 100 companies including fund managers, banks and traditional companies as its clients.
The fintech will utilise the new proceeds to develop new products, particularly, to enhance consumer credit journey.
QI Tech also plans to quadruple its current workforce strength of 48 employees. The company also intends to develop its data science team and invest in M&A to fuel inorganic growth.
QI Tech CEO Pedro Mac Dowell said: “We are the first financial institution to create an exclusive Lending-as-a-Service model in Brazil and we aim to continue to break new ground in this market.
“We introduced a fully automated model that runs 24/7 and that can handle high frequency operations (several operations during a short window of time), which allows our customers to offer an unique experience to their clients.
“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.”