The round was led by General Atlantic, with participation from Across Capital Partners, an existing shareholder in the firm. QI Tech had previously received investments, including a $50 million round from Singapore’s GIC.

Founded in 2019 by Pedro Mac Dowell (CEO), Marcelo Bentivoglio (CFO), and Marcelo Buosi, the Sao Paulo, Brazil-based QI Tech offers tailored banking services and digital infrastructure designed for businesses. Its range of offerings includes BaaS (Banking as a Service), CaaS (Cards as a Service), anti-fraud solutions, and infrastructure technology dedicated to financial services.

QI Tech’s platform allows businesses to offer financial services without the need to build and maintain their own infrastructure. Its array of services includes card issuance, payment processing, and customer account management. Additionally, the company extends anti-fraud and risk management solutions aimed at assisting businesses in safeguarding both their customers and their data.

In a statement, Bentivoglio told Reuters that a portion of the investment would be allocated toward financing strategic acquisitions while preparing “for an IPO window when we have one,” he added. Bentivoglio said the IPO could be conducted either in Brazil or abroad, contingent on prevailing market conditions.

While Bentivoglio declined to disclose the company’s exact revenue figures, he noted that it falls within the range of hundreds of millions of reais. He also noted, “We’ve been profitable since the beginning,” emphasizing the company’s sustained profitability since its inception. “We’ve been profitable since the beginning,” he said.

Bentivoglio also added that the new funding will also help the company to expand its commercial and product development teams.