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Brazil’s QI Tech claims selfie biometric unicorn status with fresh investment

Brazil’s QI Tech claims selfie biometric unicorn status with fresh investment
 

Brazilian financial services infrastructure and selfie biometrics provider QI Tech claims it has reached unicorn status, following an extension to its series B funding round

Previous investor General Atlantic was joined by new investor Across Capital in the extension to the $200 million series B announced by QI Tech in October of 2023.

QI Tech provides data validation, face biometrics and credit scoring to support digital onboarding and account opening as a “one-stop shop.”

The company says in the announcement that it has been profitable since its first year of operation, and that it is the first Direct Credit Company to be approved by Brazil’s central bank.

“We believe QI Tech is uniquely positioned as a challenger to existing incumbent solutions, with the momentum to become a leading, diversified player in Brazil’s financial infrastructure ecosystem as opportunities for digital payments and credit adoption continue to emerge,” General Atlantic Managing Director and Co-head for Brazil at Luiz Ribeiro.

QI Tech Founder and CEO Pedro Mac Dowell says the company plans to build out its financial infrastructure products into a “comprehensive suite,” and expand through strategic steps.

Brazil has emerged as a leading market for facial recognition, with QI’s domestic competitor unico raising $100 million in a series D round in 2022, and significant adoption in gambling, social media and financial services.

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