SAO PAULO (Reuters) – QI Tech, a Brazilian financial services provider to businesses, raised 1 billion reais ($200 million) in a Series B round led by General Atlantic to fund future acquisitions while preparing for a potential public offering, the company said on Tuesday.
The Sao Paulo-based firm provides banking services and digital infrastructure for businesses.
With the funds, QI Tech will be “very attentive to market opportunities,” co-founder and Chief Financial Officer Marcelo Bentivoglio told Reuters.
Part of the investment will go to finance acquisitions, while the company also prepares “for an IPO window when we have one,” he added.
The executive said the potential listing could be carried out either in Brazil or abroad, depending on market conditions.
In addition to General Atlantic, the round was joined by Across Capital Partners, which already was a shareholder in the firm. QI Tech had also previously received investments from Singapore’s GIC in a round that raised $50 million.
The fresh capital will also boost the firm’s commercial and product development area, Bentivoglio said.
Bentivoglio declined to disclose the company’s revenue, but said it was in the hundred of millions of reais.
“We’ve been profitable since the beginning,” he added.
($1 = 5.0475 reais)
(Reporting by Patricia Vilas Boas; Writing by Peter Frontini; Editing by Chris Reese)
