With the purchase of Zaig, the company now offers onboarding, KYC and antifraud solutions
QI Tech, a technology company with banking license and the first Direct Credit Company approved by the Central Bank of Brazil, announces its first acquisition, in record time, after the $50m investment round by Singapore’s Sovereign Wealth Fund (GIC). The acquisition of Zaig is part of QI Tech’s strategy of becoming a “one stop shop” solution for credit services. With the acquisition, the company is now able to offer end-to-end Credit as a Service to all of its clients.
Since 2019, Zaig operates on fraud prevention and onboarding solutions. Zaig’s products also follow the “as a Service” model, assisting large companies and fintechs, such as Unidas, Nexoos, Banco Bari and Olist. Together with QI Tech’s products, the synergy of both solutions will provide the full cycle for companies that want to offer credit to the market.
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“It is very important to have anti-fraud and onboarding solutions in our portfolio. The acquisition of Zaig will allow QI Tech to facilitate the work of integrating clients, as we now offer a complete credit solution,” says Pedro Mac Dowell, founder and CEO of QI Tech.
“The set of tools creates a complete solution, which facilitates even more the implementation of the final product to our clients. The synergy between Zaig and QI Tech is very clear in all aspects, including the client portfolio, technology and the cultural fit between both teams” says Emilio Moreira, founder and CEO of Zaig.
Over a month ago, QI Tech received a $50 million investment from GIC, announcing that part of the capital raised would be destined to M&A operations. Currently, the company has more than 100 clients, including fintechs, asset management firms, banks and traditional companies, such as Geru, iFood and Vivo Money. Since the beginning of its operation in 2019, the company has issued around US$ 1 billion in credit operations, of which $40 million in its first year, $200 million in its second year, and $800 million in 2021 so far.
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Marcelo Bentivoglio, QI Tech’s partner and head of strategy, reinforces that the company’s mission is to allow any company to offer 100% digital banking services using QI’s proprietary technologies.
“The acquisition is strategic and places us as a ‘one stop shop’ solution. The market demands an antifraud and onboarding process with the same technological sophistication of QI Tech. No wonder, we have all the necessary infrastructure that makes the companies that hires us able to offer a complete financial journey to its clients, combining bank account, bank slips, issuance and all type of wire bank transfers (e.g. PIX/TED/DOC),” says Bentivoglio.
The transaction amounts will not be disclosed. The deal will be made through cash payment and also part in share exchange. For the next months, QI Tech intends to continue investing in the creation of new products, develop its data science and analytics area and quadruple the team’s headcount, which currently has 58 employees. In addition to the capital raising from GIC, Quatá Confidence Capital also was QI Tech’s exclusive financial advisor on this transaction.
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