QI Tech Is the Only Banking as a Service Company Rated AA(bra) by Fitch

Fitch Ratings has upgraded QI Tech’s national long-term ratings from AA-(bra) to AA(bra), with a stable outlook. The upgrade applies to QI Participações and its subsidiary QI Sociedade de Crédito Direto (QI SCD). The short-term ratings of both entities were affirmed at F1+(bra), the highest short-term rating on the agency’s national scale.

What Drove the Upgrade

According to Fitch, the upgrade reflects the group’s gains in scale, with growing operating revenues and greater diversification across its main business verticals. In 2025, QI Tech’s net operating revenue grew 123% year over year, a pace that continued through the first half of 2026. With the new rating, the company becomes the only banking as a service institution rated AA by Fitch.

Financial Strength and Low Credit Risk

The agency noted that operations remain on the balance sheet for only a few days and are mostly assigned to third parties. More than 70% of assets are government securities. The Basel ratio stands at 23.88%, well above the regulatory minimum of 10.5%. Leverage is low, at 0.36x debt/EBITDA as of June 2026, and free cash exceeds consolidated gross debt, backed by contingency credit lines with top-tier banks.

A Moment of Expansion

QI Tech has been a unicorn since 2024 and, according to ANBIMA, is the country’s largest administrator and custodian of FIDCs (receivables investment funds). The company projects revenue of more than R$2 billion in 2026, up roughly 80% from 2025, and has set aside up to R$4 billion for acquisitions. In June, it entered the private fixed-income market with a settlement bank and a bookkeeping arm. In July, it acquired AutoBanking and began operating in auto financing. The company has also opened offices in Shanghai and Uruguay.