Colombian BNPL firm Addi raises $200m to support LatAm expansion
Colombian buy now, pay later (BNPL) fintech Addi has landed $200 million of debt and equity to support its expansion plans in Latin America.
Headquartered in Bogota, the firm offers BNPL and traditional credit services.
The firm has reportedly benefited from the pivot to digital in the region and the explosion of e-commerce thanks to the pandemic.
The fintech now claims a valuation of $700 million following a $80 million equity injection from SoftBank’s LatAm Fund, alongside others, Crowdfund Insider reports.
The remaining $125 million in debt financing was mostly provided by Goldman Sachs Group.
In June, Addi raised $65 million in a Series B round, led by Union Square Ventures, with participation from Foundation Capital, 8VC, Endeavor Catalyst, and Andreessen Horowitz.
Alongside the funding announcement, Addi also disclosed a new banking partnership with Banco Santander.
On the latest round, Addi CEO Santiago Suarez says: “Business is accelerating a lot faster than expected. So we decided to fill up the gas tank to continue driving into 2022 without having to worry about fundraising in the near future.”
Following expansions into the Brazilian market, Suarez says Addi will set up shop in Mexico in 2022 and is looking to expand further into other global markets.