Columbian buy now, pay later (BNPL) firm Addi has snared $65m in debt and equity funding.
The company secured $35m from a Series B funding round and also picked up $30m in debt funding.
The Series B was led by Union Square Ventures and saw participation from Monashee’s Oppurtunity Fund, 8VC, Citius Capital, the Marathon Fund, Endeavour Catalyst, GCV partner Hans Tung and ex-CEO of Affirm Huey Lin. Meanwhile, the debt funding was rasied from Architect Capital.
According to Addi, the fresh capital will be used to grow its business in Columbia and support its launch in Brazil. To date, Addi has been live in Brazil for two months and claims it has signed deals with over 50 merchants.
The partnership with Banco Santander will see the two companies focus on Addi’s home market. Addi claims this is where the bank and itself will offer financing for consumer products as a single solution for merchants.
Addi co-founder and CEO Santiago Suarez said, “In Colombia and Latin America, most consumers can’t be part of the digital economy. Paying online is incredibly difficult, affordability is limited, and very few folks have a credit card. We empower merchants and customers and make it possible for them to meet digitally and transact with a fast, fair, and disruptive way of paying.”
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