Colombia-based Buy Now, Pay Later (BNPL) FinTech Addi has raised $200m of debt and equity financing to power its Latin America expansion plans, a report by FinTech Futures has revealed.
Addi, now valued at $700m, secured $75m just a few months ago in a round led by Greycroft with participation from new investors GGV Capital, Citius Capital, and Intersection Growth Partners, as well as existing investors Andreessen Horowitz, Citius VC, Endeavor Catalyst, Foundation Capital, Monashees, and Quona Capital.
The company, which has dual headquarters in Bogota, Colombia and São Paulo, Brazil, was co-founded in 2018 by Santiago Suarez, Daniel Vallejo, and Elmer Ortega, to power digital commerce in Latin America.
With e-commerce transactions in the region projected to exceed $160bn by 2024, the market is well poised for online and digital BNPL purchases to explode in popularity. Research estimates that this trend will contribute to a global BNPL spend of around $995bn by 2026.
Santiago Suarez, CEO of Addi, said: “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 establish a presence in Mexico in 2022 and is looking to expand further into other global markets.
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