Colombian FinTech company Addi, a leader in payment solutions for consumers and merchants, has secured a $100m credit facility from Victory Park Capital (VPC), a global alternative investment firm specialising in private credit.
The new credit line aims to bolster Addi’s ability to finance credit originations in Colombia, supporting its Buy Now Pay Later (BNPL) services for consumers and merchants.
Addi, founded in 2018, operates as a comprehensive platform for integrated payments, shopping, and banking. The company has garnered close to two million customers and over 18,000 merchant partners by addressing the historically underserved payment and credit needs in Colombia. Addi also achieved regulatory approval to become a bank and launched its Marketplace platform, which has onboarded over 500 merchants in less than six months.
The latest funding will allow Addi to sustain its growth trajectory while enhancing its services and customer experience. The company is focused on meeting the needs of underserved and underbanked populations in Colombia and broader Latin America.
Addi CEO Santiago Suarez said, “We’ve known the VPC team for over five years, and we’re excited to be partnering with them. Their experience in the private consumer credit space is unparalleled, and we look forward to working together in support of our mission to meet the historically underserved payment and credit needs of Colombians.
“This new partnership will allow us not only to sustain our growth, but also to create and enhance our services to continue building a better customer experience.”
Victory Park Capital’s managing director Kinan Hayani commented, “Addi has rapidly emerged as an innovator in the Latin American financial ecosystem by powering the modern financial needs of consumers and businesses alike.
“We strongly believe in the company’s mission to broaden access to credit products for underserved and underbanked consumers across Latin America, and we recognize the added value Addi can bring to merchants by helping increase conversion rates at the point-of-sale.”
Keep up with all the latest FinTech news here.
Copyright © 2024 FinTech Global
