Priya PatelTLDR:
- Colombian fintech Addi raised $86M in funding from Union Square Ventures, Andreessen Horowitz, GIC Private Ltd, and Goldman Sachs Group.
- Addi plans to use the funds to further expand in Colombia and continue to offer its buy-now-pay-later service for e-commerce and physical stores in Latin America.
Colombian fintech Addi recently secured an $86M funding round, with $36M in capital from Union Square Ventures, Andreessen Horowitz, and GIC Private Ltd, and $50M in debt from Goldman Sachs Group. The company plans to use the funds to continue its expansion in Colombia. Addi offers a buy-now-pay-later service for e-commerce and physical stores in Latin America, solving payment issues in the region.
One of the key highlights of Addi’s success is its advanced creditworthiness modeling, which has allowed the company to keep its portfolio of loans more than three months past due at just 1%. This has contributed to the company’s growth, with a 60% increase in its client base in 2023. Currently, more than 13,500 retailers utilize Addi’s payment-processing system, a significant growth from the 1,000 merchants served in 2021. Sales at affiliated stores reached $413M last year.
The funding round signifies a vote of confidence from investors in Addi’s business model and potential for growth in the Latin American market. With the new capital injection, Addi aims to continue expanding its services and reach more customers in Colombia and beyond.
