Addi, a Colombia-based fintech startup offering credit and banking solutions to Latin Americans, has raised US$ 75 million in a Series B funding led by Greycroft on 9 September 2021.
Investors: The latest investment round featured Greycroft as the lead investor with participation from Union Square Ventures, Quona Capital, monashees, Intersection Growth Partners, GGV Capital, Foundation Capital, Endeavor Catalyst, Citius, and Andreessen Horowitz. The startup has managed to raise approximately US$ 170 million, in total, to date.
Purpose of the funding: The startup seeks to deploy the proceeds from the investment round towards further scaling its operations in Colombia and Brazil and entering the Mexican market by early 2022. The firm also intends to bring advancements in its buy now pay later (BNPL) services while enabling users and dealers to make payments in unprecedented ways with the help of its platform and application, launching at the end of September.
Brought to existence in 2018 by Daniel Vallejo, Elmer Ortega and Santiago Suarez, Addi envisages powering the e-commerce industry of Latin America through its BNPL services. It allows the users to purchase from their most preferred dealers and pay later. The firm has witnessed an exponential growth (13x) in the volume of dealings on its interface since the commencement of the year 2021. The firm has structured itself as a vital player for online retailers, comprising BNPL, Claro, Mario Hernandez, Keep Running, and Arturo Calle as the best way of payment, with many dealers. Addi assists merchants in making their order figures double or triple, with an equivalent rise in mobile and digital shopping transformations.
What the Founder has to say: “The latest investment round has stimulated us in re-shaping e-commerce domain Latin America by improving accessibility and availability for all. In addition, it’s evidence of the growth that our enterprise has witnessed and the faith we have built with both dealers and users. Receiving financial support from a pool of global investors such as GGV Capital and Greycroft has not only propelled our vision to increase the pace of our commercial and product journey but also justified it.”- Santiago Suarez, Co-Founder and CEO of Addi.
What the Investor has to say: “Addi has been making attempts to redefine the Latin American e-commerce industry. The firm’s credit and payment offerings add great value for dealers while opening an advanced checkout service that can cater to a larger number of consumers than any other organisation in the fintech domain. It is lucky to collaborate with such a proficient team and organisation.”- Will Szczerbiak, Partner at Greycroft.
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