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BNPL company ADDI secures $65mn in Series B; announces strategic partnership with Banco Santander

By Pavithra R

May 27, 2021

  • BNPL
  • Colombia

BNPL company ADDI secures $65mn in Series B; announces strategic partnership with Banco SantanderADDI, a “buy now, pay later” (BNPL) platform, based in Bogotá and Sao Paulo has announced securing $ 65 mn in debt and equity, as well as a strategic partnership with Banco Santander.

The new $ 35 mn Series B round was led by Union Square Ventures, with participation from 8VC, Monashees’ s Opportunity Fund, Citius Capital, Endeavor Catalyst, Marathon Fund, Hans Tung, a partner at GGV, and Huey Lin, a former director of Affirm operations. The finance round also saw participation from existing investors Andreessen Horowitz, Foundation Capital, Monashees and Quona Capital.

“In Colombia and Latin America, most consumers cannot be part of the digital economy. Online payment is incredibly difficult, affordability is limited, and very few people have a credit card. We empower merchants and customers and make it possible for them to connect around the world. digital and carry out transactions with a fast, fair and disruptive form of payment,” said Santiago Suárez, co-founder and CEO of ADDI.

ADDI is planning to use the investment to expand its business in Colombia and support its launch in Brazil. The company also announced a strategic partnership with Banco Santander in Colombia. Through this partnership ADDI plans to offer financing for consumer products as a unique solution for merchants in Colombia. The association will be launched to the public in June.

“We couldn’t be more pleased to partner with Santiago and the rest of the ADDI team. ADDI in addition to expanding consumer access to point-of-sale credit, it also uniquely enables Latin American longtail merchants to expand their e-commerce businesses, offering their customers convenient payment options that free up capital and drive sales. We believe that ADDI will soon be a major player in the consumer finance sector in Latin America, “said John Buttrick, General Partner of Union Square Ventures.

ADDI was established in Bogotá in 2018 by co-founders Santiago Suárez, Daniel Vallejo, and Elmer Ortega. Its mission is to drive digital commerce in Latin America, starting with buy now, pay later. It is available in physical, mobile and e-commerce stores.

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