Bogota-based buy now, pay later platform Addi has secured $65 million in debt and equity funding and formed a strategic relationship with Banco Santander.
The new $35mm Series B equity investment round was led by Union Square Ventures, with participation from 8VC, Monashees’s Opportunity Fund, Citius Capital, Endeavor Catalyst, the Marathon Fund, GGV partner Hans Tung, and former Affirm COO Huey Lin. Addi also picked up $30mm in fresh debt funding from Architect Capital.
The new capital will be used to grow Addi’s business in Colombia - where it has seen 5x times growth since the beginning of the year - and support its launch in Brazil.
The deal with Banco Santander focuses on its home market, where the bank and Addi will offer financing for consumer products as a single solution for merchants.
In Brazil, Addi has been live for two months and signed deals with over 50 merchants.
“In Colombia and Latin America, most consumers can’t be part of the digital economy. Paying online is incredibly difficult, affordability is limited, and very few folks have a credit card,” says Addi co-founder and CEO Santiago Suarez. “We empower merchants and customers and make it possible for them to meet digitally and transact with a fast, fair, and disruptive way of paying.”