Latamlist – ADDI, a Colombian fintech recently raised $15M in an investment round led by Quona Capital. The Washington, DC-based venture capital firm has other Latin American startups in it portfolio like Konfío and Creditas. Foundation Capital also participated in this round along with follow-on investments from Andreessen Horowitz and Monashees.
“It was quite an adventure. Closing a round in the middle of a pandemic is not easy. But it’s a vote of confidence and an optimistic outlook on our business model,” said Santiago Suárez, co-founder and CEO of ADDI.
The startup is helping to solve the inaccessible and unfair fate of consumer credit in Colombia. With this purpose, ADDI offers credit and banking solutions at points of sale throughout the country.
With this investment led by Quona Capital, ADDI’s total raised reaches $31M. In fact, this milestone makes ADDI the fintech with the most venture capital raised in Colombia.
In spite of the global economic crisis, Colombia’s startup ecosystem is thriving. A recent ranking from the Financial Times placed 31 companies from Colombia on a list of the 500 fastest-growing companies in the Americas. According to Forbes, the number of fintech companies in Colombia grew by 26% in the past year.
The new investment will help ADDI increase its digital capabilities and further develop its product. In the coming months, ADDI plans to expand to Brazil and Mexico before the end of the year if the pandemic permits it.
ADDI has lent around $26.5M (COP$100B) in credits to over 70,000 clients. The fintech also has points of sale in over 1,200 stores across 85 municipalities in Colombia.
Currently, ADDI’s team has 75 people spread across multiple locations including Medellín, Cali, Barranquilla, and London.
Read more on latamfintech.