Addi, a Colombian fintech, announced a $75M Series B extension led by Greycroft. New investors GGV Capital, Citius Capital, and Intersection Growth Partners joined the company’s existing backers in the new round.
The startup raised the initial Series B in late May. The total funding raised by the company is now $140M.
Addi is solving the payments problem in Latin America with its buy-now-pay-later scheme for e-commerce. In a region where only an estimated 25% have a credit card, Addi allows customers to make purchases and pay in installments at no cost.
Depending on the size of the purchase, customers can pay over three months or up to 24 months at competitive and fair rates.
“We wanted to make frictionless payments possible while allowing customers to afford what they wanted,” said Santiago Saurez, co-founder and CEO at Addi.
The platform has amassed more than 150,000 customers and is seeing a 30 to 40% growth each month. Addi will use the new funding to continue to improve its product and accelerate regional expansion, with the aim to launch into Mexico in early 2022.
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