Colombian fintech Addi secured $36M in capital from Union Square Ventures, Andreessen Horowitz, and GIC Private Ltd. The round also included $50M in debt from Goldman Sachs Group.
Addi plans to use the funds to grow further in Colombia. The company solves payment issues in Latin America with its buy-now-pay-later service for e-commerce and physical stores.
Santiago Suárez, Addi’s Co-founder, pointed out that Addi’s advanced creditworthiness modeling has allowed the company to keep its portfolio of loans more than three months past due at just 1%.
The company’s client base grew 60% in 2023, and more than 13,500 retailers now use its payment-processing system, a significant increase from the 1,000 merchants it served in 2021. Sales at affiliated stores reached $413M last year.
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