BOGOTA, Colombia and SAO PAULO, Brazil, May 26, 2021 (GLOBE NEWSWIRE) -- ADDI, a Bogota- and Sao Paulo-based Buy Now Pay Later platform today announced new funding for $65mm in debt and equity, as well as strategic partnership with Banco Santander. The new $35mm Series B 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. Existing investors Andreessen Horowitz, Foundation Capital, Monashees, and Quona Capital also participated in the round. ADDI is also announcing $30mm in fresh debt funding from Architect Capital. The new funding will be used to grow ADDI’s business in Colombia and support its launch in Brazil. The Company is also announcing today a strategic partnership with Banco Santander in Colombia.
ADDI’s mission is to power digital commerce in Latin America, starting with Buy Now Pay Later. In just a few minutes, customers can buy from their favorite merchants and pay over time. ADDI is available on ecommerce, mobile, as well as physical stores.
The company has grown its business over 5x since the beginning of the year, and it now has partnerships with hundreds of merchants in Colombia and Brazil, serving thousands of customers a month and powering millions of dollars in purchases. ADDI has also quickly established itself as a key partner for these merchants and a top payment method. ADDI merchants see their order values double or triple, with similar increases in conversion.
ADDI will use its new funding to fuel its expansion into Brazil, where it launched this year. In just two months, ADDI has partnered with over 50 merchants and is available for any merchant on Nuvemshop or V-Tex.
The Company also announced today a strategic partnership with Banco Santander. Under the terms of the partnership, Santander and ADDI will offer financing for consumer products as a single solution for merchants in Colombia. The partnership will go live in June.
“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,” said 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.”
“We couldn’t be more excited to partner with Santiago and the rest of the ADDI team. ADDI is not only broadening consumer access to point of sale credit, but uniquely enabling the longtail of Latin American merchants to grow their ecommerce businesses by offering their customers convenient payment options that free up capital and boost sales. We believe ADDI will soon be an important company in Latin American consumer finance,” said John Buttrick, a general partner at Union Square Ventures.
"We are thrilled to be part of Addi's journey. The company is addressing an important problem, and we are confident in their ability to become the leader in payments and consumer finance in the region," said James Sagan, CEO of Architect Capital.
ADDI was established in Bogota in 2018 by co-founders Santiago Suarez, Daniel Vallejo, and Elmer Ortega.
About ADDI
ADDI was founded in 2018 by co-founders Santiago Suarez, Daniel Vallejo, and Elmer Ortega, to power digital commerce in Latin America, starting with Buy Now Pay Later that works. For more information, visit https://addi.com/.
About Union Square Ventures
Union Square Ventures is a thesis-driven venture capital firm based in New York City. USV backs trusted brands that broaden access to knowledge, capital, and well-being by leveraging networks, platforms, and protocols. Since its founding in 2004, USV has backed companies such as Twitter, Etsy, Lending Club, Duolingo, Coinbase and Cloudflare.
About Architect Capital
Architect Capital is a San Francisco-based asset manager that supports innovative founders by lending against assets generated by technology companies worldwide, especially in the FinTech, E-Commerce, and SaaS spaces. The team at Architect Capital brings deep expertise in executing cross-border transactions, generating unique in-market insights, making long-lasting connections across the tech ecosystem, and working with early stage businesses across the globe. By providing less dilutive capital that is complementary to equity capital, along with an array of other benefits, Architect Capital helps companies grow their impact and financial returns. For more information, visit: https://www.architectcap.io/
Santiago Suarez
ssuarez@addi.com