Just after the $65M Series B Round, Addi raised an additional $75 million in a round led by Greycroft, spurring expansion into Latin America
Addi, a fintech and digital commerce startup based in Bogotá and São Paulo, announced a new $75 million financing, led by Greycroft with the participation of new investors GGV Capital, Citius Capital and Intersection Growth Partners, as well as existing investors Andreessen Horowitz, Citius VC, Endeavor Catalyst, Foundation Capital, Monashees and Quona Capital. This Series B extension, previously announced by Addi, increases the company’s 90-day financing to $140 million. The Union Square Opportunities Fund also participated in the round, having led the previous round. The company revealed that this new round nearly tripled its estimate to “hundreds of millions”. The Company also announced today that it has hired Niki Sri-Kumar as Vice President and General Manager,
In 2020, Latin America led the world in terms of increased e-commerce sales (36.7%). With e-commerce transactions in the region predicted to exceed $160 billion by 2024, the market is ready for BNPL’s online and digital shopping to explode in popularity. The survey estimates that this trend will contribute to BNPL’s global spending of around US$995 billion by 2026. Addi’s mission is to enable and make digital commerce forecasting a reality in Latin America, starting with Buy Now Pay Later (BNPL). In just a few clicks, customers can buy from their favorite merchants and pay over time. Currently, Addi is available for e-commerce, mobile and physical purchases in Brazil and Colombia, with plans to expand throughout Latin America for the next few years.
ADDI will use the funds to continue expanding its operations in Brazil and Colombia, and expanding into Mexico in early 2022. In addition, the company will enhance its BNPL offering, allowing customers and merchants to pay by different methods on its platform and app, which will be released later this month.
“ADDI is redefining trade in Latin America,” said Will Szczerbiak, partner at Greycroft. “The company’s payment and credit products generate great value for merchants while enabling a modern checkout experience, with the potential to reach more consumers than any other fintech in the region. We are thrilled with our partnership with such a wonderful company and team.”
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ADDI has had exponential growth since the beginning of 2021, increasing 13 times the volume of payments on its platform since the beginning of the year. ADDI has established itself as a key partner to online retailers, including Arturo Calle, Keep Running, Claro, Mario Hernandez and BNPL, as a primary payment method, with hundreds of merchants. ADDI merchants’ order values double or triple, with similar increases in conversion. Thousands of customers across Brazil and Colombia are shopping with BNPL, powered by Addi, daily.
“Consumers across the world are moving to digital commerce faster than ever, especially in emerging markets where new business models, rising middle class and a digital mindset are taking hold. Huey Lin, founding COO of Affirm, risk partner at GGV Capital, and I are ready to work with Santiago and the strong team he has assembled to grow BNPL in Latin America,” said Hans Tung, managing partner of GGV Capital, who also leads investment work in Latin America.
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“This round furthered our goal of making digital commerce ubiquitous and accessible across Latin America. Furthermore, it is a testament to our growth, as well as the confidence we convey to merchants and customers,” said Addi co-founder and CEO Santiago Suarez. “Our mission is now validated by investors around the world, such as Greycroft and GGV Capital, and this only further increases our motivation to accelerate our product and commercial execution plan.”
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