Colombian Fintech Addi Secures $100 Million Credit Facility

By Kylie Madry
(Reuters) – Colombian fintech Addi has nabbed a $100 million credit facility from private capital manager Victory Park Capital, announced on Tuesday. This funding will enable Addi to expand its buy-now, pay-later service in Colombia.

Why It’s Important

Buy-now, pay-later options have surged in Latin America as e-commerce grows. This service particularly targets consumers without bank accounts or those with limited credit options.

Context

Addi partners with merchants to facilitate buy-now, pay-later at checkout. The startup turned a profit earlier this year and has received regulatory approval to operate as a bank.

Key Quote

"This new partnership will allow us not only to sustain our growth, but also to create and enhance our services to continue building a better customer experience," said Addi co-founder and CEO Santiago Suarez.

By The Numbers

Since its inception in 2018, Addi has accrued nearly 2 million customers and over 18,000 merchants.