BOGOTA, Colombia and SAO PAULO, Brazil, Sept. 08, 2021 (GLOBE NEWSWIRE) -- Addi, the fintech and digital commerce startup based in Bogota and Sao Paulo, today announced new equity funding for $75 million, led by Greycroft with participation from 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 extension to Addi’s previously announced Series B brings the company’s 90-day funding total to $140 million. Union Square’s Opportunity Fund also participated in the round, after having led the previous round. The company disclosed that this new round has nearly tripled its valuation into the “hundreds of millions”. The Company also announced today it has hired Niki Sri-Kumar as Vice President and General Manager, following her stints at Vise and Affirm.
In 2020, Latin America led the world in e-commerce sales growth (36.7%). With e-commerce transactions in the region projected to exceed $160 billion by 2024, the market is well poised for online and digital BNPL purchases to explode in popularity. Research estimates that this trend will contribute to a global BNPL spend of around $995 billion by 2026. Addi’s mission is to power and make these digital commerce projections 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. Addi is currently available for e-commerce, mobile, and brick-and-mortar purchases in Brazil and Colombia, with plans to expand across Latin America in the coming years.
Addi will use the funds to continue to scale its current operations in Brazil and Colombia, and expand into Mexico in early 2022. Additionally, the company will enhance its BNPL offering while allowing customers and merchants to pay in new ways through its platform and its app, which launches later this month.
“Addi is redefining commerce in Latin America, said Will Szczerbiak, a Partner at Greycroft. “The company’s payment and credit products create tremendous value for merchants while unlocking a modern checkout experience that has the potential to reach more consumers than any other fintech in the region. We are fortunate to partner with such a wonderful company and team.”
Addi has experienced exponential growth since the start of 2021, having grown the volume of payments it powers on its platform 13x over since the beginning of the year. Addi has established itself as a key partner for online retailers, including Arturo Calle, Keep Running, Claro, Mario Hernandez, and BNPL as a top payment method, with hundreds of merchants. By using Addi, merchants see their order values double or triple, with similar increases in online and mobile shopping conversions. Thousands of customers across Brazil and Colombia are making purchases with BNPL, powered by Addi, every day.
“Consumers around the world are shifting to digital commerce more rapidly than ever before, especially in emerging markets where new business models, growing middle class, and a digital-first mindset is taking hold. Huey Lin, founding COO of Affirm, venture partner with GGV Capital, and I look forward to working with Santiago and the strong team he has assembled to scale BNPL in Latin America,” said Hans Tung, Managing Partner, GGV Capital, who also leads its Latin American investment efforts.
“This round has increased our focus on making digital commerce ubiquitous and accessible across Latin America. Additionally, it’s a testament to the growth we’ve experienced, as well as the trust we’ve established with merchants and customers alike,” said Addi co-founder and CEO Santiago Suarez. “Our mission is now validated by world-class investors like Greycroft and GGV Capital, and this only fuels our motivation to accelerate our product and commercial roadmap.”
About Addi
Addi was co-founded in 2018 by Santiago Suarez, Daniel Vallejo, and Elmer Ortega, to power digital commerce in Latin America, starting with Buy Now Pay Later that works. Addi’s existing investors are Andreessen Horowitz, Foundation Capital, Monashees, Greycroft, GGV, Intersection Growth Partners, Quona Capital, and Union Square Growth Fund. For more information, visit https://addi.com/.
