Bogota-based buy now, pay later platform Addi has secured $65 million in debt and equity funding and formed a strategic relationship with Banco Santander.
The new capital will be used to grow Addi’s business in Colombia – where it has seen 5x times growth since the beginning of the year – and support its launch in Brazil.
The deal with Banco Santander focuses on its home market, where the bank and Addi will offer financing for consumer products as a single solution for merchants.
In Brazil, Addi has been live for two months and signed deals with over 50 merchants.
“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,” says 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.”
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Source: https://www.finextra.com/newsarticle/38139/colombian-bnpl-player-addi-lands-65m-in-funding-and-a-strategic-relationship-with-banco-santander?utm_medium=rssfinextra&utm_source=finextrafeed