Addi, Latin America’s BNPL company raises $140 million

Addi, a Bogota-and Sao Paulo-based fintech and digital commerce startup, has announced the completion of a new equity funding round. The firm raised US$75 million in the Greycroft-led round.

Other new investors who made commitments during the round include Citius Capital, GGV Capital, and Intersection Growth Partners. Existing investors who also participated include Andreessen Horowitz, Citius VC, Endeavor Catalyst, Foundation Capital, Monashees, and Quona Capital.

This extension to Addi’s previous Series B puts the firm’s 90-day financing total at US$140 million. Union Square’s Opportunity Fund, which took the lead in its previous round, took part in this effort as well.

The firm announced that this new round almost tripled its valuation, bring it into the “hundreds of millions”. 

To help foster its journey into the future, Addi has indicated that it is bringing on Niki Sri-Kumar as Vice President and General Manager.

With this new capital injection, Addi plans to invest in product development and expand its current operations in Brazil and Colombia. The firm also intends to spread into Mexico in early 2022. 

According to data released in a Yahoo Finance post: “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.”

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