Colombian BNPL firm Addi lands $86m in equity and debt funding
Colombian buy now, pay later (BNPL) firm Addi has secured $86 million in a mix of debt and equity funding.
Addi bags $86m in mix of debt and equity funding
Addi has secured $50 million in debt financing provided by Goldman Sachs and a further $36 million in equity funding raised from venture capital firms including Andreessen Horowitz and Union Square Ventures with additional participation from GIC Private Limited, a Singaporean sovereign wealth fund that manages the country’s foreign reserves.
The new cash injection adds to the $65 million Series B raise the Bogota-headquartered start-up completed in the summer of 2021.
In late 2021, Addi also secured $200 million in an equity and debt financing round that saw the company’s valuation rocket to over $700 million.
However, in an interview with Bloomberg, Santiago Suárez, Addi’s CEO and co-founder, says the fintech has since cut its valuation by approximately half.
Despite displaying strong growth in recent years, Suárez also told Bloomberg that the company has chosen to delay its expansion into Brazil and Mexico, an ambition declared following the firm’s previous raise, instead prioritising the consolidation of its position in the Colombian market.
