Colombian Fintech Addi Raises $86 Million in Series D Funding
Addi, a Colombian fintech company known for its buy-now, pay-later services, has successfully secured $86 million in a Series D funding round. The round was led by Citius, with participation from BTG Pactual, GIC, and Monashees. Addi offers flexible payment options, allowing customers to purchase items in installments without complications, whether shopping in-store, online, or through their marketplace.
Leadership and Strategic Moves
The company was founded in 2018 by Santiago Suárez, who serves as CEO, along with Daniel Vallejo. Suárez commented on the recent funding round, saying, "This is a round we did not need. We raised it because Citius approached us." He further mentioned that due to the company's profitability and growth, they anticipate this could be their last funding round for some time.
Use of Funds
The newly acquired capital will be directed toward accelerating customer acquisition and investing in technology, particularly artificial intelligence. Addi plans to enhance its technological infrastructure to improve efficiency and scalability. Suárez noted that AI has been instrumental in boosting engineering productivity, enabling the company to expand without increasing its workforce.
Board Expansion
As part of the investment deal, Citius will join Addi's board of directors, bringing additional expertise and strategic guidance to the company.
Market Presence
Addi currently serves 5.5 million customers and collaborates with 76,000 merchants across 75,000 points of sale in 1,034 municipalities. The company's growth reflects the increasing demand for flexible payment solutions in the Latin American market.
By leveraging the new funds, Addi aims to solidify its position in the fintech sector, focusing on technological advancements and broadening its customer base.