Addi, a fintech offering BNPL options to Latin American consumers, announced raising $200 million in debt and equity funding, according to Bloomberg.
The funding included a $80 million Series C led by GIC and SoftBank ‘s Latin America Fund, and an additional $125 million in debt equity from Goldman Sachs. The company has now raised over $376 million through 11 funding rounds, with previous investors including Greycroft, Union Square Ventures, Quona Capital and a16z (Andreesen Horowitz).
Addi enables customers to pay for purchases through its Buy Now, Pay Later technology and recently launched one-click shopping feature. While the company works with larger retailers such as Apple and Nike, it also partners with smaller businesses.
While Addi just closed its previous $110 million Series B in August, the company decided to add more capital to keep up with growth.
“Business is accelerating a lot faster than expected,” Suarez said. “So we decided to fill up the gas tank to continue driving into 2022 without having to worry about fundraising in the near future.”
He says Addi is benefitting from a flood of venture capital in Latin America, with annual spending on the region’s startups breaking $10 billion for the first time, according to the Association for Private Capital Investment in Latin America.
Suarez also noted the product is a natural fit in the region, where most of the population doesn’t qualify for credit cards or other banking products.
“As a consumer, you might get turned down, you might not qualify. There are all these things that can happen that make it very difficult,” he said. “We’re well on our way to building a new way to pay in the region.”
In other recent fintech news, JPMorgan Chase was hit with two fines by the SEC and CFTC, totalling $200 million and including the largest-ever record keeping fine. Clikalia also raised $518 million in funding to accelerate its iBuying model in Europe.