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Addi

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Product stage:
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Addi is a Colombian BNPL service provider offering point-of-sale financing in  3-24 monthly installments at rates that range from 0%-28% for transactions between USD 30-USD 7,000. Upon signing up, Addi conducts a credit check and then assigns first-time users a pre-approved credit quota that can be used for purchases. Furthermore, new clients are required to guarantee their first credit approval through a bond signed with the Antioquia Guarantee Fund. In return, clients are required to pay between 0%-13% of the purchase value depending on their risk profile along with their monthly installment. If users default on payments, the platform adds collection fees ranging from 6%-14% of the payment due, depending on the number of days in default.

The platform uses third parties to originate around 90% of its installment loans. Its integrations with e-commerce platforms in the region, such as VTEX, Nuvemshop, and WooCommerce, enable it to plug into any online merchant checkout in the region. At the onset of the COVID-19 pandemic, Addi lost 99% of its gross merchandise value (GMV), but returned to its pre-pandemic levels in March/April 2021. As of December 2021, its customer base reached over 500,000, and it reported around 1,000 merchant partners. 

The company’s co-founders, Santiago Suarez, Daniel Vallejo, and Elmer Ortega, have considerable experience in consumer lending and financial services. Suarez was previously in charge of product development at JPMorgan Chase, and strategy and corporate development at a peer-to-peer lending startup, LendingClub. Meanwhile, Vallejo was previously at McKinsey and focused on consumer banking, while Ortega was a risk and technology manager at TFG, a leading Colombian trading firm.

The company was valued at USD 700 million in its latest funding round (December 2021), which consisted of a mix of debt and equity exceeding USD 200 million, from investors including Singapore’s sovereign wealth fund, GIC, Softbank Group's Latin America Fund, and Goldman Sachs Fund. The funds are expected to help fuel its expansion in Latin America. The round followed its USD 75 million Series B extension in September 2021

Addi’s broader growth plans include scaling operations in Brazil and Colombia, product development, and its geographic expansion into Mexico, where it intends to launch in early 2022.

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Key stats
Featured companies
95
Total funding (USD)
25.6 Bn
Total addressable market (USD)
24.5 Bn
Key competitors
 
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Product Overview
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Company profile
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Recent Updates

Funding
Mar 20, 2024
Addi raises USD 86 million in funding; estimated post-money valuation drops in half
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Funding
Dec 20, 2021
Addi raises USD 80 funding at USD 700 million valuation; also raises USD 125 million debt
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Funding
Sep 8, 2021
Addi raises USD 75 million in a Series B extension
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Company Brief


HQ location:
Calle 71 No. 5-97 Bogotá COL
Founded year:
2018
Employees:
251-500
Total Funding:
USD 462.3 million
Last Funding
USD 36.0 million, Mar 2024

Funding


Investors


No investor data is available

Funding data are powered by Crunchbase
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