Addi, a Colombia-based fintech platform for integrated payments, shopping and banking, announced that it has secured a $100 million credit facility from Victory Park Capital (VPC), a leading global alternative investment firm specializing in private credit. This new facility will support Addi’s financing of credit originations in Colombia as it provides buy now, pay later (BNPL) solutions to consumers and merchants.
Launched in 2018, Addi has become a leading player in the Colombian fintech market by offering comprehensive shopping and payment solutions that have attracted close to 2 million customers and over 18,000 merchants. And the partnership with VPC caps an outstanding year for Addi, in which the company reached profitability, obtained regulatory approval to become a bank, and launched its Marketplace platform. The Marketplace platform has added over 500 merchants in under six months, with over 20,000 monthly transactions and over 17,000 monthly buyers.
KEY QUOTES:
“We’ve known the VPC team for over five years, and we’re excited to be partnering with them. Their experience in the private consumer credit space is unparalleled, and we look forward to working together in support of our mission to meet the historically underserved payment and credit needs of Colombians. This new partnership will allow us not only to sustain our growth, but also to create and enhance our services to continue building a better customer experience.”
– Santiago Suarez, Co-Founder and CEO of Addi
“Addi has rapidly emerged as an innovator in the Latin American financial ecosystem by powering the modern financial needs of consumers and businesses alike. We strongly believe in the company’s mission to broaden access to credit products for underserved and underbanked consumers across Latin America, and we recognize the added value Addi can bring to merchants by helping increase conversion rates at the point-of-sale.”
– Kinan Hayani, Managing Director at VPC
