By Kylie Madry
(Reuters) – Colombian fintech Addi has secured a $100 million credit facility from private equity manager Victory Park Capital, the two said on Tuesday, allowing Addi to expand its buy-now, pay-later service in the Andean country.
WHY IT’S IMPORTANT
Buy now, pay later have skyrocketed in Latin America as e-commerce continues to gain traction. Consumers without bank accounts or with limited credit options are the main targets for such purchases.
CONTEXT
Addi works with merchants to enable buy now, pay later at checkout. The startup started turning a profit earlier this year and received regulatory approval to become a bank, a statement said.
IMPORTANT QUOTE
“This new partnership will allow us to not only support our growth, but also create and improve our services to continue building a better customer experience,” said Santiago Suarez, co-founder and CEO of Addi.
BY THE NUMBERS
Addi has registered nearly 2 million customers and more than 18,000 sellers since its founding in 2018, the company said.
