ADDI, a Latin-America-based Buy Now Pay Later platform, announced on Thursday it secured $65 million through its Series B funding round, which was led by Union Square ventures. The company also announced its new strategic partnership with Banco Santander.
Founded in 2018, ADDI claims it was created to power digital commerce in Latin America, starting with Buy Now Pay Later that works.
“ADDI has quickly established itself as a key partner for these merchants and a top payment method. ADDI merchants see their order values double or triple, with similar increases in conversion.”
ADDI Co-Founder and CEO, Santiago Suarez, shared more details about the company by stating:
“In Colombia and Latin America, most consumers can’t be part of the digital economy. Paying online is incredibly difficult, affordability is limited, and very few folks have a credit card. We empower merchants and customers and make it possible for them to meet digitally and transact with a fast, fair, and disruptive way of paying.”
In just two months, ADDI has partnered with over 50 merchants and is available for any merchant on Nuvemshop or V-Tex. Under the terms of the partnership, Santander and ADDI will offer financing for consumer products as a single solution for merchants in Colombia. The partnership will go live in June 2021. ADDI went on to add that it will use its new funding to fuel its expansion into Brazil, where it launched this year.
