Colombian fintech leader Addi has secured an $89 million financing facility structured by global banking giant Citi. This capital injection will strengthen the company's operational capacity and accelerate its expansion across the country. The funding enhances Addi's ability to provide innovative financing solutions and energize Colombia's digital payments ecosystem.
A Strategic Alliance for Growth
The new financing is a pivotal step for Addi, enabling the company to broaden its financing alternatives for consumers and merchants. Santiago Suárez, Co-Founder and CEO, highlighted that the alliance with Citi and a deepened relationship with Fasanara Capital expands their capital markets platform. This complements existing partnerships with firms like Goldman Sachs, BBVA Spark, and Victory Park Capital Advisors.
This collective support provides the necessary momentum to empower millions of Colombians who increasingly choose Addi as their preferred payment method. The strategic backing is crucial for fueling the next phase of the company's ambitious growth trajectory. Citi expressed its pride in supporting innovative companies that are a driving force for dynamism in the market.
Sustained Growth and Market Penetration
This investment is built upon a foundation of consistent, profitable growth, with Addi recording five consecutive positive quarters. The fintech's user base has expanded significantly, now serving 2.7 million active consumers through a network of 33,000 merchants. To date, the company has processed an impressive $3.6 billion in pre-approved credits for its customers.
Demonstrating its extensive national footprint, Addi's services are now available in 1,034 municipalities, covering 94% of Colombia. This deep market penetration ensures broad accessibility for its financial products across diverse consumer segments. The scale reflects the widespread adoption of its "Buy Now, Pay Later" (BNPL) services throughout the nation.
Advancing Financial Inclusion in Colombia
A core component of Addi's mission is the promotion of greater financial inclusion for populations traditionally excluded from formal banking. A compelling statistic reveals that 47% of Addi's users do not own a credit card, highlighting the platform's role in bridging a critical gap. This model is instrumental in democratizing access to credit and fostering economic participation.
Furthermore, Addi's model is designed to be consumer-friendly, with 60% of all transactions conducted at a 0% interest rate. This feature allows customers to pay for purchases in installments without incurring additional charges, offering a transparent and affordable alternative. This commitment to responsible lending benefits both consumers and the merchants who partner with the platform.
This $89 million financing round marks a significant validation of Addi's business model and its impactful role in the Colombian market. The partnership with Citi not only provides substantial capital but also reinforces Addi's credibility and long-term vision. This investment will be instrumental in advancing financial inclusion and shaping the future of digital commerce in Colombia.
Source: LatamFintech