Tuesday, January 18, 2022

Slide Slide
Home Funding Fin-tech firm Addi raises US $ 200 million

Fin-tech firm Addi raises US $ 200 million

The fin-tech firm, which began operations in 2018, was founded by Elmer Ortega, Daniel Vallejo and Santiago Suárez. The total funds they have raised amount to more than US $ 340 million with this latest round

Fin-tech firm Addi, that provides the opportunity to “buy now pay later” (BNPL) in monthly instalments, has raised a round from GIC, Singapore’s sovereign wealth fund.

The investment amount was US $ 80 million in a series-C that is complemented by US $ 125 million in debt. With this, the fin-tech firm is now valued at US $ 700 million. The firm’s focus will be to grow in Mexico where other BNPL companies, such as Kueski and nelo, are also growing rapidly in the sector.

Softbank through its Latin American Fund was also included in this round. Also, previous investors such as Andreessen Horowitz, GGV, Greycroft, monashees Capital and the Opportunity Fund of Union Square Ventures participated.

The fin-tech firm, which began operations in 2018, was founded by Elmer Ortega, Daniel Vallejo and Santiago Suárez. The total funds they have raised amount to more than US $ 340 million with this latest round.

An important fact to highlight is that GIC, who led this series-C, has been the main promoter of Affirm. Currently listed on Nasdaq with a valuation of US $ 27 billion, Affirm is the US BNPL fin-tech.

The fin-tech firm had a rough time in the early days of the Covid-19 pandemic. Their business model, prior to 2020, relied heavily on physical interactions. They lost 99 per cent of their income from that business in just the first 20 days of lockdown.

The fin-tech firm afterwards decided to venture into e-commerce. To be able to integrate any business that has an online store on platforms like VTEX or Tiendanube, the company developed a payment button. The fin-tech firm has also launched a “one-click shopping” pilot that will arrive in the coming months.

Increasing their number of transactions more than 1,000 times, they have had a 20x growth in gross transacted volume and have also served more than 500,000 customers in the last year.

Puma, Nike, Apple, and Claro are some of the e-commerce sites that currently have the Addi payment button. This product approves credit through WhatsApp with an identification document. They also do not charge interest on the first three instalments in purchases up to US $ 150.

Also readCIO News interviews Shri Wangki Lowang, Minister (IT) of Arunachal Pradesh

Do FollowCIO News LinkedIn Account | CIO News Facebook | CIO News Youtube | CIO News Twitter

About us:

CIO News, a proprietary of Mercadeo, produces award-winning content and resources for IT leaders across any industry through print articles and recorded video interviews on topics in the technology sector such as Digital Transformation, Artificial Intelligence (AI), Machine Learning (ML), Cloud, Robotics, Cyber-security, Data, Analytics, SOC, SASE, among other technology topics.

Khushbu Sonihttps://www.cionews.co.in
Chief Editor - CIO News | Founder & CEO - Mercadeo


Please enter your comment!
Please enter your name here

- Advertisment -1x1 banner1x1 banner1x1 banner1x1 banner

Most Popular

Bringing new technology and automation into the process is always on priority, says Vinay Kumar, CIO at MMG

As technology became increasingly important, one of the most important roles that I needed to adapt to was to become a strategic thought partner...

Venture capitalist technology: CM Bommai hails PM Modi as Bengaluru becomes one of top funding hubs

Overall, Indian tech venture capitalist technology investment grew nearly three times to USD 44.6 billion in 2021 from USD 14.9 billion in 2020 As India...

Technology: Banks to face major challenge in finding talent

The demand in the market today is for the right talent, whether it’s for business, technology or some of the niche skills around AI...

Rocket scientist Somanath is the new Chairman of ISRO

From TKM College of Engineering, the rocket scientist earned his B. Tech in mechanical engineering and a Masters in aerospace engineering from the Indian...

Recent Comments