Tuesday, January 18, 2022

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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

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

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