Bogota-based Addi has raised $75 million in an extension f its Series B funding round led by Greycroft.

Addi raises $75m to bring BNPL to Latin America: GGV Capital, Citius Capital, and Intersection Growth Partners, Andreessen Horowitz, Citius VC, Endeavor Catalyst, Foundation Capital, Monashees, and Quona Capital al joined the extension, which brings Addi’s 90-day funding total to $140 million and doubles the firm’s valuation.Addi will use the money to scale its current operations in Brazil and Colombia, and expand into Mexico in early 2022. Additionally, the company will look to add new ways for customers and merchants to pay through its platform and its app, which launches later this month.

“This round has increased our focus on making digital commerce ubiquitous and accessible across Latin America. Additionally, it’s a testament to the growth we’ve experienced, as well as the trust we’ve established with merchants and customers alike,” says Addi CEO Santiago Suarez. Separately, Addi has hired former Vise and Affirm executive Niki Sri-Kumar as VP and GM.

Latin America is not an exception to the rule of buy now and pays later.

Today, one startup in the region, Addi, is announcing a $75 million extension to its Series B, bringing the total round size to $140 million. The startup announced in May that it had raised $35m in equity funding led by Union Square’s Opportunity Fund and $30m in debt financing from Architect Capital.

The company has its headquarters in Bogota (Colombia) and Sao Paulo (Brazil). It declined to disclose its new valuation, except to say that it is almost triple what it was when it closed on its first tranche of Series B 90 days ago and is now in the “hundreds and millions” range.

Greycroft, a New York-based investor, led the extension. It also included participation by new backers GGV Capital and Citius Capital and Intersection Growth Partners as well as existing investors Union Square’s Opportunity Fund and Andreessen Horowitz.

Addi now has $220 million in equity and debt since September 2018, when it was founded. $140 million of this inequity is the largest and more than $80 million in debt.

Santiago Suarez is the co-founder of Addi and CEO. He says that he, Daniel Vallejo, and Elmer Ortega founded the company with the vision of making digital commerce a reality for Latin America. This region has an estimated 25% credit card usage.

He said, “To do that, we had to solve our payment problem.” “We wanted frictionless payments to be possible, while still allowing customers to have what they want.”

Addi began with a buy-now, pay-later option that allowed customers to purchase in minutes using “just a few clicks”. Today, customers can pay for their purchases for up to three months free of charge. Addi allows customers to pay up to 24 months for larger purchases at “competitive, fair rates.”

Addi is available in Brazil and Colombia for mobile and e-commerce purchases. Plans to expand throughout Latin America are in place. It plans to expand its presence in Mexico by 2022.

Suarez reports that Addi’s GMV (gross merchandise value) has increased 13x since the start of this year.

He said, “And our ARR saw similar growth.”

Addi, like many other businesses, experienced a temporary slowdown in business due to the COVID-19 pandemic. It quickly recovered.

When the pandemic struck, we lost 99% of our GMV within 20 days. Suarez recalls that we had to make difficult decisions and let go of many of our colleagues during a very difficult period. “We also refocused our business on eCommerce and digital payment, and haven’t looked back.”

Addi has grown about 3x since then, reaching its pre-COVID peak in March/April 2021.

Suarez said that the company’s focus is on growth and not profitability for now.

He stated that “this round has increased our focus to make digital commerce ubiquitous in Latin America”

Indeed, Latin America led the world in e-commerce sales growth last year. Addi has over 150,000 customers at present, and that number is increasing from 30% to 40% per month. It has more than 500 merchant partners. These include brands like Arturo Calle and Mario Hernandez. It signed a strategic partnership agreement with Banco Santander earlier this year.

Addi now has more than 260 employees, or as Suarez puts it, partners. This is an increase of 120 people a year ago. It prides itself as “one of few Latin American startups” that grants equity to all employees.

Suarez said to TechCrunch, “And we make it our point to speak about partners and co-owners rather than employees.”

The company intends to use the capital to accelerate its product roadmap and expand geographically. It will launch “a one-click checkout” solution for merchant partners and customers before the year ends. Addi will also accelerate its entry to Mexico, which it previously stated. It aims to launch there in early 2022.

Thabet Mahayni of Greycroft said that his company had been following Addi “for a long while” before he invested in it.

Mahayni stated to TechCrunch that “in addition to an outstanding team, we believe that the BNPL value proposition in LatAm is stronger than anywhere else in this world.” “We…believe that they have the opportunity to fundamentally change the consumer payments experience in the area.”

He points out that consumers in Latin America currently have few options when it comes to credit. Mahayni said that card penetration is low and that credit applications can be difficult and frustrating.

Credit cardholders often get very low credit limits and high interest rates.

He said, “It’s simple to see how this dynamic makes credit access difficult and costly for consumers.”

Mahayni claims that Addi has “rebuilt all the onboarding, fraud, and underwriting stacks so they can offer safer credit options to consumers while enabling retailers to meaningfully increase their basket sizes, and GMV.”

Greycroft previously invested in Rocket. This is Greycroft’s second LatAm investment. chat Brazilian enterprise communication platform and collaboration platform.

Addi will be joining Nelo in Mexico next year. That startup raised $3 million in April, and at the time, was living with more than 45 merchants and over 150,000 users. Also, Alchemy earlier this year entered the Mexican market.

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