Addi, the Colombia-based fintech platform for integrated payments, shopping and banking, has secured a $100m credit facility from Victory Park Capital (VPC) – a leading global alternative investment firm specializing in private credit.
The new facility will support Addi’s financing of credit originations in Colombia as it provides buy now, pay later (BNPL) solutions to consumers and merchants.
“We’ve known the VPC team for over five years, and we’re excited to be partnering with them. Their experience in the private consumer credit space is unparalleled, and we look forward to working together in support of our mission to meet the historically underserved payment and credit needs of Colombians,” said Santiago Suarez, Co-Founder and CEO, Addi.
The partnership with VPC caps an outstanding year for Addi, in which the company reached profitability, obtained regulatory approval to become a bank, and launched its Marketplace platform. In under six months, the Marketplace platform has added over 500 merchants, with more than 20,000 monthly transactions and over 17,000 monthly buyers.
Kinan Hayani, Managing Director, VPC, said: “Addi has rapidly emerged as an innovator in the Latin American financial ecosystem by powering the modern financial needs of consumers and businesses alike.
“We strongly believe in the company’s mission to broaden access to credit products for underserved and underbanked consumers across Latin America, and we recognize the added value Addi can bring to merchants by helping increase conversion rates at the point-of-sale.”
