By Kylie Madry
(Reuters) – Colombian fintech Addi has nabbed a $100 million credit facility from private capital manager Victory Park Capital, the two said on Tuesday, which will allow Addi to expand its buy-now, pay-later service in the Andean nation.
WHY IT’S IMPORTANT
Buy-now, pay-later options have boomed in Latin America as e-commerce takes hold. Consumers lacking a bank account, or with limited credit options, are top targets for such purchases.
CONTEXT
Addi works with merchants to allow buy-now, pay-later at checkout. The startup began turning a profit earlier this year and received regulatory approval to become a bank, it said in a statement.
KEY QUOTE
“This new partnership will allow us not only to sustain our growth, but also to create and enhance our services to continue building a better customer experience,” Addi co-founder and CEO Santiago Suarez said.
BY THE NUMBERS
Addi has logged nearly 2 million customers and more than 18,000 merchants since its founding in 2018, it said.
(Reporting by Kylie Madry; editing by Jonathan Oatis)
