Addi Secures $100 Million Credit Facility from Victory Park Capital
Press Release
Nov 19, 2024
Colombian fintech company specializes in payment solutions for consumers and merchants
BOGOTA, Colombia – November 19, 2024 – Addi, the Colombia-based fintech platform for integrated payments, shopping and banking, announced today that it has secured a $100 million 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 of Addi. “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.”
Founded in 2018, Addi has become a leading player in the Colombian fintech market by providing comprehensive shopping and payment solutions that have attracted close to 2 million customers and over 18,000 merchants. 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.
“Addi has rapidly emerged as an innovator in the Latin American financial ecosystem by powering the modern financial needs of consumers and businesses alike,” said Kinan Hayani, Managing Director at VPC. “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.”
About Addi
Addi is a payments and shopping platform, and the leading provider of Buy Now Pay Later solutions in Colombia. Addi’s purpose is focused on creating abundance and generating pride among its customers and partners and that is how today, the company serves millions of customers and tens of thousands of merchants with its credit, payments and shopping solutions. Addi is backed by leading equity and debt investors, including Andreessen Horowitz, GIC, Union Square Ventures, Goldman Sachs and Victory Park Capital.
About Victory Park Capital Advisors, LLC
Victory Park Capital Advisors, LLC is an SEC-registered, established credit manager. The Firm was founded in 2007 and is headquartered in Chicago, Illinois, with additional resources in New York and Los Angeles. VPC provides custom financing solutions across the private capital spectrum, focusing on companies with strong corporate governance and a compelling growth trajectory. VPC invests in emerging and established businesses across various industries worldwide. For more information, please visit www.victoryparkcapital.com.
Media Contacts
Addi
Ana Maria Rojas Rodriguez, Addi
Victory Park Capital
Jordan Niezelski, Edelman Smithfield