facebook
linkedin
twitter
About Us
  • BFSI
  • Energy
  • Infocom
  • Mining
  • Venture
  • Industry
  • Travel
  • Civic
  • Food, Health, Ag
  • Real Estate
  • Responsibility
  • Economy
  • Law & Justice
  • Interview
  • Analysis
ADDI co-founders Santiago Suarez, Daniel Vallejo, and Elmer Ortega (Photo: Globe Newswire)

Colombian Consumer Lender ADDI Raises $15 Million In VC Round

Posted On June 10, 2020
By : Loren Moss
Comment: 0
Tag: addi, addy, andreessen horowitz, bogotá, colombia, consumer financing, cpo, daniel vallejo, dst, elmer ortega, foundation capital, JPMorgan Chase, latin american consumers, lending club, mckinsey, monashees, point of sale, pos, quonacapital, risk & technology, s7 ventures, santiago suarez, tfg, tom stafford, y combinator

ADDI, a Bogota-based provider of point of sale (POS) consumer financing for Latin America, today announced the close of an equity financing of $15 million. The round was led by Quona Capital, a venture firm focused on fintech in emerging markets, alongside existing investors Andreessen Horowitz and Monashees, and new investors S7 Ventures, Foundation Capital and DST partner Tom Stafford. The new funding will be used to grow ADDI’s business in Colombia and to expand to new Latin American markets.

ADDI aims to power commerce and make point-of-sale financing accessible to every Latin American merchant and consumer. The company’s POS platform presents loans to consumers as installment plans at checkout, with a clear schedule of payments due over time that can be approved in less than 10 minutes, while existing credit options might take hours or several visits to the store. ADDI helps make higher ticket products and services accessible for consumers who today have limited financing options. For merchants, both offline and online, ADDI’s POS financing options free up capital and improve sales by offering payment options at checkout.

Above: ADDI co-founders Santiago Suarez, Daniel Vallejo, and Elmer Ortega

“In Colombia and Latin America, most consumers lack access to convenient and affordable credit products, if they can access financing options at all,” said ADDI co-founder and CEO Santiago Suarez. “Only a small percentage of Latin American consumers have credit cards, and those who do pay very high effective interest rates, tend to reserve balances for emergencies, and have very low credit limits. We want to empower underserved consumers to afford their life’s goals by giving them fair and affordable financing at the point of sale.”

“We believe ADDI has the right strategy, technology platform, and team to build a category-leading company in Colombia and the rest of Latin America,” said Quona Capital co-founder and partner Jonathan Whittle. “In this time of COVID, it’s particularly critical for merchants to offer consumers convenient payment options. ADDI’s solution benefits underserved consumers with the payment options they need, while also freeing up capital and improving sales for merchants.”

ADDI was established in Bogota in 2018 by co-founders Santiago Suarez, Daniel Vallejo, and Elmer Ortega. Suarez, who serves as the company’s CEO, ran the New Product Development & Emerging Tech group at JPMorgan Chase, and was responsible for strategy and corporate development at LendingClub. Suarez also advised fintechs through Y Combinator before returning to Colombia to start ADDI. Vallejo, ADDI’s CFO, was formerly with McKinsey & Company focused on consumer banking, and also worked for a private equity fund focused on Latin America. Ortega, the CPO for ADDI, is the former Risk & Technology Manager for TFG, a leading Colombian trading firm.

DON'T MISS OUT: The only English-language Colombia news that's strictly business, markets, & investment!
Join global executives & investors by subscribing to our FREE weekly updates
I agree to have my personal information transferred to MailChimp ( more information ) DISCLAIMER: Protección de Datos Personales Artículo 15 de la Constitución Política de Colombia, ley 1581 de 2012 y decreto 1377 de 2013.
We will never spam you or share your email address ¡Nunca Jamás!

Share the news!

  • Facebook
  • Twitter
  • Print
  • WhatsApp
  • LinkedIn
  • Skype

Related

Share your thoughts:

comments

About the Author
Loren Moss is the founder and publisher of Finance Colombia. He has over 20 years of international business experience, including over a decade of experience in securities, insurance, and commercial real estate, at the institutional and international level.
  • google-share
Previous Story

Avianca’s 25 Largest Shareholders Revealed

Next Story

Reverse Mortgages Coming To Colombia

Related Posts

The World’s 50 Best Restaurants today reveals Leonor Espinosa of Leo, Bogotá, as the 2022 winner of The World’s Best Female Chef Award, sponsored by Nude Glass
0

Colombian Leonor Espinosa Named “World’s Best Female Chef”

Posted On May 18, 2022
, By Loren Moss
Grand Bahamas photo © Loren Moss
0

Bahamas Seeks Air Connectivity With Colombia

Posted On May 18, 2022
, By Loren Moss
Roberto Kriete, avianca's main shareholder and chairman of the Board of Directors.
0

Shareholders Of Viva, Avianca & Gol Announce The Creation Of Abra Group To Dominate South American Skies

Posted On May 11, 2022
, By Loren Moss

You must log in to post a comment.

This site uses Akismet to reduce spam. Learn how your comment data is processed.





Search

RECENT

POPULAR

COMMENTS

The World’s 50 Best Restaurants today reveals Leonor Espinosa of Leo, Bogotá, as the 2022 winner of The World’s Best Female Chef Award, sponsored by Nude Glass

Colombian Leonor Espinosa Named "World's Best Female Chef"

Posted On May 18, 2022
Grand Bahamas photo © Loren Moss

Bahamas Seeks Air Connectivity With Colombia

Posted On May 18, 2022
Roberto Kriete, avianca's main shareholder and chairman of the Board of Directors.

Shareholders Of Viva, Avianca & Gol Announce The Creation Of Abra Group To Dominate South American Skies

Posted On May 11, 2022
Colombia’s attorney general charged Russian national Sergein Vagin and six other people

Alleged Russian Spy Charged…With Running A Gambling Mafia

Posted On April 12, 2022

Viva Launches Nonstop Routes To Buenos Aires, Argentina From Medellín & Bogotá, Colombia

Posted On April 12, 2022

Romanian Cybercriminal Mihai Ionut Paunescu Captured In Colombia

Posted On June 29, 2021
Photo montage courtesy EPM

EPM’s Board of Directors Resign En Masse, Creating Crisis For Mayor Daniel Quintero

Posted On August 17, 2020

Court Blocks Colombia’s $370 Million USD Emergency Loan To Bankrupt Avianca Airlines

Posted On September 12, 2020

Deadly Riots & Protests Against Police Brutality Break Out Across Colombia

Posted On September 10, 2020

AVIANCA IS BANKRUPT

Posted On May 10, 2020

[…] damn what she said. She and...

Posted On April 4, 2022

[…] by short sellers seeking to...

Posted On March 22, 2022

[…] no longer travel freely...

Posted On March 8, 2022

[…] Duque’s administration will...

Posted On March 8, 2022

[…] See also: 13 Police Injured In...

Posted On March 3, 2022

Watch This!

Consider Advertising With Us

Click here to visit Expat Group's English site

Subscribe Free

don't forget to include "http://"
* = required field
Your Background / Function








unsubscribe from list

RECENT

POPULAR

COMMENTS

The World’s 50 Best Restaurants today reveals Leonor Espinosa of Leo, Bogotá, as the 2022 winner of The World’s Best Female Chef Award, sponsored by Nude Glass

Colombian Leonor Espinosa Named "World's Best Female Chef"

Posted On May 18, 2022
Grand Bahamas photo © Loren Moss

Bahamas Seeks Air Connectivity With Colombia

Posted On May 18, 2022
Roberto Kriete, avianca's main shareholder and chairman of the Board of Directors.

Shareholders Of Viva, Avianca & Gol Announce The Creation Of Abra Group To Dominate South American Skies

Posted On May 11, 2022

Romanian Cybercriminal Mihai Ionut Paunescu Captured In Colombia

Posted On June 29, 2021
Photo montage courtesy EPM

EPM’s Board of Directors Resign En Masse, Creating Crisis For Mayor Daniel Quintero

Posted On August 17, 2020

Deadly Riots & Protests Against Police Brutality Break Out Across Colombia

Posted On September 10, 2020

[…] damn what she said. She and...

Posted On April 4, 2022

[…] by short sellers seeking to...

Posted On March 22, 2022

[…] no longer travel freely...

Posted On March 8, 2022

Watch This!

Contact Us (Click the image):

Pages

  • About Us
  • Colombia Events, Conferences, Festivals and Important Dates
  • Contact Us
  • main
  • Media Partnerships
  • Privacy Policy
  • Search Results
  • Whatsapp test page
Copyright 2014-2020 Finance Colombia All Rights Reserved. We may earn commissions from qualifying purchases.
Posting....
WhatsApp us