The commerce and financial platform in Colombia Addi has announced a new USD 50 million debt funding round.
Following this announcement, the funds managed by Neuberger are set to provide the company with efficient commitment within Victory Park’s credit facility.
The investment underpins its consistent development trajectory, as well as the design of secure and efficient products that will optimise customer experience. In addition, in order to accelerate its growth process, Addi brought in new funding in order to improve its drive to development, built in part through its secure technology.
More information on Addi’s new USD 50 million debt funding
According to the official press release, Colombia represents one of the fastest-growing economies in Latin America over the last five years, primarily because of the power of its consumers. It also has one of the highest saturations of mobile phones in the region, having a total of 78.3 million phones in use at the start of this year (representing 147% of the population).
Despite the prevalence of mobile technology and a rapidly evolving economy, over 70% of financial transactions in the region of Colombia are still done in cash. With this in mind, Addi will leverage the funding in order to bridge the technology gap in financial services for the country, as well as develop a dual-sided ecosystem of several customers and merchants who transact on its platform.
Furthermore, the company will provide its solutions in order to scale sustainably by leveraging improved technology and a clear product fit in a market where credit has been broken. Addi will also continue to focus on meeting the needs, preferences, and demands of clients and users in an ever-evolving market, while prioritising the process of remaining compliant with the regulatory requirements and laws of the industry as well.
