Union Square Ventures Leads Series B Investment for Latin American Digital Lender ADDI

May 28, 2021

Willkie represented Union Square Ventures in the transaction.

On May 26, ADDI, a Bogota- and Sao Paulo-based digital lending Buy Now Pay Later platform, announced new funding for $65 million in debt and equity, as well as strategic partnership with Banco Santander. The new $35 million Series B round was led by Union Square Ventures, with participation from 8VC, Monashees’s Opportunity Fund, Citius Capital, Endeavor Catalyst, the Marathon Fund, GGV partner Hans Tung, and former Affirm COO Huey Lin. Existing investors Andreessen Horowitz, Foundation Capital, Monashees, and Quona Capital also participated in the round.

ADDI also announced $30 million in fresh debt funding from Architect Capital. The new funding will be used to grow ADDI’s business in Colombia and support its launch in Brazil. The company is also announcing today a strategic partnership with Banco Santander in Colombia.

ADDI was founded in 2018 to power digital commerce in Latin America, starting with Buy Now Pay Later. Customers can buy from their favorite merchants and pay over time. ADDI is available on ecommerce, mobile, as well as physical stores. The company has grown its business over 5x since the beginning of the year, and it now has partnerships with hundreds of merchants in Colombia and Brazil, serving thousands of customers a month and powering millions of dollars in purchases.

Union Square Ventures is a thesis-driven venture capital firm based in New York City. USV backs trusted brands that broaden access to knowledge, capital, and well-being by leveraging networks, platforms, and protocols. Since its founding in 2004, USV has backed companies such as Twitter, Etsy, Lending Club, Duolingo, Coinbase and Cloudflare.

The Willkie team was led by partner Maria-Leticia Ossa Daza and included associates Anna Martini G. Pereira and Marissa Cantu, and law clerk Manuela Velasquez.