Exclusive: Colombian BNPL startup Addi secures $50M debt facility

Addi, which runs a buy now, pay later financing and payments network in Colombia, has secured a $50 million credit line, CEO Santiago Suárez tells Axios Pro exclusively.

Why it matters: Private credit is leaning into Latin America. The company says this marks Neuberger's first credit investment in Colombia.

How it works: Addi operates a closed-loop payments and financing network across in-store, online and its own marketplace app. It underwrites transactions using channel, device, location and catalog signals, with terms that range from "pay in 3" to up to 24 months.
The company says its decisioning engine runs on roughly 50 terabytes of data spanning over 10 billion events.

By the numbers: About 60% of purchases occur at merchant stores and 40% online, with 10% to 15% of online volume flowing through Addi's marketplace, Suárez says.

Addi serves over 2 million consumers and 30,000 merchants across Colombia, with a physical presence in about 1,000 of the country's 1,100 cities. The company says the average order value is about 2 times typical credit-card transactions for merchants and that total sales rise about 20% when shoppers choose Addi at checkout.

State of play: Addi is running at about $150 million in annualized revenue as of June 30, made up of interest income plus consumer and merchant fees, Suárez says.

The company has close to $90 million in gross-profit run-rate, has logged four consecutive quarters of operating profit, and has been GAAP net profitable since January, he says, adding that revenue is up about 11x since early 2023, while R&D and G&A have roughly doubled.

However, Suárez says, the company plans to enter one or two additional countries in the next 18 to 24 months. "International expansion for us is not a matter of if — it's a matter of when. We want to go internationally when we can fund the expansion with retained earnings," he says.

What's next: The Neuberger-managed upsizing is timed for holiday shopping. "The timing is no coincidence: We're going into Black Friday and Christmas with the funding to cover the uptick in volume," Suárez says.

For more information, visit www.addi.com

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