RIYADH: Colombian fintech startup Addi has raised a $200 million funding round led by Softbank and GIC to help fuel an expansion in Latin America.
Despite closing a fundraising round in August, the financial technology company decided to increase its capital to support its ongoing growth, according to Bloomberg.
In order to pursue its goal of a five-fold growth increase next year, Addi plans to expand to other markets, in addition to Brazil and Mexico.
Addi's valuation is above $700 million after it raised $80 million in equity from Singapore’s sovereign wealth fund, GIC Private, Softbank Group Corp.’s Latin America Fund and others, the Bogota-based startup said.
The round included an additional $125 million in debt financing, most of which came from Goldman Sachs Group, it said.
The startup’s payment processing system allows customers to purchase in instalments and is being used by over 1,000 retailers and 500,000 customers this year.
