Addi

Addi is a Colombian fintech offering financial solutions to consumers and businesses. With its expedited process, borrowers receive an approval within three minutes, according to the company website. Unlike other credit issuers, ADDI doesn’t charge any insurance, technology or administration fees.

Since its early 2019 launch, ADDI has already positively impacted Colombia. Historically, only the wealthiest have been able to access credit due to high interest rates. Specifically, ADDI offers loans with annual percentages rates ranging from 19.99 to 28.90 percent – significantly lower than the national average interest rate. And, within a short amount of time, ADDI has worked with around 10,000 borrowers, providing loans worth an average of US$500

Recently, ADDI announced the funding of a US$12.6 million Series A round. Angela Strange from Andreessen Horowitz, a private U.S. venture capital firm, led the financing round. Other investors include monashees+, Village Global and Sinai VC in the startup’s cap table.

According to the firm, the fresh financing will be used to significantly accelerate commercial growth, improve its product and provide more options to customers. Moreover, it will increase its team to support company growth with a continuous focus on the product and technology.