Latin American BNPL player ADDI has raised a funding of $65m in debt and equity to grow its business in Colombia and Brazil, where it started operations this year.

The company raised the $35m in Series B round that was led by Union Square Ventures.

The round was also joined by 8VC, Monashees’s Opportunity Fund, Citius Capital, Endeavor Catalyst, the Marathon Fund, GGV partner Hans Tung, and former Affirm COO Huey Lin.

The company’s existing investors Andreessen Horowitz, Foundation Capital, Monashees, and Quona Capital also participated in the latest round.

Additionally, the company also secured a $30m in fresh debt funding from Architect Capital.

ADDI, which aims to drive digital commerce in Latin America, is offering BNPL service via ecommerce, mobile, as well as physical stores.

According to the company, its business witnessed a five-fold growth since the start of the year.

Commenting on its expansion plans, ADDI co-founder and CEO Santiago Suarez said: “In Colombia and Latin America, most consumers can’t be part of the digital economy. Paying online is incredibly difficult, affordability is limited, and very few folks have a credit card.

“We empower merchants and customers and make it possible for them to meet digitally and transact with a fast, fair, and disruptive way of paying.”

Union Square Ventures general partner John Buttrick remarked that ADDI is enabling Latin American merchants to grow their ecommerce businesses by offering their customers convenient payment options that free up capital and boost sales.

“We believe ADDI will soon be an important company in Latin American consumer finance,” Buttrick added.

Partnership with Banco Santander

ADDI has also signed a strategic partnership with Banco Santander in Colombia.

As part of the tie-up, both parties will come together to offer financing for consumer products as a single solution for merchants in Colombia.

The partnership is expected to be launched in June 2021.