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Colombia-based buy-now-pay-later (BNPL) firm Addi has reportedly received $200m in debt and equity financing to support its entry into more Latin American markets.

The firm is currently valued at over $700m, Bloomberg reported.

The latest fundraising saw Addi raising $80m in equity financing from Singapore’s GIC Private, SoftBank’s Latin America Fund and others. Additionally, it secured $125m in debt financing, primarily from Goldman Sachs.

Founded in 2018, Addi provides BNPL service through ecommerce, mobile, and physical stores.

Its payment processing system is said to be currently used by over 500,000 consumers and 1,000 retailers, including Apple and NIKE as well as small mom-and-pop stores.

This September, the firm raised $75m, just four months after it secured $65m in debt and equity funding to fuel growth in Colombia and Brazil.

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According to Addi co-founder and CEO Santiago Suarez, the new capital will allow the firm to continue its growth.

Addi is planning to set up an office in Mexico next year with plans to expand into other Latin American markets in the future, Suarez told the news agency.

He added that Addi is a ‘natural fit’ in the region where majority of consumers are ineligible for banking products such as credit cards.

Suarez said: “Business is accelerating a lot faster than expected, so we decided to fill up the gas tank to continue driving into 2022 without having to worry about fundraising in the near future.”

Addi is targeting a five-fold growth in 2022 as online shopping and e-commerce continue to boom.

Last month, Mastercard strengthened its foothold in Latin America with the purchase of Mexico-based Arcus FI.