Addi, a Latin American buy now, pay later (BNPL) service provider, recently announced that it has completed US$75 million in financing, bringing the company 's total financing amount to US$140 million in 90 days.
The company, which has operations in Colombia and Brazil, said the latest round of funding tripled its valuation, which Addi said was in the “hundreds of millions of dollars.”
Addi said it will use the funds to expand its operations in Colombia and Brazil, while enhancing its BNPL offering and providing new payment methods for customers and merchants.
“Latin America led the world in e-commerce sales growth in 2020,” Addi said in its press release. “By 2024, e-commerce transactions in the region are expected to exceed $160 billion, with buy now, pay later payment methods proliferating online. ”
The company said research shows that global BNPL spending could approach $1 trillion by 2026. As BNPL grows, so too is Addi, which said it has seen a 13-fold increase in the volume of payments it supports since the start of 2021.
A recent PYMNTS survey of omnichannel small and medium-sized businesses found that the majority believe BNPL plays an important role in driving sales.
61% of business owners surveyed said their customers were willing to switch to merchants offering BNPL solutions, while 57% said BNPL would account for an increasing share of sales.
61% of respondents said BNPL helped complete sales that would not have otherwise happened, and 70% of omnichannel merchants said consumers were willing to switch to merchants offering BNPL.
Buy now, pay later is attracting more companies to join this battlefield:
In August of this year , mobile payment company Square announced that it would acquire Australian "buy now, pay later" service provider AfterPay for up to US$29 billion. The transaction is scheduled to be completed in the first quarter of 2022 ; in September, Amazon said it had reached an agreement with installment payment provider Affirm to provide buy now, pay later services to US consumers; on September 8, PayPal announced that it would acquire Japan's "buy now, pay later" parent company Paidy for approximately 300 billion yen (US$2.7 billion), and the acquisition plan is expected to be completed in the fourth quarter of 2021.
The frequent investment of capital seems to indicate that “buy now, pay later” will become an important bargaining chip in the fight for consumers. Buy now, pay later Financing Latin America |
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