Addi, a Colombia-based online lender backed by telecommunications firm Telefónica, has secured $15m in a funding round led by venture capital firm Quona Capital, Conxto reported yesterday.
Monashees, Andreessen Horowitz, S7 Ventures and Foundation Capital also took part in the round, which boosted the company’s overall funding to almost $32m according to Contxto.
Founded in 2018, Addi runs an online platform that provides loans of up to roughly $4,000 for consumers who have the option of repaying the debt in three, six or 12 monthly instalments.
The funding will allow the company to extend its lending capacity and expand into Brazil and Mexico by the end of 2020. Andreessen Horowitz led its $12.6m series A round in April 2019, investing alongside Monashees.
Addi had already raised $1.5m in an internal round of financing having previously secured $2.3m in September 2018 from Andreessen Horowitz, Monashees and Village Global. It is also listed as a portfolio company by Telefónica subsidiary Wayra and Sinai VC.