Carey Olsen advises Addi on US$85 million Series D
Carey Olsen has advised Colombian fintech Addi on its US$85 million Series D funding round led by global investment firm Citius and co-led by Brazilian investment bank BTG Pactual, marking the bank's first investment outside Brazil.
The funding round also saw participation from existing investors GIC, Quona, Monashees, Union Square Ventures and Andreessen Horowitz.
Addi is the leading commerce and credit platform in Colombia, serving more than three million customers and 35,000 merchants. The company will use the Series D to accelerate the expansion of its credit platform, strengthen technology infrastructure, and grow the portfolio of financial products for consumers and merchants across Colombia.
Earlier this year, Addi closed a US$150 million structured credit facility led by J.P. Morgan, bringing Addi's total debt commitments to more than US$680 million and marking the first warehouse financing structure J.P. Morgan has arranged for a company in Colombia. The company also received regulatory approval from Colombia's Superintendencia Financiera to operate as a regulated financial entity and was named among the world’s three most innovative fintech companies by Fast Company.
The Carey Olsen Cayman Islands corporate team advising on the transaction comprised partner Trevor McCabe, senior associate Evan Stitt and associate Erin Carruthers.
Trevor McCabe commented: "Addi's Series D is a strong endorsement of the company's position as one of Latin America's most exciting fintech platforms, and of the scale of the opportunity in Colombia's financial services market. We were delighted to advise on the Cayman Islands aspects of this important financing and to support Addi as it continues to expand access to innovative credit and commerce solutions for consumers and merchants across the region."
