NEWS
Colombian fintech Addi secures $ 100m credit facility from Victory Park Capital
“ We ’ ve known the VPC team for over five years , and we ’ re excited to be partnering with them . Their experience in the private consumer credit space is unparalleled , and we look forward to working together in support of our mission to meet the historically underserved payment and credit needs of Colombians ,” said Santiago Suarez , Co- Founder and CEO , Addi .
The partnership with VPC caps an outstanding year for Addi , in which the company reached profitability , obtained regulatory approval to become a bank , and launched its Marketplace platform . In under six months , the Marketplace platform has added over 500 merchants , with more than 20,000 monthly transactions and over 17,000 monthly buyers .
Addi , the Colombia-based fintech platform for integrated payments , shopping and banking , has secured a $ 100m credit facility from Victory Park Capital ( VPC ) – a leading global alternative investment firm specializing in private credit .
The new facility will support Addi ’ s financing of credit originations in Colombia as it provides buy now , pay later ( BNPL ) solutions to consumers and merchants .
Kinan Hayani , Managing Director , VPC , said : “ Addi has rapidly emerged as an innovator in the Latin American financial ecosystem by powering the modern financial needs of consumers and businesses alike .
“ We strongly believe in the company ’ s mission to broaden access to credit products for underserved and underbanked consumers across Latin America , and we recognize the added value Addi can bring to merchants by helping increase conversion rates at the point-of-sale .”
GiG launches long-standing partner LuckyDays in Mexico
GiG Software , a leading B2B iGaming technology company , has announced its entry into the Mexican regulated market with the launch of long-standing partner LuckyDays in the region .
The deal is GiG ’ s first launch in Mexico , adding another regulated market to its vast list of live jurisdictions and further increasing its capacity to offer opportunity for growth to its partners .
GiG is one of the few global regulated market experts that can offer enhanced , next generation platform capabilities . iGaming platform CoreX , is pitched as a powerful , secure and highly scalable iGaming platform , built for rapid integration with the potential for an unlimited inventory of preferred third parties . In prioritising powerful functionality that greatly elevates localisation and gamification features that offers partners a competitive advantage in their local markets .
As part of the deal , LuckyDays will again benefit from AI tools DataX and LogicX . With a growing emphasis on cutting-edge AI and automation , the incorporation of the advanced machine learning models into LuckyDays ’ toolkit , with enhancing decision-making processes and rule building will help deliver significant increases in player acquisition and customer retention .
Online gaming in Mexico continues to provide a steady growth trajectory with Gross gaming revenue ( GGR ) projected to reach $ 3.7 billion by 2028 , according to data supplied by H2 , with regulation enforced by Mexico ’ s General Directorate of Games and Raffles .
A spokesperson at LuckyDays said : “ The robust support and expertise of GiG ’ s proven solutions empower us to launch and scale effectively in this new market .”
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