Addi lets customers in Brazil and Colombia pay for purchases over time without interest or fees, using only their ID and phone number, from more than 500 retailers and merchants.
The Series B financing will help Addi expand to Mexico early next year.
Companies and investors have been swooning over buy now, pay later models, which expand the pool of potential customers. PayPal is buying Japanese startup Paidy for an estimated $2.7 billion, while Square is paying $29 billion for Afterpay in Australia.
Investors in Addi’s round include Greycroft, Quona Capital, Endeavor Catalyst, Andreessen Horowitz, Foundation Capital, Union Square Ventures and others. Addi, which raised $65 million in debt and equity in May, extended the investment round with an additional $75 million of equity.