- Citi, the global financial giant, is betting on investments in fintech companies in the ever-active Latin American market.
Citi Ventures is a fund dedicated to investing in fintech startups and finding partners that can support the bank’s development and the creation of new products and services. Despite the decline in fintech investment in many countries, in a decade of operation Citi Ventures has built a portfolio of around 60 companies around the world.
Its most recent regional bet is a strategic investment in Supra, a Colombian fintech that revolutionizes cross-border payments. This capital injection will boost Supra’s growth in Colombia, allowing it to consolidate its role as a payment aggregator in alliance with Exchangers (ICs) and licensed Payment Service Providers (PSPs).
Supra is a Colombian fintech that offers cross-border payment and treasury solutions to SMEs involved in import and export activities. The company stands out for its innovative technology, which complies with the regulations of the Central Bank of Colombia and offers customers value-added services, such as fast transactions and competitive rates.
Supra is entering a growing market: in Colombia, more than 40,000 companies participate in import and export trade activities. In 2022, the volume of the cross-border business-to-business payments market amounted to approximately USD 134 billion, according to data from the National Tax and Customs Directorate.
But this is not the only case in which Citi’s strategic investment arm focuses on innovative companies in Latin America.
In 2023, it invested in Rextie, a Peruvian fintech focused on a currency exchange service that offers businesses competitive quotes and an easy-to-use platform.
Citi invested to support Rextie’s internationalization and expansion into new SMEs. Through solutions such as CitiFX Pulse and Instant Payments, Rextie’s customers experience a service that stands out for its automation, real-time payments, greater liquidity, and highly competitive exchange rates.
It also invested in Belvo, an Open Finance platform that allows fintech companies and financial institutions to access and interpret user financial data to create more innovative, accessible, and inclusive products. Citi seeks to strengthen its offering through Belvo and create personalized experiences for its customers.
Citi is a global financial institution with a presence in over 160 countries. It offers a wide range of financial products and services to individuals, companies, and institutions, including commercial and investment banking, private banking, asset management, and transactional banking services.
