Citi has revealed its participation in a strategic investment round for Supra, a fintech firm based in Colombia. Supra is known for offering cross-border payments and treasury solutions specifically designed for small and medium-sized businesses (SMBs) that are involved in import and export activities.
The strategic investment from Citi, coupled with contributions from Far Out Ventures and H20 Capital, is set to bolster the integration of Citi’s cross-border payments and foreign exchange (FX) technology. This move will facilitate the expansion of Supra's operations within Colombia. The additional capital is expected to enhance Supra's position as a payment aggregator, working alongside Foreign Exchange Market Intermediaries (IMC) and licensed Payment Service Providers to extend its operations within the country. The initiative was led by Citi’s strategic investments arm, according to a press release issued by Citi.
Diego Santoyo, Head of Corporate Sales and Solutions for the Andean region at Citi, said in the press release: "Citi’s best-in-class cross-border payments and FX technology will help enable Supra’s operations and expansion in Colombia."
Emilio Pardo, CEO and co-founder of Supra, stated in the same press release: "At Supra, we are developing cutting-edge cross-border payment solutions that provide value-added services to our clients as well as transaction speed and highly competitive rates. Our technology is one of the first in the country that complies with the regulations issued by the Colombian Central Bank for payment aggregators."
Aldo Alvarez, Lead for LatAm Strategic Investments in Citi’s Markets business, also shared his thoughts on this collaboration: "We believe Supra’s product, business model and collaboration with Citi will allow them to create competitive moats in the multi-billion-dollar import and export cross-border payments market in Colombia," he said.
With operations spanning nearly 160 countries worldwide, Citi maintains its commitment to serve as a reliable partner to its clients. It aims to provide financial services that foster growth and economic progress, as stated on the About webpage provided by Citi.