Citi has spearheaded a strategic investment round in Supra, a Colombian fintech company that facilitates cross-border payments for small and medium-sized businesses (SMBs).
The financing round also had the participation of Far Out Ventures and H20 Capital.
Citi’s investment was made by its strategic investments arm, which invests in new fintech companies that are in line with its core businesses.
Citi’s markets business LatAm strategic investments lead Aldo Alvarez said: “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.”
Founded in 2023, the Colombian fintech company provides foreign exchange, cross-border payment, and treasury solutions to SMBs that undertake import and export activities in the country.
Supra is said to facilitate payments as well as transactions in more than 40 countries, enabling businesses to connect across the globe.
Supra CEO and co-founder Emilio Pardo said: “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.”
The new capital will help Supra expand its Colombian operations to fulfil its role as a payment aggregator in collaboration with foreign exchange market intermediaries (IMC) and licensed payment service providers.
Last week, Citi joined forces with trade documentation solutions provider Traydstream to offer access to an automated trade-document processing capability to its clients.