At the opening of this week, the global investment bank based in America, Citigroup Inc, announced it has invested in the Colombian fintech Supra. Its investment aims to provide the fintech with treasury and investment solutions and cross-border payments, which Supra can then provide to small and medium-sized businesses involved in import and export activities.
Citigroup Inc. announces new investment into Colombian fintech Supra
According to a press release, Citi’s cross-border payment solutions will help the fintech expand across Colombia, with a potential reach into other neighbouring countries. Supra has also received backing from early-stage capital investor Far Out Ventures and the early-stage capital management fund H2O Capital Innovation.
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Citi’s Head of Corporate Sales and Solutions for the Andean region, Diego Santoyo, commented:
Citi’s best-in-class cross-border payments and FX technology will help enable Supra’s operations and expansion in Colombia.
Citi’s Strategic Investments Lead for Latin America, Aldo Alvarez, also expressed excitement about the new partnership and Supra’s expansive potential:
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.
Colombia is a hotspot in the Americas for import and export activities, with over 40,000 companies participating in commercial transportation and movement. According to data from the Colombian Tax Authorities in 2022, the country’s B2B cross-border market registered at $134bn, a market that Citi and other capital investment firms are hoping to explore.
