Citi Leads Strategic Investment Round in Colombian Fintech Supra

Rhea-AI Summary

Supra (SUPRA) is a Colombian fintech specializing in cross-border payments and treasury solutions for small and medium-sized businesses (SMBs) involved in import and export activities. Citi has led a strategic investment round in Supra, with Far Out Ventures and H20 Capital also participating in the financing round. The investment and integration of Citi’s cross-border payments and FX technology will support Supra’s operations and expansion in Colombia. The new capital will enable the growth of Supra’s Colombian operations to fulfill its payment aggregator role in partnership with Foreign Exchange Market Intermediaries (IMC) and licensed Payment Service Providers. In 2022, the market for business-to-business cross-border payments in Colombia was approximately $134 billion according to data from the Colombian Tax Authorities (DIAN).

Positive

• Strategic investment round led by Citi, with participation from Far Out Ventures and H20 Capital
• Integration of Citi’s cross-border payments and FX technology to support Supra’s operations and expansion in Colombia
• New capital to enable the growth of Supra’s Colombian operations and fulfill its payment aggregator role
• Market for business-to-business cross-border payments in Colombia estimated at $134 billion in 2022

Negative

• None.

Supra is a Colombian fintech that enables cross-border payments for small and medium-sized businesses (SMBs).

The investment and integration of Citi’s cross-border payments and FX technology will help enable Supra’s operations and expansion in Colombia.

NEW YORK--(BUSINESS WIRE)-- Citi has led a strategic investment round in Supra. Far Out Ventures and H20 Capital also participated in the financing round.

Supra is a Colombian fintech that enables cross-border payments and treasury solutions for small and medium-sized businesses (SMBs) that participate in import and export activities.

The new capital will enable the growth of Supra’s Colombian operations to fulfil its payment aggregator role in partnership with Foreign Exchange Market Intermediaries (IMC) and licensed Payment Service Providers.

Diego Santoyo, Head of Corporate Sales and Solutions for the Andean region at Citi, said: “Citi’s best-in-class cross-border payments and FX technology will help enable Supra’s operations and expansion in Colombia.”

“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," said Emilio Pardo, CEO and co-founder of Supra.

In Colombia, more than 40,000 companies participate in import and export commercial activities and the market for business-to-business cross border payments in 2022 was approx. $134 billion according to data from the Colombian Tax Authorities (DIAN).

The investment was led by Citi’s strategic investments arm, which invests in innovative fintech companies that are aligned to Citi’s core businesses.

“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,” said Aldo Alvarez, Lead for LatAm Strategic Investments in Citi’s Markets business.

About Citi

Citi is a preeminent banking partner for institutions with cross-border needs, a global leader in wealth management and a valued personal bank in its home market of the United States. Citi does business in nearly 160 countries and jurisdictions, providing corporations, governments, investors, institutions, and individuals with a broad range of financial products and services.

Additional information may be found at www.citigroup.com | Twitter: @Citi | LinkedIn: www.linkedin.com/company/citi | YouTube: www.youtube.com/citi | Facebook: www.facebook.com/citi

About Supra

Supra is a Colombian fintech founded in 2023. The company offers foreign exchange, cross-border payment, and treasury solutions to SMBs that participate in import and export activities in the country.

Additional information may be found at www.supra.la | LinkedIn: www.linkedin.com/company/supra-latam | Instagram: www.instagram.com/supra_latam |

View source version on businesswire.com: https://www.businesswire.com/news/home/20231211824292/en/

Media

Citi: Adriana Sanchez, Adriana.paulinne.sanchez@citi.com

Citi: Rekha Jogia-Soni, Rekha.JogiaSoni@citi.com

Supra: Emilio Pardo, Emilio@supra.la

Source: Citi

FAQ

What does Supra (SUPRA) specialize in?

Supra specializes in cross-border payments and treasury solutions for small and medium-sized businesses (SMBs) involved in import and export activities.

Who led the strategic investment round in Supra?

Citi led the strategic investment round in Supra, with Far Out Ventures and H20 Capital also participating in the financing round.

What will the integration of Citi’s technology help enable for Supra?

The integration of Citi’s cross-border payments and FX technology will support Supra’s operations and expansion in Colombia.

What is the estimated market size for business-to-business cross-border payments in Colombia in 2022?

The market for business-to-business cross-border payments in Colombia was approximately $134 billion in 2022 according to data from the Colombian Tax Authorities (DIAN).