back Back

Citi leads strategic investment round in Colombian FinTech Supra

By Delisha Fernandes

December 12, 2023

  • card management
  • Citi Global Markets
  • Citi Private Banks

Citi Bank, Citi Global Wealth, Citi Global Markets, Citi Private Banks, Singapore, Thailand, HongKong, Credit Card, Digital banking, Card Management, Premium card, Selected applications, HSBC Bank, ChinaCiti has led a strategic investment round in Supra, a Colombian FinTech that enables cross-border payments and treasury solutions for small and medium-sized businesses (SMBs).

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.”

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).

“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.

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

“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.

Previous Article

December 12, 2023

Intellect partners with Indian Bank to boost Transaction Banking

Read More
Next Article

December 12, 2023

Lightnet & TransferMate to facilitate global payments experience

Read More

IBSi Daily News Analysis

South East Asia

February 28, 2024

card management

FinTech penetration in Southeast Asia will double by 2027, research reveals

Read More

IBSi FinTech Journal

  • Most trusted FinTech journal since 1991
  • Digital monthly issue
  • 60+ pages of research, analysis, interviews, opinions, and rankings
  • Global coverage
Subscribe Now

Other Related News

February 29, 2024

RegTech Napier AI lands £45m investment from Crestline

Read More

February 29, 2024

Volt secures EMI licence to offer e-money accounts in the UK

Read More

February 29, 2024

Barclays to sell $1.1b worth US credit card debt to Blackstone

Read More

Related Reports

Sales League Table Report 2023
Know More
Global Digital Banking Vendor & Landscape Report Q4 2023
Know More
Wealth Management & Private Banking Systems Report Q4 2023
Know More
IBSi Spectrum Report: Supply Chain Finance Platforms Q4 2023
Know More
Treasury & Capital Markets Systems Report Q4 2023
Know More

IBSi Sales League Table

The industry acknowledged barometer of global banking technology vendor performance!
Get your copy now!
Get your copy now! IBSi Sales League Table 2023