Citi Leads Strategic Investment Round in Colombian Fintech Supra
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.
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