Citi banks lead a strategic funding round in the Colombian fintech company Supra
In a significant move for the Colombian fintech industry, global banking giant Citibank has led a strategic investment round in Supra, a Colombian fintech specialising in cross-border payments and treasury solutions for Small and Medium-sized Enterprises (SMEs) involved in import and export activities.
Emilio Pardo, CEO and co-founder of Supra, stated that the company is developing cross-border payment solutions with value-added services, transaction speed, and competitive rates. Pardo added that Supra aims to fulfill its payment aggregator role in partnership with Foreign Exchange Market Intermediaries (IMC) and licensed Payment Service Providers.
Notably, Supra's technology is one of the first in Colombia to comply with the regulations issued by the Colombian Central Bank for payment aggregators. This compliance is expected to provide a competitive edge in the market.
Citibank's cross-border payments and FX technology will be utilised by Supra, enabling the fintech startup to expand its operations in Colombia. Diego Santoyo, the Head of Corporate Sales and Solutions for the Andean region at Citibank, made a statement about Citibank's role in enabling Supra's operations and expansion in Colombia.
The investment in Supra was led by Citibank's strategic investments arm, which invests in fintech companies aligned with Citibank's core businesses. Other participants in the financing round include Far Out Ventures and H20 Capital.
According to data from the Colombian Tax Authorities (DIAN), the market for business-to-business cross-border payments in Colombia was approximately $134 billion in 2022. With more than 40,000 companies in Colombia participating in import and export commercial activities, the potential for growth in the cross-border payments market is significant.
Aldo Alvarez, Lead for LatAm Strategic Investments in Citibank's Markets business, expressed belief that Supra's product, business model, and collaboration with Citibank will create competitive advantages in the multi-billion-dollar import and export cross-border payments market in Colombia. The new capital will enable Supra's growth and operations in Colombia, with plans to expand its Colombian operations.
However, the name of the CEO and one of the co-founders of Supra is not explicitly mentioned in the available search results. Despite this, the investment in Supra by Citibank is a testament to the potential of Colombian fintech startups in the cross-border payments sector.
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