Citi has led a strategic funding spherical in Supra. Far Out Ventures and H20 Capital additionally participated within the financing spherical.
Supra is a Colombian fintech that permits cross-border funds and treasury options for small and medium-sized companies (SMBs) that take part in import and export actions.
The brand new capital will allow the expansion of Supra’s Colombian operations to fulfil its cost aggregator position in partnership with Overseas Change Market Intermediaries (IMC) and licensed Cost Service Suppliers.
Diego Santoyo, Head of Company Gross sales and Options for the Andean area at Citi, stated:
“Citi’s best-in-class cross-border funds and FX expertise will assist allow Supra’s operations and growth in Colombia.”
“At Supra, we’re creating cutting-edge cross-border cost options that present value-added providers to our shoppers in addition to transaction pace and extremely aggressive charges. Our expertise is among the first within the nation that complies with the rules issued by the Colombian Central Financial institution for cost aggregators,” stated Emilio Pardo, CEO and co-founder of Supra.
The funding was led by Citi’s strategic investments arm, which invests in progressive fintech firms which are aligned to Citi’s core companies.
“We imagine Supra’s product, enterprise mannequin and collaboration with Citi will permit them to create aggressive moats within the multi-billion-dollar import and export cross-border funds market in Colombia,” stated Aldo Alvarez, Lead for LatAm Strategic Investments in Citi’s Markets enterprise.