Citi led a strategic investment round in Supra. Far Out Ventures and H20 Capital also participated in the funding round.
Supra is a Colombian fintech that enables cross-border payments and treasury solutions for small and medium-sized businesses (SMBs) involved in import and export activities.
The new capital will enable the growth of Supra’s operations in Colombia to fulfill its role as a payment aggregator in partnership with Intermediaries in Foreign Exchange Markets (IMCs) and licensed payment service providers.
Diego Santoyo, Head of Corporate Sales and Solutions for the Andes region at Citi, said:
“Citi’s best-in-class cross-border payments and FX technology will help facilitate Supra’s operations and expansion in Colombia.”
“At Supra, we develop cutting-edge solutions for cross-border payments that provide value-added services to our customers, as well as transaction speed and highly competitive pricing. Our technology is among the first in the country to comply with the regulations issued by the Central Bank of Colombia for payment aggregators,” said Emilio Pardo, CEO and co-founder of Supra.
The investment was led by Citi’s strategic investment arm, which invests in innovative fintech companies that align with Citi’s core business.
“We believe Supra’s product, business model and partnership 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.