Citi Ventures has made its first investment in Mexico, taking an undisclosed stake in biller and payment platform Arcus.
Arcus currently counts BBVA, Santander, Walmart, 7-Eleven, and Rappi as customers, and the investment from Citi ventures will fuel further collaboration opportunities with the US bank's Citibanamex unit.
Luis Valdich, managing director at Citi Ventures, says: “Arcus is a natural first investment for Citi Ventures in Mexico given the company’s market leadership, agile and seamless platform, and potential collaboration opportunities with Citibanamex."
Based in New York, Arcus has previously raised $13M from Y-Combinator, Ignia, Maverick, Winklevoss, Initialized, HOF, and Kapor.
Alongside bill payments, Arcus’ Money Transmitter License (MTL) also offers the opportunity to provide a full stack of fintech-as-a-service capabilities to third party companies including payments, identity verification, local licensing and regulation management, and settlement and reconciliation. Customers can access the capabilities they need via the Arcus API, SDK or customizable front-end and plug into the ArcusPay Network to provide a payment services unique to the local market in which they are operating.
Inigo Rumayor, president and cofounder of Arcus, comments on Citi's investment: “This relationship and investment will further propel Arcus’ expansion in Latin America as we work to make it possible for everyone, everywhere to have access to exceptional financial services.”