US banking giant Citi has made a strategic investment in Peruvian foreign exchange fintech Rextie.
Founded in 2016, Rextie has more than 12,000 registered businesses and 170,000 registered individual users that have exchanged more than $4.5 billion dollars.
The investment will also see Citi’s FX technology integrated into Rextie’s currency exchange services. This, says the bank, will give Rextie clients automation, real-time payments, greater liquidity, and highly competitive rates.
David Gonzalez, regional head, corporate sales and solutions, Latin America, Citi, says: "This is a landmark transaction for Citi in Peru, our collaboration with Rextie shows the value-added opportunities that we can provide to fintechs."
Mateu Batle, CEO, Rextie, adds: "Going forward, Rextie will focus its efforts on attracting more small and medium-sized business, including customers involved in import and export activities.
"Also, we will accelerate our growth supported by our experience, the knowledge and specialized technologies that will be empowered by Citi."