Citi has led an investment round in Colombian B2B payments startup Supra.
Far Out Ventures and H20 Capital also participated in the financing round.
Founded in 2023, Supra delivers cross-border payments and treasury services for small and medium-sized businesses that participate in import and export activities.
As part of the deal, Supra will leverage Citi's payments and FX technology platforms to further its expansion across the country.
The new capital will also help the fintech to fulfil its payment aggregator role in partnership with Foreign Exchange Market Intermediaries (IMC) and licensed Payment Service Providers.
Emilio Pardo, CEO and co-founder of Supra, comments: “At Supra, we are developing cutting-edge cross-border payment solutions that provide value-added services to our clients as well as transaction speed and highly competitive rates. Our technology is one of the first in the country that complies with the regulations issued by the Colombian Central Bank for payment aggregators.”
In Colombia, more than 40,000 companies participate in import and export commercial activities and the market for business-to-business cross border payments in 2022 was approx. $134 billion according to data from the Colombian Tax Authorities (DIAN).
Aldo Alvarez, strategic investments lead for Citi's markets business, says: “We believe Supra’s product, business model and collaboration with Citi will allow them to create competitive moats in the multi-billion-dollar import and export cross-border payments market in Colombia."
The value of the transaction was not disclosed.