This deal not only shows support for the Colombian firm, but it also shows how finance is becoming more and more popular in Latin America.
Citigroup said that it has led an investment round in Supra, a Colombian company that bills itself as a cutting-edge answer to the problems that businesses in Colombia and Latin America face when making foreign payments. Far Out Ventures and H20 Capital also contributed to this venture.
Supra focuses in providing treasury solutions and facilitating cross-border payments for small and medium-sized businesses (SMEs) who engage in imports and exports. Citi’s infusion of fresh funds is expected to enhance its functions and reinforce its position as a payment aggregator. A step toward facilitating international trade is the strategic cooperation with Market Exchange Intermediaries (IMC) and other approved payment service providers.
Emilio Pardo, the CEO and co-founder of Supra, is inextricably related to the company’s history. Prior to joining Supra, he oversaw Colombia’s Bitso cryptocurrency platform. His choice to take the helm of Supra after leaving Bitso signifies a dramatic shift in his professional trajectory and demonstrates his dedication to fintech innovation.
Over 40,000 companies in Colombia are engaged in international trade, and the cross-border business-to-business payment market reached approximately USD $134,000 million in 2022, according to data from the National Tax and Customs Directorate (DIAN).
Supra is an exact example of the innovative and strategically aligned fintech companies that Citi’s investment, which originates from its strategic investment unit, targets.