Supra is a Colombian fintech that enables cross-border payments and treasury solutions for small and medium-sized businesses (SMBs) participating in import and export activities.
The new capital will enable the growth of Supra’s Colombian operations to fulfil its payment aggregator role in partnership with Foreign Exchange Market Intermediaries (IMC) and licensed Payment Service Providers.
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. USD 134 billion according to data from the Colombian Tax Authorities (DIAN).
The investment was led by Citi’s strategic investments arm, which invests in innovative fintech companies that are aligned to Citi’s core businesses.
Also commenting on this partnership, representatives from Supra said they are developing cuting-edge cross-border payment solutions that provide value-added services to their clients as well as transaction speed and highly competitive rates. Supra’s technology is one of the first in the country that complies with the regulations issued by the Colombian Central Bank for payment aggregators.
Officials from Citi said that their cross-border payments and FX technology will help enable Supra’s operations and expansion in Colombia. They 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.
At the beginning of December 2023, Citi Treasury and Trade Solutions (TTS), part of Citi, has invested in fintech firm Icon Solutions as part of its multi-year modernization strategy for payments platforms. TTS aims to enhance its payment services, prioritising flexibility and responsiveness to changes in infrastructure, regulations, and client demands.
The partnership involves using the Icon Payments Framework (IPF) within a micro-services architecture. The goal is to streamline and enhance payment processing by adopting a strategy of 'de-platforming,' creating reusable services for efficient responses to industry developments like ISO 20022, providing true end-to-end ISO native payments, future-proofing solutions, and offering API-driven interfaces for improved client access to data.
Citi is a preeminent banking partner for institutions with cross-border needs, a global leader in wealth management and a valued personal bank in its home market of the United States. Citi does business in nearly 160 countries and jurisdictions, providing corporations, governments, investors, institutions, and individuals with a broad range of financial products and services.
Supra is a Colombian fintech founded in 2023. The company offers foreign exchange, cross-border payment, and treasury solutions to SMBs that participate in import and export activities in the country.
Every day we send out a free e-mail with the most important headlines of the last 24 hours.
Subscribe now