Through CitiFX Pulse and Instant Payments, Rextie’s clients will experience a service that stands out for its automation, real-time payments, greater liquidity, and competitive rates. The milestone deal demonstrates how fintechs and banks can collaborate to reinvent and innovate financial services in the region.
Officials from Citi said that this is a landmark transaction for Citi in Peru. Their collaboration with Rextie shows the value-added opportunities that we can provide to fintechs. They are happy to deliver the power of their global FX network and tech solutions.
By the end of 2024, Rextie expects to surpass USD 7 billion dollars exchanged in the platform since the start of its operations in Peru.
Also commenting on this development, Rextie’s representatives said thatGoing forward, they will focus their efforts on attracting more small and medium-sized business, including customers involved in import and export activities. At the same time, they will accelerate their growth supported by their experience, knowledge, and specialised technologies that will be empowered by Citi.
The investment was made by Citi’s Institutional Strategic Investments (ISI) arm, which invests in innovative fintech companies globally that are strategically aligned to Citi’s institutional businesses.
Citi is a preeminent banking partner for institutions with cross-border needs, a global player 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.
Rextie, founded in 2016 in Peru, has positioned itself as the leading currency exchange platform for individuals and companies. Since its inception, more than USD 4.5 billion dollars have been exchanged in the platform and more than one and a half million transactions have been executed on behalf of clients. The fintech has more than 12,000 registered businesses and 170,000 registered individual users who trust its innovative platform for their currency exchange transactions, security, speed, and exchange rates free of hidden commissions.
Rextie's clients have a team of financial experts at their disposal, who provide them with personalised advice to make informed decisions and take advantage of financial opportunities. In addition to currency exchange, Rextie also offers factoring solutions and pay-in and pay-out payment processing for businesses.
Every day we send out a free e-mail with the most important headlines of the last 24 hours.
Subscribe now