Citi invests in Peru’s leading FX fintech Rextie
Citi, a global juggernaut in foreign exchange (FX) markets, has announced a pivotal investment in Rextie, the leading fintech for FX services in Peru. This groundbreaking deal makes Rextie the first FX fintech in Latin America to secure an investment from one of the world’s largest banks. Additionally, the partnership will incorporate Citi’s advanced FX technology into Rextie’s existing currency exchange services.
Real-time Payments and Competitive Rates through CitiFX Pulse
Rextie’s clientele will gain access to next-level automation, real-time payments, higher liquidity, and competitive FX rates through the integration of CitiFX Pulse and Instant Payments. David Gonzalez, Citi’s Regional Head of Corporate Sales and Solutions for Latin America, emphasized the deal’s significance: “This is a landmark transaction for Citi in Peru. Our collaboration with Rextie showcases the value-added opportunities we can bring to fintechs through our expansive global FX network and tech solutions.”
Milestone for Fintech-Bank Collaboration in Latin America
The strategic partnership serves as a testament to the potential for synergies between traditional banking and fintech platforms in Latin America. It highlights the transformative role that fintechs and banks can jointly play in reimagining financial services in the region.
Rextie Targets $7 Billion in Transactions and SME Focus
Mateu Batle, CEO and Co-Founder of Rextie, laid out the fintech’s ambitious plans, stating, “Rextie aims to surpass $7 billion in transactions on our platform by the end of 2024. Our focus will be on attracting more small and medium-sized enterprises, particularly those in import and export activities.” Batle credited the investment from Citi’s Institutional Strategic Investments (ISI) arm, which targets globally innovative fintech companies, for empowering Rextie’s growth and vision.
High-Growth Prospects for Rextie’s Dynamic Market
Aldo Alvarez, Lead for LatAm Strategic Investments at Citi, praised Rextie’s performance and market fit. “Rextie’s founders have established a high-growth business with a strong foundation of repeat clients. Investing in such a dynamic market in Peru is thrilling for us,” said Alvarez.
The investment not only underscores Rextie’s leading position in the FX fintech space but also amplifies Citi’s commitment to innovation and collaboration within Latin America’s rapidly evolving financial ecosystem.