Citi has led an investment round in Colombian B2B payments startup Supra. Far Out Ventures and H20 Capital also participated in the financing.
Founded in 2023, Supra provides cross-border payments and treasury services for small and medium-sized enterprises involved in import and export operations. As part of the investment agreement, Supra will utilize Citi’s payments and foreign exchange technology platforms to enhance its expansion across Colombia.
The newly raised capital will support the fintech in fulfilling its role as a payment aggregator in partnership with Foreign Exchange Market Intermediaries (IMC) and licensed Payment Service Providers.
Emilio Pardo, CEO and co-founder of Supra, stated, “At Supra, we are developing cutting-edge cross-border payment solutions that provide value-added services to our clients, alongside transaction speed and highly competitive rates. Our technology is one of the first in the country that complies with regulations issued by the Colombian Central Bank for payment aggregators.”
With over 40,000 companies engaged in import and export activities, the market for B2B cross-border payments in Colombia was approximately $134 billion in 2022, according to the Colombian Tax Authorities (DIAN).
Aldo Alvarez, strategic investments lead for Citi’s markets business, remarked, “We believe Supra’s product, business model, and collaboration with Citi will allow them to create competitive advantages in the multi-billion-dollar import and export cross-border payments market in Colombia.”
The transaction value has not been disclosed.