FinTech: Citi Acquires A Stake In Peruvian FX Fintech Rextie

August 25, 2023 | FinTech, Latest News, News

“The milestone deal demonstrates how fintechs and banks can collaborate to reinvent and innovate financial services in the region,” says a statement from Citi.

Citi (NYSE: C), a global leader in foreign exchange (FX) markets, has strategically invested in Rextie, Peru’s leading fintech for FX services, marking a pivotal development in the financial landscape. This significant investment not only enhances Rextie’s prospects but also propels its clients’ experience with quicker services and highly competitive currency exchange rates, all powered by Citi’s cutting-edge FX technology. Rextie aims to expand its reach and services by seamlessly integrating Citi’s advanced FX capabilities.

Rextie becomes the first FX fintech in Latin America to secure an investment from a major global bank, illustrating the convergence of traditional banking institutions and fintech disruptors. The collaboration introduces Citi’s innovative FX technology to Rextie’s currency exchange services, elevating its offerings through features like CitiFX Pulse and Instant Payments. These advancements enable automation, real-time payments, enhanced liquidity, and superior rates for Rextie’s clientele.

This partnership not only showcases the potency of fintech-bank synergy in reimagining financial services but also demonstrates Citi’s commitment to fostering growth within dynamic markets. In a statement, David Gonzalez, Regional Head of Corporate Sales and Solutions for Latin America at Citi, emphasized the potential value addition to fintechs through such collaborations.

Rextie, founded in 2016, has already facilitated over $4.5 billion in currency exchanges, and it aspires to exceed $7 billion by the end of 2024.

As both entities focus on attracting small and medium-sized businesses, Rextie anticipates accelerated expansion with the infusion of Citi’s expertise and specialized technologies.

The investment underscores Citi’s Institutional Strategic Investments (ISI) arm’s commitment to partnering with innovative fintechs aligned with Citi’s institutional goals.

Related Story:  Mastercard Buys Stake In MTN’s Fintech Unit For Undisclosed Amount

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