The investment from Citi marks Rextie as one of Latin America’s first FX fintechs to obtain funding from one of the world’s top banks.

Rextie’s currency exchange services will also include innovative FX technology from Citi.

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Clients of Rextie will have access to a solution that stands out for its automation, real-time payments, increased liquidity, and competitive rates through CitiFX Pulse and Instant Payments.

The agreement exemplifies how banks and fintech’s can operate together to rethink and revolutionise financial services in the area.

David Gonzalez, regional head of corporate sales and solutions for Latin America at Citi, said: “This is a landmark transaction for Citi in Peru, our collaboration with Rextie shows the value-added opportunities that we can provide to fintech’s. We are excited to deliver the power of our global FX network and tech solutions.”

Rextie projects that by the end of 2024, the total amount of money transferred on the platform since it began operating in Peru would top $7bn.

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Mateu Batle, CEO, and co-founder of Rextie commented: “Going forward, Rextie will focus its efforts on attracting more small and medium-sized business, including customers involved in import and export activities. Also, we will accelerate our growth supported by our experience, the knowledge and specialized technologies that will be empowered by Citi. We thank this prestigious financial institution for trusting our business model and supporting our vision, consolidating the brand in the Peruvian market, Canada, and other countries in the region.”

Furthermore, the funding came from Citi’s Institutional Strategic Investments (ISI) division, which makes global investments in modern fintech startups that are strategically positioned to support Citi’s institutional operations.

“Rextie’s founders have created a high growth business, with proven product-market fit and strong foundation of repeat clients. We are excited to invest in a company that’s participating in a very dynamic market in Peru,” added Aldo Alvarez, lead for LatAm Strategic Investments at Citi.