Global foreign exchange leader Citi has made a strategic investment in Rextie, Peru’s leading fintech for FX service, a company statement has notified.
The investment makes Rextie Latin America’s first FX fintech to receive an investment from one of the largest banks in the world. Citi’s cutting-edge FX technology will also be integrated into Rextie’s currency exchange services, according to the statement.
The statement also said that 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 highly competitive rates.
David Gonzalez, Regional Head — Corporate Sales and Solutions, Latin America, Citi, said in the statement, “This is a landmark transaction for Citi in Peru, our collaboration with Rextie shows the value-added opportunities that we can provide to fintechs…….”
By the end of 2024, Rextie expects to surpass $7 billion exchanged via the platform since the beginning of its operations in Peru, the statement added.
“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 specialised 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,” said Mateu Batle, CEO and co-founder, Rextie, in the statement.