Citi has announced a strategic investment in Rextie, a Peruvian FinTech specialising in Foreign Exchange (FX) services.

Citi said that the move makes Rextie the first FX FinTech in Latin America to receive an investment from “one of the largest banks in the world”.

As part of the deal, the bank will also integrate its FX technology into the company's currency exchange services.

Rextie expects to surpass $7 billion dollars exchanged in the platform by the end of 2024.

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

Citi added that the deal shows how FinTechs and banks can collaborate to "reinvent and innovate" financial services in the region.

The investment was made by Citi’s Institutional Strategic Investments (ISI) arm, which provides funding for FinTech companies around the world that align with its institutional business.

"Going forward, Rextie will focus its efforts on attracting more small and medium-sized business, including customers involved in import and export activities," said Mateu Batle, chief executive and co-founder of Rextie. "Also, we will accelerate our growth supported by our experience, the knowledge and specialised technologies that will be empowered by Citi."

He continued: "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.

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