Citi invests in Peruvian foreign exchange fintech Rextie
Citigroup is making an undisclosed “strategic investment” in Peruvian foreign exchange fintech Rextie.
Founded in 2016, Lima-based Rextie has positioned itself as a leading currency exchange platform for both individuals and businesses. It has more than 180,000 registered customers including 12,000 businesses, and prides itself on offering commission-free transactions. Since inception, Rextie has exchanged more than US$4.5bn in the course of over 1.5m transactions – a number that is expected to rise to US$7bn by the end of next year.
Citi’s investment makes it the first FX fintech in Latin America to receive investment from a global banking giant, Citi says. It intends to integrate its own FX technology into Rextie’s currency exchange services, and Rextie customers will gain access to a range of other FX features as a result of the investment.
The aim is to help turbocharge Rextie’s expansion prospects and give customers faster exchanges at more competitive rates, Citi says.
Citi investment shows ‘trust’ in Rextie business
Rextie CEO and Co-Founder Mateu Batle says the investment is a positive sign of things to come at his blossoming business: "Going forward, Rextie will focus its efforts on attracting more small and medium-sized businesses, 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.”
David Gonzalez, Regional Head of Corporate Sales and Solutions for Latin America at Citi, says: “This is a landmark transaction for Citi in Peru, our collaboration with Rextie shows the value-added opportunities that we can provide to fintechs. We are excited to deliver the power of our global FX network and tech solutions.”
And Aldo Alvarez, Lead for LatAm Strategic Investments at Citi, adds: “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.”
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