Citi invests in Peruvian foreign exchange fintech Rextie

Citigroup is making an undisclosed 'strategic investment' into Latin America's popular foreign exchange (FX) platform Rextie, which is based in Peru

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.”


For more insights from FinTech Magazine, you can see our latest edition of FinTech Magazine here, or you can follow us on LinkedIn and Twitter.

You may also be interested in our sister site, InsurTech Digital, which you can also follow on LinkedIn and Twitter.

Please also take a look at our upcoming virtual event, FinTech LIVE London, coming on 8-9 November 2023.


BizClik is a global provider of B2B digital media platforms that provides executive communities for CEOs, CFOs, CMOs, Sustainability Leaders, Procurement & Supply Chain Leaders, Technology & AI Leaders, Cyber Leaders, FinTech & InsurTech Leaders as well as covering industries such as Manufacturing, Mining, Energy, EV, Construction, Healthcare, and Food & Drink.

BizClik – based in London, Dubai, and New York – offers services such as Content Creation, Advertising & Sponsorship Solutions, Webinars & Events.


Featured Articles

Papara will focus on M&A amid expansion, neobank's boss says

Turkish neobank Papara will continue to focus on M&A as part of its European expansion strategy, Chairman Ahmed Karslı is set to tell FinTech Magazine

Wise and Swift join forces on faster cross-border payments

Wise and Swift are joining forces to empower banks and FIs to deliver more cross-border payment optionality as part of a broader long-term partnership

Marqeta: over half of people want Gen AI help with finances

Over 50% of younger consumers want Generative AI to help them with managing their finances, according to a new report published today by Marqeta

Fintech super-app Rauva to acquire Portuguese bank for €30m


UK's Zopa Bank gets £75m of fresh funding from investors


Trustly acquires recurring payment provider SlimPay for €70m

Financial Services (FinServ)