Rextie, the foremost currency exchange platform in Peru, has become the recipient of a strategic investment from Citi, a global powerhouse in the foreign exchange (FX) arena.
The investment catapults Rextie to the distinct honour of being Latin America’s inaugural FX FinTech to receive backing from one of the globe’s most eminent banks. This collaboration is set to usher in Citi’s cutting-edge FX technology, seamlessly integrating it within Rextie’s suite of currency exchange services.
Rextie, established in 2016 in Peru, has swiftly ascended as the premier platform for both individuals and firms to conduct their currency exchanges. Over its operational years, Rextie’s platform has facilitated exchanges amounting to more than $4.5bn, executing over one and a half million transactions on behalf of its clients.
With an impressive portfolio that includes over 12,000 registered businesses and 170,000 individual users, Rextie continues to innovate, offering an array of services, including factoring solutions and business-focused pay-in and pay-out payment processing.
With the new funds at its disposal, Rextie’s roadmap involves channeling its resources towards ensnaring a larger share of the small to medium-sized business market. A particular emphasis is being placed on clients entrenched in import and export operations.
Mateu Batle, CEO and Co-Founder of Rextie, articulated the company’s aspirations, “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.”
This momentous deal stands as a testament to the synergies that can be formed between traditional banks and emerging FinTechs, laying the foundation for future collaborations and innovations in the financial services landscape across Latin America.
Citi’s Institutional Strategic Investments (ISI) arm, renowned for its global investments in trailblazing FinTechs, is the entity behind the strategic investment in Rextie.
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