Photo: Citigroup
Citigroup announced its leadership in an investment round in Supra, a Colombian startup that is positioning itself as an innovative solution to the challenges of international payments for companies in Colombia and Latin America. This investment also included participation from Far Out Ventures and H20 Capital.
Supra specializes in enabling cross-border payments and treasury solutions for small and medium-sized enterprises (SMEs) involved in imports and exports. This new capital injected by Citi promises to expand operations, strengthening its role as a payment aggregator. The strategic alliance with Market Exchange Intermediaries (IMC) and other authorized payment service providers is a step forward in its goal to facilitate international trade.
The story of Supra is intrinsically linked to Emilio Pardo, its CEO and co-founder, who previously led the cryptocurrency platform Bitso in Colombia. His decision to leave Bitso to lead Supra represents a significant change in his career, showing his commitment to innovation in the fintech sector.
According to data from the National Tax and Customs Directorate (DIAN), over 40,000 companies in Colombia are involved in international trade, and the cross-border business-to-business payment market in 2022 reached approximately USD $134,000 million.
Citi’s investment, coming from its strategic investment branch, focuses on fintech companies that align with its core businesses, and Supra represents precisely that kind of innovation and strategic alignment.
