Supra Targets SMBs in Latest Funding Backed by Citi

Supra Targets SMBs in Latest Funding Backed by Citi

Time Stamp: December 11, 2023 2:14 PM
Supra Targets SMBs in Latest Funding Backed by Citi PlatoBlockchain Data Intelligence. Vertical Search. Ai.

Global banking giant Citi led a funding round for Colombia’s fintech firm Supra aimed at enhancing cross-border payments in the
country. Supra plans to empower Colombia’s Small and Medium-sized Businesses (SMBs) engaged in import and export
activities by offering customized cross-border payment and treasury solutions.

Emilio Pardo, the CEO and Co-Founder of Supra
mentioned: “At Supra, we are developing cutting-edge cross-border payment
solutions that provide value-added services to our clients as well as
transaction speed and highly competitive rates.” Far Out Ventures and H20
Capital joined Citi in this financing round.

According to the company’s official statement shared
on Businesswire, the Colombian market has more than 40,000 companies that are actively
participating in import and export commercial activities. This translates to
business-to-business cross-border payments estimated at around $134 billion in
2022, as per the data from Colombia’s tax authorities.

Pardo highlighted the company’s commitment to delivering pioneering cross-border
payment solutions aligned with the Colombian Central Bank’s regulations. He said that this alliance signifies a transformative chapter in
the Colombian financial technology landscape, promising enhanced
capabilities and expanded opportunities for SMBs in the import and export
sector.

Supra’s core mission revolves around empowering the country’s SMBs engaged in import and export activities by offering tailored
cross-border payment services. This influx in investments is expected to enhance Supra’s role as a payment aggregator in close partnership
with the foreign exchange (FX) market intermediaries and licensed payment service providers.

Recently, Citi launched an application based on blockchain technology to streamline bilateral spot FX trades. This project was developed under the “Project Guardian” initiative, a collaboration
between Citi and the Monetary Authority of Singapore.

This application represents a significant leap
forward in FX trading technology. Its core functionality involves integrating
real-time price quotes with the secure recording of trade executions on a
blockchain. It ensures cryptographic security while aligning with
institutional practices and regulatory demands.

Evolving Business Landscape in Colombia

Meanwhile, Equinix, a prominent Nasdaq-listed
digital infrastructure firm, committed $45 million last year towards
establishing its second data center in Colombia. This significant investment
followed the acquisition of data centers in Chile and Peru by the company, marking its expansion across Latin America.

Equinix’s strategic investment in Colombia’s data
center infrastructure reinforced its regional presence, underscoring a commitment to supporting the country’s digital evolution while prioritizing
sustainability and technological advancements, the company explained.

Global banking giant Citi led a funding round for Colombia’s fintech firm Supra aimed at enhancing cross-border payments in the
country. Supra plans to empower Colombia’s Small and Medium-sized Businesses (SMBs) engaged in import and export
activities by offering customized cross-border payment and treasury solutions.

Emilio Pardo, the CEO and Co-Founder of Supra
mentioned: “At Supra, we are developing cutting-edge cross-border payment
solutions that provide value-added services to our clients as well as
transaction speed and highly competitive rates.” Far Out Ventures and H20
Capital joined Citi in this financing round.

According to the company’s official statement shared
on Businesswire, the Colombian market has more than 40,000 companies that are actively
participating in import and export commercial activities. This translates to
business-to-business cross-border payments estimated at around $134 billion in
2022, as per the data from Colombia’s tax authorities.

Pardo highlighted the company’s commitment to delivering pioneering cross-border
payment solutions aligned with the Colombian Central Bank’s regulations. He said that this alliance signifies a transformative chapter in
the Colombian financial technology landscape, promising enhanced
capabilities and expanded opportunities for SMBs in the import and export
sector.

Supra’s core mission revolves around empowering the country’s SMBs engaged in import and export activities by offering tailored
cross-border payment services. This influx in investments is expected to enhance Supra’s role as a payment aggregator in close partnership
with the foreign exchange (FX) market intermediaries and licensed payment service providers.

Recently, Citi launched an application based on blockchain technology to streamline bilateral spot FX trades. This project was developed under the “Project Guardian” initiative, a collaboration
between Citi and the Monetary Authority of Singapore.

This application represents a significant leap
forward in FX trading technology. Its core functionality involves integrating
real-time price quotes with the secure recording of trade executions on a
blockchain. It ensures cryptographic security while aligning with
institutional practices and regulatory demands.

Evolving Business Landscape in Colombia

Meanwhile, Equinix, a prominent Nasdaq-listed
digital infrastructure firm, committed $45 million last year towards
establishing its second data center in Colombia. This significant investment
followed the acquisition of data centers in Chile and Peru by the company, marking its expansion across Latin America.

Equinix’s strategic investment in Colombia’s data
center infrastructure reinforced its regional presence, underscoring a commitment to supporting the country’s digital evolution while prioritizing
sustainability and technological advancements, the company explained.

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