Citigroup has acquired a stake in Peruvian forex startup Rextie, marking its first fintech investment in Latin America. While the exact terms remain undisclosed, the move aims to bolster Rextie’s expansion.
Established in 2016, Rextie offers digital forex transactions to 12,000 businesses and 170,000 individuals in Peru. Additionally, they provide factoring and payment processing services.
“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,” said Aldo Alvarez, Lead for LatAm Strategic Investments at Citi.
Rextie’s CEO and co-founder, Mateu Batle, highlighted that the company turned profitable in less than two years and aims to handle over $7 billion in forex transactions by the end of next year.
The deal highlights Citi’s commitment to innovation in Latin America’s evolving fintech sector.
Read more at citigroup.com