Citi Group has led a strategic investment round for Colombian FinTech Supra.

Supra enables cross-border payments and treasury services for small and medium-sized businesses which participate in import and export activities.

Supra said the funding will facilitate the growth of its Colombian operations to fulfil its payment aggregator role in partnership with Foreign Exchange Market Intermediaries (IMC) and licensed Payment Service Providers.

“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,” said Emilio Pardo, chief executive and co-founder of Supra. “Our technology is one of the first in the country that complies with the regulations issued by the Colombian Central Bank for payment aggregators.”

Led by Citi’s strategic investments arm, which invests in FinTechs that are aligned to Citi’s core businesses, was also joined by Far Out Ventures and H20 Capital.

“Citi’s best-in-class cross-border payments and FX technology will help enable Supra’s operations and expansion in Colombia,” said Diego Santoyo, head of corporate sales and solutions for the Andean region at Citi.

It recently emerged that Citi was planning job cuts that could impact thousands of staff members, as well as an overhaul of senior management.

In September, Citigroup chief executive Jane Fraser oversaw what she described as the biggest overhaul at the bank in almost two decades as it looks to streamline its operations.

The move led by Fraser included stripping out a layer of top management, taking more control of key businesses, and cutting regional roles outside of the US.

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