Arcus, the Fintech-as-a-Service (FaaS) platform making fintech possible for everyone, earlier this week announced an investment from Citi Ventures for an undisclosed amount.
This marks the first investment by Citi Ventures in a fintech company in Mexico, a country that has been experiencing significant growth in the fintech sector.
“Arcus is a natural first investment for Citi Ventures in Mexico given the company’s market leadership, agile and seamless platform, and potential collaboration opportunities with Citibanamex,” explained Luis Valdich, managing director at Citi Ventures. “We are excited to support the Arcus team’s next phase of growth across Latin America.”
The funding will enable Arcus to expand its biller network and facilitate consumer payments in the region.
“We are thrilled to embark on this new relationship with Citi, fueled by an investment from Citi Ventures. Arcus is a catalyst of digital banking and a great potential partner for Citibanamex, Citi’s franchise in Mexico,” says Inigo Rumayor, president and cofounder of Arcus. “This relationship and investment will further propel Arcus’ expansion in Latin America as we work to make it possible for everyone, everywhere to have access to exceptional financial services.”
This investment will help facilitate Arcus’ growth in Mexico, while unlocking collaboration opportunities between Arcus and Citibanamex. “At Citibanamex, we aim to offer the best banking experience in Mexico. Citi Ventures’ investment in Arcus will allow us to identify deeper collaboration paths between Citibanamex and Arcus, in particular for crafting the best digital payments experiences for our customers,” said Christopher Luna, digital payments head at Citibanamex.
Citi Ventures’ investment program, now in Mexico, is an essential capability to boost Citibanamex’ FinTech Partnership agenda. “We partner with leading fintechs to accelerate the launch of new products and digital experiences to solve our clients’ daily pain points in a couple of clicks, and thus continue offering them the best digital banking experience in Mexico. In addition, we now collaborate closely with Citi Ventures to boost our partners’ growth,” commented Esteban Dominguez, head of venture partnerships at Citibanamex.