Arcus Announces Funding from Citi Ventures to Fuel Expansion and Partnerships in Latin America
Leading financial technology provider, Arcus, secures Citi Ventures’ first investment in Mexico
NEW YORK–(BUSINESS WIRE)–Arcus, the Fintech-as-a-Service (FaaS) platform making fintech possible for everyone, today 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.
About Arcus
Arcus is the leading platform making fintech possible for everyone. Arcus’ fintech-as-a-service platform helps any business launch a fintech business. The world’s largest and most innovative companies choose Arcus to launch fintech products across the Americas including BBVA, Santander, Walmart, 7-Eleven and Rappi. The company is based in New York City and has raised $16M from Y-Combinator, Ignia, Maverick, Winklevoss, Initialized, HOF and Kapor. For more information, please visit https://www.arcusfi.com/.
About Grupo Financiero Citibanamex
Grupo Financiero Banamex, S.A. de C.V. (Grupo Financiero Citibanamex) is one of the leading financial group in Mexico. Following a universal banking strategy, the Group offers a variety of financial services to companies and individuals, including commercial banking and investment, insurance, and pension fund administration. Its subsidiaries include Banco Nacional de México, S.A., founded in 1884, which has a broad network of distribution of 1,420 branches, 9,511 ATMs, and more than 29,709 correspondents throughout the country. For more information, please visit www.citibanamex.com.
About Citi Ventures
Citi Ventures harnesses the power of Citi to help people, businesses and communities thrive in a world of technological change. Citi Ventures accelerates discovery of new sources of value by exploring, incubating and investing in new ideas, in partnership with Citi colleagues, our clients, and the innovation ecosystem. The team focuses in six key areas: Financial Services & Technology, Commerce & Payments, Data Analytics & Machine Intelligence, Security & Enterprise IT, Marketing & Customer Experience, and Property Technology. Citi Ventures accelerates its portfolio companies’ ability to scale through collaboration with Citi’s global businesses and industry experts. For more information visit: www.citi.com/ventures
Contacts
Kerry Channon
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