Fintech funding: Citi’s 2024 investment outlook
Citi invested in Ampla Technologies, Prevu and Supra in December
Citi plans to invest in payments, liquidity, trade finance and security services fintechs in 2024 despite ongoing changing macroeconomic conditions, Bis Chatterjee, head of partnerships and innovation at Citi Treasury and Trade Solutions, told Bank Automation News.
“Fintechs with a clear vision, strong business fundamentals and robust engagement with partners that can help scale their product offering will continue to attract investors,” Chatterjee told BAN.
In December 2023, the $2.4 trillion financial institution invested $275 million in modern banking services provider Ampla Technologies, Chatterjee said. The New York-based fintech, founded in 2019, has raised a total of $839.5 million.
“This additional capital marks a significant milestone for Ampla as we continue our mission to empower consumer brands and comes at a time when we are aggressively expanding our product offerings to include a broader base of cards and software products,” Ampla Chief Executive Anthony Santomo said in a release.
According to Crunchbase, Citi additionally invested in the following fintechs in the fourth quarter:
- On Dec. 15, Citi contributed to a $6 million investment in real-estate technology platform Prevu with five other investors including RiverPark Ventures and Metropolis Ventures. Prevu has raised a total of $8.2 million.
- On Dec. 11 Citi invested an undisclosed amount in cross-border payments fintech Supra with H20 Capital and Far Out Ventures. The Colombia-based fintech was founded in 2022.
- On Nov. 15, Citi invested an undisclosed amount in business optimization solution provider Transcend Street Solutions. The fintech has raised $10 million since it was founded in 2013.
“Citi engages with startups as a client, partner and strategic investor and we have strong record on this front over the last few years,” Chatterjee said, noting, this effort will continue in 2024.
Get ready for the Bank Automation Summit U.S. 2024 in Nashville on March 18-19! Discover the latest advancements in AI and automation in banking. Register now.
