As its first fintech investment in Latin America, Citigroup has purchased a share in the Peruvian firm Rextie, which deals in foreign exchange.

Executives from Citi and Rextie said the bank is putting funds into the company to fuel its growth, though the terms of the arrangement were not disclosed. Rextie, a 2016 startup, has closed $4.5 billion in currency deals so far and anticipates reaching $7 billion by the end of the year.

 

170,000 people and 12,000 small and medium-sized businesses in Peru can deal in foreign currency through Rextie’s digital channels. Additionally, the business offers factoring and payment processing to businesses.

The agreement, according to Aldo Alvarez, Head of Institutional Strategic and Fintech Investments for LATAM at Citi, opens doors for the bank to market its products to Rextie customers.

The agreement is made while investment for entrepreneurs in Latin America has drastically decreased this year. According to CB Insights, volume decreased by 54% in the first quarter compared to the same period in the previous year, which was the lowest level in three years.

Mateu Batle, the startup’s CEO and co-founder, said that it has not been spending money to expand, adding, “We have turned to profit after one and a half.”