SAN FRANCISCO – JULY 18: Pedestrians walk by the Citigroup Center July 18, 2008 in San Francisco, California. Citigroup, the nation’s largest banking company, reported a second quarter loss of $2.5 billion or 54 cents per share as the company struggles with continuing bank loan defaults. Citi earned $6.23 billion or $1.24 per share one year ago. (Photo by Justin Sullivan/Getty Images)

Mexican fintech-as-a-service (FaaS) platform Arcus has raised an undisclosed investment from Citi Ventures for expansion and partnerships in Latin America (LATAM).

Citi Ventures is the venture capital arm of the American banking giant Citigroup.  It marks Citi Ventures’ first investment in a Mexican fintech company.

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Arcus will use the capital to expand its biller network and facilitate consumer payments in the LATAM markets.

Arcus president and cofounder Inigo Rumayor said: “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.

“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.”

Arcus also expects this investment to help it establish synergies with Citibanamex, a subsidiary of Citigroup in Mexico.

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Citi Ventures’ investment programme will help boost Citibanamex’ Fintech Partnership agenda in the country.

Citi Ventures MD Luis Valdich said: “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.”

Citibanamex digital payments head Christopher Luna said: “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.”

Citibanamex head of venture partnerships Esteban Dominguez said: “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.”