NEW YORK, Aug 24 (Reuters) - Citigroup has acquired a stake in Peruvian foreign exchange startup Rextie, its first fintech investment in Latin America. Terms of the deal were not disclosed, but Citi and Rextie executives said the bank is injecting cash into the company to finance its growth. Rextie, founded in 2016, has closed so far $4.5 billion in forex transactions and expects to reach $7 billion by the end of next year. Rextie provides forex transactions through digital channels to 12,000 mid-sized and small companies in Peru and 170,000 individuals. Aldo Alvarez, Head of Institutional Strategic and Fintech Investments for LATAM at Citi, said the deal creates opportunities to offer the bank's products to Rextie clients.

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Persons: Rextie, Aldo Alvarez, Mateu Batle, Tatiana Bautzer, Miral Organizations: Citigroup, Citi, Institutional, Fintech Investments, LATAM, Thomson Locations: Latin America, Peru