Citi led a $13.5m Series A Round in Cicada.

Citi, an American multinational investment bank, led a $13.5m Series A Round in Cicada, an electronic trading venue for emerging-market local-currency bonds, with participation from the Brazilian Stock Exchange B3 through its venture capital arm L4, Kaszek, Dila, and Crestone. The new capital will be deployed to expand commercial efforts, boost liquidity, add new products and geographies, and deepen integrations with third-party global platforms, while continuing to invest in the regulatory, compliance, and risk infrastructure designed for global institutions.