Citi’s US Consumer Cards unit has signed an agreement to acquire Kard Financial, a group that runs a rewards and commerce media platform used by banks and fintech companies to engage customers through tailored offers.
Kard links merchants and financial institutions through verified transaction data and merchant-funded rewards.
The platform uses machine learning for personalisation and matching, with the aim of making rewards programmes easier for issuers, giving customers more relevant offers and helping brands reach consumers.
Kard founder and CEO Ben Mackinnon said: “Joining forces with Citi marks an exciting new chapter for Kard, our team and our customers. I started Kard with the goal of building more rewarding experiences for consumers. Now being able to do that for Citi’s 70 million cardmembers, on top of the millions we support today, accelerates that original vision towards building the future of commerce.”
Citi said the planned purchase would bring together its payments operations with Kard’s technology, workforce and merchant ties.
The deal would expand its commerce network and support more tailored rewards and offers.
The companies did not disclose the financial terms. Citi said the transaction would not be material to its financial results.
Completion of the deal is subject to customary closing conditions. Until then, Citi and Kard will remain separate organisations.
Citi Value Cards, Lending and Commerce head Abhinav Anand commented: “We’re focused on helping customers get more value from their everyday spending.
“Kard has built advanced capabilities that complement our vision for the future of commerce and loyalty. With this acquisition, we believe we can work with Kard to accelerate innovation and deliver more personalised experiences for customers while creating new opportunities for brands and merchants to reach, engage and reward consumers in more meaningful ways.”
