NEW YORK — Citi has agreed to acquire Kard Financial Inc., a commerce media and rewards technology company that helps banks and fintech companies provide personalized offers to customers,.
The acquisition would combine Citi’s payments business with Kard’s technology and merchant network as the bank seeks to expand personalized rewards and offers for its card customers, according to a statement from Citi.
Financial terms of the transaction were not disclosed. Citi said the acquisition is not material to its financial results and remains subject to customary closing conditions.
‘Independent’ For Now
Kard, which states for now on its website that it is the “first independent commerce media network,” operates a commerce media platform that connects financial institutions and merchants using verified transaction data and merchant-funded rewards. The company’s technology uses machine learning to personalize and match offers, allowing financial institutions to provide rewards to customers while helping merchants and brands reach consumers.
Citi said Kard works with a network of fintech companies, banks and neobanks and processes data associated with billions of transactions.
The acquisition is expected to strengthen Citi’s commerce ecosystem by combining its scale and payments expertise with Kard’s technology, employees and merchant relationships, the bank said.
‘Getting More Value’
“We’re focused on helping customers get more value from their everyday spending,” Abhinav Anand, Citi’s head of value cards, lending and commerce, said in the statement. “Kard has built advanced capabilities that complement our vision for the future of commerce and loyalty.”
Anand said Citi believes the acquisition will allow the companies to accelerate development of more personalized customer experiences while providing brands and merchants with additional ways to reach and reward consumers.
‘More Rewarding Experiences’
Kard founder and CEO Ben Mackinnon said joining Citi would significantly expand the reach of the platform.
“I started Kard with the goal of building more rewarding experiences for consumers,” Mackinnon said. “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.”
Until the transaction closes, Citi and Kard said they will continue to operate as independent companies, Citi said.
