Citigroup in New York has agreed to buy Kard Financial.
Citi said in a press release that it the undisclosed purchase price is not material to its financial results.
Kard operates a commerce media and rewards platform that helps banks and fintechs deepen client engagement through personalized offers. Its embedded, machine learning-powered personalization and matching capabilities simplify rewards for issuers.
“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 release.
“Kard has built advanced capabilities that complement our vision for the future of commerce and loyalty,” Anand added. “With this acquisition, we believe we can work with Kard to accelerate innovation and deliver more personalized experiences for customers while creating new opportunities for brands and merchants to reach, engage and reward consumers in more meaningful ways.”
Keefe, Bruyette & Woods advised Kard. Sullivan & Cromwell and Latham & Watkins advised Kard.