Digital Transactions Authoritative, insightful and timely information for payments professionals
Citigroup Inc.’s U.S. consumer-cards business says it will acquire card-marketing specialist Kard Financial Inc., while card issuer processor platform Lithic pairs with Monavate and online-gaming specialist Grandstand Ltd. issues a high-limit debit card.
Citi, which has not disclosed terms of its deal, says New York City-based Kard provides personalized rewards via a commerce-media network that connects financial institutions and merchants through verified transaction data and merchant-funded rewards. The acquisition will help Citi extend more personalized rewards and offers along with new ways to connect consumers, merchants, and brands. Citi has approximately 70 million credit card holders.
“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,” Abhinav Anand, Citi’s head of value cards, lending, and commerce, says in a statement.
Citi is not releasing an expected closing date, but says the transaction is subject to customary closing conditions.
In related news, Grandstand says its new Rollcard was created with features for high-roller gamblers. It includes a dedicated account to store funds separate from everyday spending, cash back rewards, up to $1 million in daily card spend, and spending controls on the Visa-branded debit card. The card is issued by Cross River Bank.
Also, Lithic, a card-issuer processing platform, says its new partnership with Monavate, a regulated payments platform and program manager, will provide companies a single avenue to build and scale their card programs using fiat and digital currencies.
New York City-based Lithic says the pairing with Monavate will make it easier to create new card programs because Lithic provides the direct network connection and authorization technology for debit, prepaid, charge, and credit accounts. Monavate, which is owned by Exodus Movement Inc., provides the principal membership with Discover, Mastercard, and Visa, its own BINs, and settlement services.
