Citi has entered into an agreement to acquire Kard Financial, Inc., a commerce media and rewards platform, in a proposed transaction aimed at expanding personalized card rewards and merchant engagement.
Terms of the transaction were not disclosed and are not material to Citi’s financial results. The acquisition remains subject to customary closing conditions, with Citi and Kard continuing to operate as independent organizations until completion.
Kard provides technology connecting financial institutions and merchants through verified transaction data and merchant-funded rewards. Its platform includes machine learning-powered personalization and matching capabilities designed to simplify rewards for issuers, deliver value to customers and help brands reach high-intent consumers with measurable outcomes.
The proposed acquisition would combine those capabilities with Citi’s scale and payments expertise. Citi has identified Kard’s technology, talent and merchant relationships as components of the combination, with the transaction intended to strengthen its commerce ecosystem and enable more personalized rewards and offers.
Abhinav Anand, Citi’s Head of Value Cards, Lending and Commerce, said Kard’s capabilities complement Citi’s plans for commerce and loyalty. He described the proposed acquisition as an opportunity to accelerate innovation in personalized customer experiences while creating new ways for brands and merchants to engage and reward consumers.
Kard Founder and Chief Executive Officer Ben Mackinnon linked the combination to the company’s original focus on building more rewarding consumer experiences. He also highlighted the potential to bring those capabilities to Citi’s 70 million cardmembers, alongside the millions Kard supports today.
The 70 million cardmember figure is stated as of December 31, 2025 and includes General Purpose and Private Label Credit Cards and Installment Lending, primarily in the U.S. Citi does business in more than 180 countries and jurisdictions across its institutional, wealth management and personal banking activities.
Kard describes its technology as using predictive AI and first-party transaction data to help financial institutions, fintechs and brands understand and influence consumer spending. Its API-driven platform is designed to support personalized, data-driven rewards, deepen engagement and build loyalty while enabling rewards to operate as revenue-generating marketing channels. The company is backed by Underscore Ventures, Fin Capital and Tiger Global.
Keefe, Bruyette & Woods acted as exclusive financial advisor to Kard on the deal. Sullivan & Cromwell LLP advised Citi, while Latham & Watkins LLP advised Kard.
The proposed acquisition would combine Citi’s scale and payments expertise with Kard’s technology, talent and merchant relationships, including its use of verified transaction data, merchant-funded rewards and machine learning-powered personalization. Citi has stated that the transaction terms are not material to its financial results.
Citi and Kard will continue operating independently until the transaction closes, with completion subject to customary closing conditions.
