Citi's Consumer Cards Business Acquires Fintech Kard

## Citi's Acquisition of Kard to Enhance Commerce Ecosystem Citi's U.S. Consumer Cards business has announced its intention to acquire Kard Financial, Inc., a company that operates a commerce media and rewards platform. This acquisition aims to strengthen Citi's commerce ecosystem by combining its scale and payments expertise with Kard's technology, talent, and merchant relationships. Kard's platform connects financial institutions and merchants through verified transaction data and merchant-funded rewards. Its embedded, machine learning-powered personalization and matching capabilities simplify rewards for issuers, deliver meaningful value to customers, and help brands reach high-intent consumers with measurable outcomes. ## Personalized Rewards and Offers for Customers The proposed acquisition is expected to enable more personalized rewards and offers for Citi's 70 million cardmembers. By combining Citi's scale and payments expertise with Kard's technology, the company aims to create new opportunities to connect customers, merchants, and brands. Abhinav Anand, Citi's Head of Value Cards, Lending, and Commerce, stated that the acquisition will help customers get more value from their everyday spending. He believes that Kard's advanced capabilities complement Citi's vision for the future of commerce and loyalty. Ben Mackinnon, Kard's Founder and Chief Executive Officer, expressed his excitement about joining forces with Citi. He stated that the acquisition accelerates Kard's original vision of building more rewarding experiences for consumers, and now the company can do that for Citi's 70 million cardmembers, in addition to the millions it supports today. ## Transaction Details The terms of the transaction were not disclosed, and they are not material to Citi's financial results. The transaction is subject to the satisfaction of customary closing conditions. Until the transaction closes, Citi and Kard will continue to operate as independent organizations. Keefe, Bruyette & Woods, A Stifel Company, acted as exclusive financial advisor to Kard in connection with the transaction. Sullivan & Cromwell LLP acted as counsel to Citi, and Latham & Watkins LLP acted as counsel to Kard.