Citigroup Says Citi’s U.S. Consumer Cards Business Announced That It Has Entered Into An Agreement To Acquire Kard Financial; Terms Of Transaction Were Not Disclosed And Are Not Material To Citi’s Financial Results; Kard Platform To Enable Citi Personalized Credit Card Rewards And Merchant Engagement

• Kard’s commerce media and rewards platform will help Citi deliver more personalized credit card rewards and offers for customers and create new engagement opportunities for merchants
• The proposed acquisition aims to combine Citi’s scale with Kard’s technology, talent and brand relationships to enable a superior consumer and merchant experience
• This move will advance Citi’s Investor Day priorities and further strengthen its commerce ecosystem strategy

Citi’s U.S. Consumer Cards business today announced that it has entered into an agreement to acquire Kard Financial, Inc. (Kard), a company that operates a commerce media and rewards platform that helps banks and fintechs deepen customer engagement through personalized offers.

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With billions of transactions and a network of leading fintechs, banks and neobanks, Kard provides an innovative commerce media platform that 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.

By combining Citi’s scale and payments expertise with Kard’s technology, talent and merchant relationships, the proposed acquisition will strengthen Citi’s commerce ecosystem, enabling more personalized rewards and offers while creating new opportunities to connect customers, merchants and brands.