Summary
Citi has agreed to acquire Kard, a New York-based rewards platform founded in 2015, to bolster its consumer cards business. Kard uses predictive AI and first-party transaction data to help banks, fintechs and marketers run rewards programs without building their own. Combining Kard's technology, talent and merchant relationships with Citi's ~70 million cardmember base and payments capabilities is intended to strengthen the bank's commerce ecosystem strategy, enabling more personalized rewards and creating new ways to connect customers and brands. Terms were not disclosed.
Key Points
- Citi entered an agreement to acquire Kard Financial
- Founded 2015; investors include Underscore Ventures, Fin Capital, Tiger Global
- Kard uses predictive AI and first-party transaction data for rewards programs
- Serves banks, fintechs and marketers
- Citi US consumer cards business counts ~70 million customers
- Consumer cards generated ~$18.3B revenue and ~$177.5B loans in 2025
- Citi's Abhinav Anand: Kard "complements our vision for the future of loyalty"
- Kard CEO Ben Mackinnon: commerce media network "can expand rapidly" by joining Citi
- No planned staff reductions as a result of the transaction
- Part of Citi's acceleration of investment in growth and deepening loyalty within its commerce ecosystem
- Rewards/loyalty is a key battleground; BofA, PNC among banks revamping rewards programs