Citi agrees to buy rewards platform Kard Financial

Citi agreed to acquire Kard Financial, a commerce media and rewards platform used by banks and fintechs to deliver personalized offers.

The deal aims to expand Citi’s customer engagement and merchant-funded rewards capabilities using Kard’s transaction-data matching and machine-learning personalization tools.

The combination targets more tailored credit card rewards for Citi’s roughly 70 million cardmembers, alongside new marketing and measurement options for merchants.

Financial terms were not disclosed. Citi said the purchase is not material to its results.

Kard will remain independent until closing, subject to customary conditions.