Mobile payments company Ondot Systems has raised an undisclosed strategic investment from Citi Ventures.
The deal will help to boost Ondot’s international expansion and give cardholders that are accessing information through its platform to gain increased controls and visibility on transactions.
Ondot is a mobile payments solution developer which serves more than 4,300 financial institutions around the world. Its API services help to increase mobile engagement and empower customers to personalise, manage and control payments.
Through its platform, clients can manage functions such as fraud alerts, transaction limits and purchase location restrictions, through an app on a smartphone or desktop.
The company works with credit, debit and gift card providers to offer digital card lifecycle management and payments, digital engagement, new customer acquisition, and real-time data enrichment.
Ondot Systems CEO Vaduvur Bharghavan said, “As we steadily march toward high-frequency, invisible and autonomous payments, consumers increasingly expect detailed information about their transactions.
“Bringing together details such as real-time transaction authorizations, proximity controls, merchant specifications, and applying machine learning on historical data helps consumers have more control over their cards and delivers a premium cardholder experience.”
Earlier in the week, Citi took part in the $20m Series B round of data engineering and information platform Crux Informatics. The company offers an easy way for firms to access data and generate investment insights and extract value.
The firm also recently invested into TransFICC, an e-trading support solution for financial institutions. Alongside the investment, TransFICC has joined Citi’s Innovation Lab in London and is the first external company to do so.
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