Citi's U.S. Consumer Cards business has entered into an agreement to acquire Kard Financial, Inc., a company that operates a commerce media and rewards platform, according to a press release from the bank.

Kard's platform uses machine learning and verified transaction data to connect financial institutions and merchants through personalized, merchant-funded rewards. The company works with banks, fintechs and neobanks to deliver targeted offers to consumers.

Citi said the acquisition is intended to expand personalized credit card rewards and offers for its roughly 70 million cardmembers, a figure that includes general purpose and private label credit cards and installment lending, primarily in the United States, as of December 31, 2025.

Abhinav Anand, Citi's Head of Value Cards, Lending and Commerce, said in the release: "Kard has built advanced capabilities that complement our vision for the future of commerce and loyalty."

Ben Mackinnon, Kard's founder and chief executive officer, said: "Joining forces with Citi marks an exciting new chapter for Kard, our team and our customers."

Financial terms of the transaction were not disclosed. Citi stated the deal is not material to its financial results. The transaction remains subject to customary closing conditions, including regulatory approvals. Until closing, both companies will continue to operate independently.

Keefe, Bruyette & Woods, a Stifel company, served as exclusive financial advisor to Kard. Sullivan & Cromwell LLP acted as counsel to Citi, and Latham & Watkins LLP acted as counsel to Kard.