Citi Ventures has invested in mobile payment services provider Ondot Systems. The value of the investment was not revealed.
Furthermore, with the new capital, Ondot plans to expand its international footprint and product line-up.
Citi Ventures managing director and co-head of venture investing Ramneek Gupta said: “Consumers want to be able to manage their financial lives anywhere and at any time, and their expectations for a seamless experience will continue to evolve.
“Ondot meets this demand by providing innovative solutions that enable increased access and control of financial information. We are thrilled to invest.”
Ondot enables users to manage fraud alerts, transaction limits and purchase location restrictions from their smartphone or desktop. Furthermore, 4300 card issuers use Ondot.
The aim is to offer users more transparency into their transactions and enable them to control card payments more effectively.
Financial institutions can integrate Ondot’s white label app or API into their existing services.
In addition, the technology of Ondot will benefit various parties associated with the payments process including merchants and consumers.
The payments firm said that its technology raised card usage by 23%, while lowering fraud among users by around 25%.
Ondot CEO Vaduvur Bharghavan said: “Bringing together details such as real-time transaction authorisations, 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.”