Citi Ventures has made an undisclosed strategic investment in Ondot, a supplier of white label and API-based services for enriching mobile banking apps.
In use by over 4300 card issuers worldwide, Ondot is capitalising on consumer demand for more detailed transactional information from their mobile banking apps, enabling institutions to incorporate new features such as fraud alerts, transaction limits and purchase location restrictions.
Vaduvur Bharghavan, Ondot Systems CEO, says: “Consumers increasingly expect detailed information about their transactions. 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.”
He says that clients typically record a 23% increase in card usage and approximately 25% reduction in fraud among users,
"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, says Ramneek Gupta, managing director and co-head of venture investing at Citi Ventures. "Ondot meets this demand by providing innovative solutions that enable increased access and control of financial information, so we are thrilled to invest."