Citi Ventures, the corporate venturing division of US-based financial services Citigroup, has invested an undisclosed amount in Billing Revolution, a local mobile payment start-up founded in 2007 and formerly known as AndyPay, as part of an extended series B round.
Citi’s investment comes one month after Billing Revolution (subsequently renamed Buck) raised $6.6m in its B round led by corporate venturing peer SK Telecom Ventures and venture capital firm DCM and $10m in aggregate since launch.
Billing Revolution’s technology enables customers to move to online checkouts or access billing information in a single click, without needing to repeatedly enter payment details, and will be targeted primarily at smartphone users.
Citigroup had previously sponsored the development of Billing Revolution’s technology last year as the portfolio company launched a unit, Global Payment Enterprises, in October, with the aim of developing consumer payment techniques.
Dickson Chu, managing director of global enterprise payments at Citigroup, said: “There is a lot of activity in the mobile payments space, but Billing Revolution’s platform and approach are truly innovative, and the company has the potential to be a game changer.”