Financial services technology producer Fiserv agreed yesterday to acquire US-based digital card technology provider Ondot Systems in a deal of undisclosed size that will allow corporates Intel and Citi to exit.
Founded in 2011, Ondot has created a suite of digital tools that help financial services firms increase engagement from cardholders, including a mobile app that helps onboard customers and offer them instant alerts and assistance in real time.
The company had raised $18m as of 2014, when it was still in stealth, adding $10m two years later and $23.1m in October 2018, according to regulatory filings.
Financial services firm Citi’s strategic investment arm, Citi Ventures, participated in the 2018 round while semiconductor and data technology provider Intel’s corporate venturing unit, Intel Capital, also lists it as a portfolio company.
Frank Bisignano, Fiserv’s president and CEO, said: “By combining Ondot and Fiserv capabilities at scale, we plan to provide our clients with a unified digital experience, spanning card-based payments, digital banking platforms, core banking and merchant solutions, enabling them to deliver best-in-class solutions that continue to reduce friction for their customers.
“We look forward to welcoming the talented Ondot team to the Fiserv family as we continue to help our clients deliver innovative ways for their customers to actively manage their financial lives – at the point of thought.”
