Citi Ventures, a unit of global financial services
company Citigroup, has made a strategic investment in Billing Revolution, a
mobile payments provider.
Citi Ventures’ investment follows its sponsorship last
year of Billing Revolution’s Single-Click Checkout, a cross-platform,
low-friction mobile billing service.
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. That is one of the reasons why
Citi decided to become both a sponsor and investor,” said Dickson Chu, managing
director in the Global Enterprise Payments group at Citi.
Citi’s Global Enterprise Payments group was recently created to develop comprehensive
institution-to-consumer and consumer-to-institution payments solutions for the
world’s largest global corporations, financial institutions, and governments.
The Citi Ventures team is
the corporate venturing and innovation unit of Citi. Citi Ventures sources,
qualifies, invests in and teams with cutting-edge companies to provide
competitive advantages to Citi’s global business units and to give Citi
customers new, secure and frictionless services designed around their
increasingly digital and mobile lives.
At Citi, we want to help design the future of money for
our consumer, business and institutional clients globally. Our efforts are
focused on creating and capturing maximum value in emerging and disruptive
markets spaces,” said Christopher Kay, managing director, Citi Ventures.
We look to invest in startups with great teams and
unique, defensible IP that solve global challenges. Billing Revolution fits
that bill, and we are pleased to be able join DCM and SK Telecom Ventures in
this latest round of financing,” Kay added.
Besides the industry validation that Citi Ventures’
investment represents, we are excited to leverage Citi’s global payments
knowledge and infrastructure to really move the needle,” said Andy Kleitsch,
founder and CEO of Billing Revolution.
Citi Ventures’ strategic investment comes two weeks after
Billing Revolution announced a $6.6 million Series B funding round from DCM and
SK Telecom Ventures.
By TelecomLead.com Team