San Francisco 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."
"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 more than just 'gets it.' They share our vision, and we will clearly benefit from this relationship."
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.
Citi, the leading global financial services company, has approximately 200 million customer accounts and does business in more than 160 countries and jurisdictions. Citi provides consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, transaction services, and wealth management. Additional information may be found at www.citigroup.com.
Headquartered in Palo Alto, California, Citi Ventures is a unit of global financial services company Citigroup. The Citi Ventures team partners with Citi businesses internally and with leading companies externally to identify, develop, and commercialize the highest new growth opportunities around the world that directly support Citi's emerging strategic directions.
Billing Revolution is a mobile payments company based in Seattle and San Francisco that has received venture funding from DCM, SK Telecom Ventures and Citi Ventures.. Billing Revolution's unique "Single Click Checkout" allows mobile users to single click to purchase digital and physical items globally across all mobile operating systems (Apple, Android, Symbian, RIM, WP7, Bada, webOS). As a complement to carrier based billing platforms, Billing Revolution's solution serves smart and feature phones and tablets and is payment agnostic supporting credit cards, debit cards, P2P, stored value cards, ACH, and Amazon. Billing Revolution's global platform provides frictionless payment solutions for carriers, mobile OEM's, game publishers, mobile app store operators and developers, merchants and retailers.