Palo Alto, Calif. Citi Ventures, a unit of global financial services company Citi, today announced a strategic investment in Square, a payments innovator. Citi’s investment is part of Square’s Series D financing round also announced today. The size of Citi Ventures’ investment is not being disclosed.
Citi Ventures collaborates with internal and external partners on new ventures that have the potential to help Citi clients succeed, to generate new value for Citi and to transform the banking industry.
“We have watched Square with interest as they’ve changed the payments landscape with highly disruptive products for businesses and consumers that are built on the twin principles of simplicity and transparency,” said Ramneek Gupta, Citi Venture’s Managing Director of Investments. “We look forward to exploring opportunities to leverage the global footprint and local market expertise of Citi business units to work with the Square team as they continue to innovate and scale internationally.”
“With their landmark partnership with Starbucks, Square is lifting the entire mobile payments ecosystem by helping drive consumer awareness and adoption,” said Chris Kay, Citi Venture’s Global Head of Investments and Incubations. “They are rapidly becoming a leader in the mobile payments and mobile acceptance space, an area Citi has been focused on for several years. Making strategic investments in forward-looking companies like Square is one of the ways we’re working to help define the future of money.”
Citi, the leading global bank, has approximately 200 million customer accounts and does business in more than 160 countries and jurisdictions. Citigroup 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.
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