Citi Ventures Pursues Fintech Investments Including Wildfire Systems

Posted on 10/27/2022

Citi Ventures, a venture capital unit of Citigroup Inc., made an investment in San Diego-based Wildfire Systems Inc., a fintech platform that powers white-label reward programs and shopping companions. The company’s white-label, turnkey offering enables partners — which include financial institutions (FIs), telecom leaders, and technology companies — to provide their customers with cashback rewards, digital coupons and other benefits when they shop at thousands of online merchants.

Wildfire Systems has received US$ 24.5 million in venture investment to date, including this new investment from Citi Ventures. Wildfire Systems announced a US$ 15 million Series A round in August 2021, co-led by TTV Capital and QED Investors. Other investors include Mucker Capital, Bonfire Ventures, Moonshots Capital, B Capital, and BAM Ventures.

Earlier in October, Citi Ventures and venture capital firm Accel co-led a US$ 6 million funding round for Hong-Kong based xalts, an institutional-grade digital asset management startup founded by former trader Ashutosh Goel at HSBC Holdings plc and a former Meta Asia executive. Xalts is Citi Ventures’ first investment in a digital asset manager

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