Citi Commits Investment In Support of Mobile Billing

by Mercator Advisory Group 0

Citi Ventures, the California-based venture capital arm of Citigroup, has made a strategic investment of unknown amount in the mobile billing start-up Billing Revolution. For Billing Revolution, this strengthens the relationship it has had with Citi focused on its “Single Click Checkout,” and augments the $6.6 million that it raised in May 2011 from DCM and SK Telecom Ventures.

According to Billing Revolution:

“’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.”

Citibank has “sponsored” this application since late 2010, and its cross-device, cross-operating system capabilities seem to have been the motivation for the more significant indirect investment. According to Dickson Chu, managing director in the Global Enterprise Payments group at Citi:

“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.”

Mobile payments, especially those that allow a consumer to choose the offset at the point of sale from one of several personal accounts, continue to be a high priority area for payment providers. For banks, Billing Revolution’s application gives customers more flexibility by extending the functionality of checking, debit, or credit accounts to a mobile phone.

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