The amount of the funding was not disclosed. Prior to this news, the company reportedly had raised USD 51 million in equity financing.
Ondot offers banks and credit unions technology that enables them to provide their customers with solutions to better manage and control their card payments. The company’s real-time, API-based platform and mobile app provide an end-to-end digital payment card services experience that ranges from bot-assisted digital acquisition and instant activation to geolocation-based contextual alerts and messaging. Ondot’s technology gives payment cards a “digital voice”, supported by a three-way interaction between the card issuer, the card holder, and the merchant.
Ondot’s strategic investment comes as the company announced a partnership with Mexico’s Invex. The collaboration will enable Invex to leverage Ondot’s digital acquisition and instant issuance technology to provide the country’s first “Instant Card”. Integrated with Ondot’s technology, Invex’s Digital Card Services solution will also feature mobile product presentment and selection, as well as built-in card controls and alerts.
Ondot Systems says more than 3,000 banks and credit unions around the world use Ondot’s white-label apps, including a large credit union services organisation in the US, PSCU, which announced a partnership with Ondot in August 2018.
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