Citi Becomes Strategic Investor in SIMON Markets

Global investment bank and financial institution Citi became the latest strategic investor in FinTech SIMON Markets LLC on Tuesday (Feb. 15).

Citi is a longtime partner of SIMON, which offers an end-to-end digital suite of tools to help financial professionals navigate the investment market. Citi features structured investments and wealth management tools.

“Citi is forward-thinking and has been an innovative force in the structured investment market. We value their market perspective, dedication, and stature,” SIMON CEO Jason Broder said in the joint announcement.

“By joining us now as an investor, which builds on the partnership we’ve developed over the years, SIMON is proud to bring together our shared vision — to help advisors embrace evolving investment opportunities, with technology,” Broder continued.

SIMON’s platform helps financial professionals who are looking to stay ahead of market volatility and help their clients invest with confidence, said Fabrice Hugon, managing director, head of Americas sales for solutions for financial intermediaries at Citi. Hugon is also joining SIMON’s board of directors.

“Citi and SIMON are both focused on creating new opportunities for clients and improving client experiences,” Sandeep Arora, Citi Institutional Clients Group’s head of digital and chief investment officer, said in the release. “SIMON has built an impressive digital approach to portfolio management.

“Digitization creates momentum, new opportunities for clients, and ultimately, the best user experiences. We’re excited to join this journey with SIMON and support their continued growth.”

Earlier this month, Citi unveiled a Shop With Points partnership with CVS, which allows cardholders to redeem points at the pharmacy chain’s more than 8,200 U.S. locations. Eligible cardmembers can redeem points for $10 worth of qualifying purchases at participating CVS stores.

See also: Citi Unveils Points Partnership With CVS

Cardholders need to shop at a CVS and begin checkout, paying with an eligible Citi credit card for a purchase worth more than $10.01.

The program was launched in partnership with FIS and follows the company’s recent announcement that Citi Double Cash cardmembers will get 1% cash back when they buy and 1% when they pay for their purchases in the form of ThankYou Points, starting March 28.