Ondot Systems, a San Jose, CA-based provider of a mobile platform for consumers to control their payment cards, raised $18m in funding.
Unnamed private investors made the investment.
Led by Dr. Vaduvur Bharghavan, co-founder and Chief Executive Officer, Ondot Systems launced CardControl, which allows card issuers to provide their customers with a single mobile application to remotely manage all aspects of their existing payment cards. The company has partnered with four major card processors, who handle transactions for credit, debit and prepaid cards for 10,000 banks and credit unions across the United States.
CardControl allows users to lock or unlock cards, specify location preferences for “active around me” or a region on a map, set merchant categories, transaction types, and spend limits, view available balances, analyze spending trends, and manage transactions.
For card issuers, CardControl aims to reduce operating costs and increase revenue by increasing engagement and attracting new cardholders.