QR payment firm Citcon raises $5m
Citcon, a cross-border mobile payment and commerce solution provider has raised $5 million in a Series B financing round, led by East West Bank.
“The China market has been a growth engine for global brands,” Chuck Huang, founder and CEO of Citcon
This round brings the total financing to $15 million to date.
The funds of this latest round will be used to drive the company’s growth globally, as well as expand its product portfolio. The firm will also expand its teams across technology, product, marketing and sales.
East West Bank joins a group of investors that include Zhen Fund, HEDA Capital, Cyber Wisdom, Lightbridge Ventures and TEEC Angel Fund. Catherine Zhou, executive vice president and head of consumer banking and digital banking at East West Bank, will join the company’s board of directors.
Founded in 2015, Citcon introduced China’s largest QR-based mobile wallets Alipay, WeChat Pay, and UnionPay to North America.
“The China market has been a growth engine for global brands,” says Chuck Huang, founder and CEO of Citcon. “Adapting to the change and implementing industry leading and customer favoured solutions has become a necessity for merchants to capitalise on the growing demand from the market.”
Over the last 12 months, the transaction volume and merchant base has grown ten times and the company expects to reach 50,000 merchants by the end of 2019 across all major metropolitan cities in the United States, Canada and Europe.
