- Citcon, a leading mobile wallet payment technology provider, has raised around US$30m in Series C funding.
- The company said that the investments came from a number of locations, including Cota Capital and Norwest Venture Partners.
- “We are honored to have earned the support of incredible investors that will strengthen our efforts to continue driving innovation and global expansion,” a spokesperson for Citcon said.
Citcon, a major provider of mobile wallet online payments, has confirmed that it has received around US$30m in Series C financing.
The company, a payment provider that helps to create global commercial opportunities at scale, said that it had been given the money by Cota Capital and Norwest Venture Partners.
These two firms were accompanied in the round by Sonae IM and Sierra Ventures.
Citcon said that it intends to use the financing to add new staff to its books and to help build its international expansion across a range of continents.
The firm is currently planning to take an annualised payment volume of over US$1bn.
This reflects growth of around 300% year on year.
It is believed that this growth is a result of changing consumer preferences.
In addition, it is understood that Citcon payment services are currently functioning in several different merchant contexts.
These are believed to include major brands such as Texas Instruments and L’Oréal.
In a statement, Chuck Huang, the chief executive officer and founder of Citcon, explained more about how the firm works and how it interacts with currencies and mobile wallets.
“Citcon enables global commerce at scale by allowing merchants to accept payments by mobile wallet and alternative currencies with the same ease as they process traditional credit card payments today,” he said.
He went on to say that the firm was pleased to have been endorsed by so many investors.
“We are honored to have earned the support of incredible investors that will strengthen our efforts to continue driving innovation and global expansion.”
Meanwhile, a partner at Norwest Venture Partners said that Citcon’s omnichannel offer was able to provide simplicity and efficiency.
Priti Youssef Choksi said that the company was also offering a “safe” route for merchants.
“Citcon is addressing the global digital wallet market with an omnichannel payments platform that creates a simple, efficient, and safe way for merchants to accept alternative and traditional payments,” she said.
She went on to say that the consumer behaviours in question were being shaped by the pandemic.
“As mobile wallets continue toward ubiquity, buoyed by today’s post-Covid consumer behaviors, we expect to see explosive growth in this category and we believe Citcon has the ingredients to own the leadership position.”
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