SAN JOSE, Calif .– (COMMERCIAL THREAD) – Citcon, the leading mobile wallet payment provider enabling large-scale global commerce, today announced that it has received $ 30 million in Series C funding led by Norwest Venture Partners and Cota Capital. Sierra Ventures and Sonae IM also joined the tour.
The new funding will support the rapid addition of world-class personnel and the global expansion that builds on the company’s international presence on four continents.
“Citcon enables large-scale global commerce by enabling merchants to accept mobile wallet and alternative currency payments with the same ease as they process traditional credit card payments today, ”said Chuck Huang, CEO and founder of Citcon. “We are honored to have secured the support of incredible investors who will strengthen our efforts to continue to drive innovation and global expansion. ”
Ready for accelerated growth
In the latter half of 2021, Citcon’s annualized payment volume is over $ 1 billion, representing over 300% year-over-year growth. With the acceleration of cross-border commerce and changing consumer preferences, Citcon’s offerings resonate strongly with global merchants, as well as domestic businesses looking to serve global customers. Citcon payment solutions are currently deployed at more than 30,000 sites and merchant locations, including world-renowned brands such as L’Oréal, Tumi, Texas Instruments, Revolve, Macy’s and Panda Express.
Citcon’s global enterprise payment gateway enables merchants to participate in global commerce by enabling secure online or in-store transactions with over 100 different payment methods, including mobile wallets, local payment systems and traditional credit cards, all through a unique Platform integration and reconciliation. Citcon’s solution integrates a variety of popular digital wallet brands around the world, including PayPal, Venmo, AliPay, WeChat Pay, as well as buy-now, check-out, cryptocurrency, and more services.
During the last quarter, the company added key members to its management team, including: Andrew Meimes, former vice president of Mastercard’s prepaid business in Japan, who joined as vice president and general manager in Asia ; Dan Farrell, former vice president of sales at Loop Commerce, who joined as vice president, general manager of e-commerce; and Jamie Elgie, former CMO of Wilson Electronics, who has joined as vice president and chief marketing officer. Citcon is also rolling out new programs to accelerate the adoption of retail wallets with PayPal and Venmo, as well as their solution integration with new partners ranging from Toshiba and Cegid to Shopify, Oracle and SAP.
“Citcon addresses the global digital wallet market with an omnichannel payment platform that creates a simple, efficient and secure way for merchants to accept alternative and traditional payments, ”said Priti Youssef Choksi, Partner of Norwest Venture Partners. “As mobile wallets continue to become ubiquitous, supported by today’s post-Covid consumer behaviors, we expect explosive growth in this category and we believe Citcon has the ingredients to take the leadership position.
Cross-border e-commerce is expected to continue its torrid expansion, growing 27% CAGR to $ 4.8 million by 2026.I This growing, connected global market is fueled by consumer interest in software-based, agnostic, bankless payment methods like AliPay, WeChat Pay, PayPal, Venmo, and emerging cryptocurrency payment systems. to buy now, pay for services later. In contrast, the penetration of traditional credit cards has not kept pace with globalization. In 2020, the credit card penetration rate was 3% in India and 21% in Chinaii, while in 2017, it was only 33% on average in Europe, 14% in Latin America and 17% in Asiaiii.
“Citcon enables merchants to access the market of more than two billion mobile wallet users worldwide, ”said Ben Malka, partner at Cota Capital. “Providing merchants with globally preferred payment methods ensures that merchants can attract customers, successfully enter new markets, and improve the customer experience. Citcon already powers global payments from major merchants and continues to grow year on year. We are delighted to be able to partner with Citcon and provide support as it enters a new era of growth. ”
Founded in 2015, Citcon’s fintech platform enables transparent global commerce at scale by connecting businesses around the world with more than 100 mobile wallets, local and alternative payment methods. Citcon integrates with point of sale and e-commerce systems such as Toshiba, Oracle, Cegid, Shopify and SAP and is currently deployed in over 30,000 merchant sites and locations, including major brands such as L’Oréal , Tumi, Texas Instruments, Revolve, Macy’s, and Panda Express. Citcon is backed by leading global investors Norwest Venture Partners, Cota Capital, Sierra Ventures, Sonae and East-West Bank. The company has five regional offices in the United States, Canada, Europe and Asia to serve its global customer base. Learn more at https://www.citcon.com.
I Facts and Factors, Cross-Border B2C Ecommerce Market Report, May 2020
ii Statista, Credit card penetration in the Asia-Pacific region in 2020, July 2021
iii The World Bank, average of 40 European countries in 2017.