Citcon raises $5 million, adds new director
Citcon has completed a Series B funding round that included a $5 million strategic investment from East West Bank. The cross-border QR code payments processor is also adding Catherine Zhou, executive vice president and head of consumer banking and digital banking at East West Bank, to its board of directors.
Citcon, founded in 2015 and based in Santa Clara, Calif., has been enabling U.S. and Canadian merchants to accept China’s largest QR-based mobile wallets — Alipay, WeChat Pay and UnionPay — in an effort to capitalize on the shopping habits of the growing number of Chinese tourists traveling overseas. The funds raised will be used to drive the company's global growth, broaden its suite of product applications and expand teams across technology, product, marketing and sales.
"The China market has been a growth engine for global brands. Adapting to the change and implementing industry leading and customer favored solutions has become a necessity for merchants to capitalize on the growing demand from the market,” Chuck Huang, founder and CEO of Citcon, said in the press release.
East West Bank joins a group of investors that includes Zhen Fund, HEDA Capital, Cyber Wisdom, Lightbridge Ventures and TEEC Angel Fund.
Last year Citcon partnered merchants in the Mall of America to enable them to accept Alipay and WeChat Pay in an effort to cater to Chinese visitors shopping at America’s largest mall. It also partnered with retail and hospitality software provider, Veea, Inc., so retailers would be able to accept the Chinese mobile wallets through VeeaPay at point-of-sale terminals or through mobile apps.
"On the consumer banking front, East West Bank is striving to provide our consumers around the world with a comprehensive set of solutions that connect with their lifestyle and meet their needs," Zhou said in the press release. "Rapidly evolving consumer behavior, coupled with the continued growth of fintech solutions, provides an unprecedented opportunity for us to create a unique next-generation mobile platform. We are excited to be part of the journey with Citcon."