Citcon, a US-based mobile wallet payment provider, raised USD 30 million in a Series C funding round co-led by Norwest Venture Partners and Cota Capital on 22 October 2021. The company has raised a total fund of nearly USD 50 million since its inception.

Investors: Norwest Venture Partners and Cota Capital co-led the latest funding round with participation from Sierra Ventures and Sonae IM.

The Objectives behind the funding: The company plans to deploy the current proceeds to support the rapid addition of world-class staff and global expansion, focusing on Latin America and the Asia-Pacific market.

About Citcon

Source: Company’s LinkedIn profile

Founded in 2015 by Chuck Huang, Citcon enables billions of mobile wallet consumers to shop and pay anywhere, anytime worldwide with its industry-leading digital payment offering. The startup’s payment technology is integrated with POS and e-commerce systems such as Toshiba, Oracle, Cegid, Shopify and SAP. In the last three years, Fortune 1000 businesses like Loreal, Hermes, Texas Instruments, Nordstrom, Caesars Entertainment, MGM Resorts, Revolve, Samsonite, Tumi, Blue Nile and many more have chosen Citcon’s mobile payment solutions to expand their payment and commerce infrastructure to support their next phase of business expansion. The company is headquartered in Silicon Valley and has five regional offices in the US, Canada, Europe, and Asia. 

What the Founder has to say:

“Ours is software-based, and so unlike with Apple Pay or Google Pay, you don’t need a bank or credit card attached to the wallets. We have a unified API for both mobile and alternative payment methods (APMs),” said CEO and founder Chuck Huang. 

“China is an almost cashless society, and its residents use this kind of wallet extensively, but it is gaining momentum all over,” Huang added.

What the Investors have to say:

Norwest Venture Partners’ partner Priti Youssef Choksi said, “In the U.S., they’re quickly gaining share given new wallets (such as crypto, buy now, pay later platforms and neobank wallets) are increasingly popular among younger consumers, and as the pandemic has pushed consumers/merchants towards contactless payments.” 

“This is particularly important given the regulatory scrutiny on payment flows in the U.S. and around the world,” she added.

Cota Capital partner Ben Malka said, “While we believe we are still in the early innings, there is a tremendous market opportunity to enable different payment types. We were impressed with Chuck and his team. They have deep experience in the payment industry and the right acumen to build a global payments company.”


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Manish writes about the startup ecosystem on VCBay. He is pursuing Master of Commerce from Delhi School of Economics, University of Delhi, and is passionate about the world of finance, information technology & entrepreneurship.

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