Mobile Wallet Infrastructure: Citcon Raises $30M

Mobile wallet infrastructure startup Citcon raised $30 million in a Series C funding round led by Norwest Venture Partners and Cota Capital, and with participation by Sierra Ventures and Sonae IM, according to a press release emailed to PYMNTS on Friday (Oct. 22).

Citcon provides mobile wallet services to facilitate commerce around the globe and will use the fresh infusion of capital to continue growing worldwide, adding talent, and building out its international presence on four continents.

See also: Mobile Wallet Provider Citcon Adds 100+ New Payment Methods

Chuck Huang, CEO and founder at Citcon, said that the company enables merchants to scale by giving them the power to easily take mobile wallet payments and multiple currencies, the same way “they process traditional credit card payments today.”

Huang added that the new funds will help the startup “continue driving innovation and global expansion.”

Founded in 2015 in Santa Clara, California, Citcon’s FinTech platform connects businesses with over 100 mobile wallets as well as local and alternative payment methods. The startup integrates point-of-sale and eCommerce systems and is used by over 30,000 retail sites and locations.

Read more: Mobile Wallet Expansion Foreshadows Consolidation

In the first six months of this year, the company saw year-on-year growth of more than 300 percent and an annualized payment volume in excess of $1 billion.

“Citcon is going after a global market that is outpacing traditional credit cards, with an omnichannel payments platform that creates a simple, efficient, and safe way for merchants to accept alternative and traditional payments,” said Priti Youssef Choksi, partner of Norwest Venture Partners.

“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,” Choksi added.