Citcon closes $30m Series C funding
Norwest Venture Partners and Cota Capital Lead Funding Round to Scale Global Enterprise Solutions for Seamless Mobile Wallet Payments
Citcon, the leading mobile wallet payment provider enabling global commerce at scale, today announced that it has received $30 million in Series C financing led by Norwest Venture Partners and Cota Capital. Sierra Ventures and Sonae IM also joined the round.
The new funding will support the rapid addition of world-class staff and global expansion that builds on the company’s international presence on four continents.
Poised for Accelerated Growth
Moving into the final half of 2021, Citcon’s annualized payment volume is more than $1B, representing 300%+ year-on-year growth. With the acceleration of cross-border commerce and evolving consumer preferences, Citcon’s offerings strongly resonate with global merchants, as well as domestic companies seeking to serve global customers. Citcon payment solutions are currently deployed at more than 30,000 merchants’ sites and locations, including world-renowned brands such as L’Oreal, Tumi, Texas Instruments, Revolve, Macy’s, and Panda Express.
Citcon’s global enterprise payments gateway allows merchants to participate in global commerce by enabling secure online or in-store transactions with more than 100 different payment methods, including mobile wallets, local payment schemes, and traditional credit cards – all through one single integration and reconciliation platform. Citcon’s solution integrates a variety of globally popular digital wallet brands including PayPal, Venmo, AliPay, WeChat Pay, as well as buy now pay later services, cryptocurrency, and more.
In the past quarter, the company has added key members to its executive team, including: Andrew Meimes, former vice president of pre-paid in Japan for Mastercard, who joined as vice president and general manager in Asia, Dan Farrell, former vice president of sales at loop commerce, and Jamie Elgie, former CMO of Wilson Electronics, who joined as vice president and head of marketing. Citcon is also rolling out new programs to accelerate the retail adoption of wallets with PayPal and Venmo, as well as integrating their solution with new partners ranging from Toshiba and Cegid to Shopify, Oracle and SAP.
Cross-border e-commerce is expected to continue its torrid expansion, growing at 27% CAGR to reach $4.8T by 2026 (i). This growing, connected, global marketplace is being fueled by consumer interest in software-based, handset agnostic, and bank-free payment methods like AliPay, weChat Pay, PayPal, Venmo, and emerging payment schemes from cryptocurrencies to buy now, pay later services. By contrast, traditional credit card penetration has not kept pace with globalization. In 2020, credit card penetration stood at 3% in India and 21% in China (ii), while in 2017 averaged just 33% in Europe, 14% in Latin America, and 17% in Asia (iii).
Founded in 2015, Citcon’s fintech platform enables seamless global commerce at scale by connecting the world’s businesses with more than 100+ mobile wallets, local and alternative payment methods. Citcon integrates with POS and ecommerce systems such as Toshiba, Oracle, Cegid, Shopify and SAP and is currently deployed at more than 30,000 merchants’ sites and locations, including major brands such as L’Oreal, Tumi, Texas Instruments, Revolve, Macy’s, and Panda Express. Citcon is backed by leading global investors Norwest Venture Partners, Cota Capital, Sierra Ventures, Sonae IM, and East-West Bank. The company has five regional offices in the US, Canada, Europe, and Asia to service its global clientele. Learn more at https://www.citcon.com.