Citcon, a Santa, Clara-CA-based cross-border mobile payment and commerce solution provider, raised US$5m in funding.
East West Bank made the strategic investment bringing the Series B financing round to US$15m to date and joining a group of investors that include Zhen Fund, HEDA Capital, Cyber Wisdom, Lightbridge Ventures and TEEC Angel Fund. In conjunction with the funding, Catherine Zhou, Executive Vice President and Head of Consumer Banking and Digital Banking at East West Bank, will join Citcon’s Board of Directors.
The company intends to use the funds to broaden its suite of product applications and expand teams across Technology, Product, Marketing and Sales.
Founded in 2015 by Chuck Huang, CEO, Citcon introduced China’s largest QR-based mobile wallets Alipay, WeChat Pay, and UnionPay to North America, and has grown to become a market leader in QR-based cross-border mobile wallet solutions, connecting global merchants with billions of Chinese consumers across Retail, Hospitality and eCommerce segments, integrating cross-border payments, marketing and eCommerce solutions.