SAN FRANCISCO, April 16 (Xinhua) -- Citcon, a leading cross-border mobile payment and commerce solution provider, said Tuesday it has raised 5 million U.S. dollars in the Series B funding round led by a California-based independent bank.
Silicon Valley-based Citcon, a major overseas partner of China's mobile payment giants including Alipay and WeChat pay, said the funds will be used to drive its rapid global growth, broaden its suite of product applications and expand teams across technology, product, marketing and sales.
East West Bank, a subsidiary wholly owned by East West Bancorp, which is the largest independent bank headquartered in Southern California, led the fund-raising round as a strategic investor and brought the total financing to 15 million dollars.
"In the past few years, mobile wallet and mobile payment have profoundly changed how merchants interact with consumers, and the digitization of all walks of life has continued at a rapid pace," said Chuck Huang, founder and CEO of Citcon.
Founded in 2015, Citcon introduced China's largest QR-based mobile wallets Alipay, WeChat Pay and UnionPay to North America."The China market has been a growth engine for global brands," Huang added.
Last month, Citcon helped introduce for the first time mobile payment service to the Chinese Consulate General in San Francisco to facilitate its customers to pay for visa processing and passport application or renewal, as well as other consular services.
Citcon said, by the end of 2019, the number of merchants running their business with Citcon-powered mobile payment solutions is expected to reach 50,000 across all major metropolitan cities in the United States, Canada and Europe.