CITCON is a mobile wallet payment provider. It has closed on $30 million in funding in a Series C round co-led by Norwest Venture Partners and Cota Capital. Sierra Ventures and Sonae IM also joined the financing. This brings San Jose-based Citcon’s total raised since its 2015 inception to nearly $50 million
FOUNDER’S WORDS AND DIRECTION
Before starting Chicon, Huang spent four years as a lead systems architect at Visa. Where he led the system architecture design and development for several products. That included a mobile payment gateway and card-based rewards redemption platform.
Citcon was built on the premise that mobile payments provide a “more user-friendly, secure and safer” contactless shopping and payment experience for both consumers and merchants. And that was before the COVID-19 pandemic accelerated the surge in contactless payments.
Citcon is doing something right. As 2021 draws to a close, Citcon’s annualized payment volume is about $1 billion, representing over 300% year-over-year growth. Revenue, too, has grown by the same percentage, according to Huang. Since Citcoin does a single API integration for a merchant, it allows that merchant to accept over 100 mobile wallets around the world.
Looking ahead, Citcon plans to use its new capital to add to its current headcount of 100 and expand globally. It already has offices in the U.S., Canada, Europe and Asia. It’s eyeing “rapid” overseas expansion with a particular focus on Latin America and the Asia-Pacific market.
“This is important because there are several key THEMES converging around mobile payments both in the U.S. and abroad,”PRITI YOUSSEF CHOKSI
Mobile wallets have eclipsed credit cards to become the most widely used form of payment globally, with active mobile wallets expected to grow from 2.8 billion in 2020 to 4.8 billion in 2025.