Mobile payment platform CITCON has secured $5m investment from California-based East West Bank in a Series B funding round.
East West Bank executive vice president and head of consumer banking and digital banking Catherine Zhou will now sit on CITCON’s board.
“Rapidly evolving consumer behaviour, coupled with the continued growth of fintech solutions, provides an unprecedented opportunity for us to create a unique next-generation mobile platform. We are excited to be part of the journey with CITCON,” Zhou stated.
Utilising the new capital, CITCON plans to ramp up its growth and expand its product offering.
Besides, the firm intends to use the money for increasing headcount in the areas of technology, product, marketing and sales.
With the fresh infusion, the payment firm’s total funding stands at $15m.
Set up in 2015, CITCON facilitates merchants’ acceptance of QR-based mobile wallets such as Alipay, WeChat Pay, and UnionPay in physical stores and online.
The firm is also backed by Zhen Fund, HEDA Capital, Cyber Wisdom, Lightbridge Ventures and TEEC Angel Fund.
CITCON founder and CEO Chuck Huang said: “The China market has been a growth engine for global brands.
“Adapting to the change and implementing industry leading and customer favoured solutions has become a necessity for merchants to capitalise on the growing demand from the market.”