Citcon: Secures $5 mn investment

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Citcon: Secures $5 mn investment

Citcon: QR-code-based processor, has secured a $5 mn raise from California’s East West Bank

  • CITCON introduced China’s largest QR-based mobile wallets Alipay in 2015
  • Over the last 12 months, the firm claims its transaction volume and merchant base has grown 10 times
  • Utilizing the funding, CITCON plans to ramp up its growth and expand its product offering
  • They intend 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
  • The partnership gives it’s business customers access to Citcon’s mobile payment solutions