QR-code-based processor Citcon secures $5 million investment from East West Bank

QR-code-based processor Citcon secures $5 million investment from East West Bank

Citcon, a supporter of QR-based mobile wallets from the likes of Alipay, WeChat Pay and UnionPay, has snared a $5 million raise from California's East West Bank

Founded in 2015, CITCON introduced China's largest QR-based mobile wallets to North America, catering to the needs of Chinese tourists visiting the country. Over the last 12 months, the firm claims its transaction volume and merchant base has grown 10 times and will reach 50,000 merchants by the end of 2019 across all major metropolitan cities in the United States, Canada and Europe.

"As a premier bank focused on the United States and Greater China markets, we are committed to serving our customers' cross-border needs, and this investment will further accelerate our commitment," says Dominic Ng, chairman and CEO of East West Bancorp. "Prior to the investment, East West Bank and Citcon had formed a partnership which gives our business customers access to Citcon's mobile payment solutions. We believe the future of commerce will be driven by mobile technologies, and our alliance with Citcon will fuel positive growth opportunities for our customers."

East West Bank's investment brings Citcon's total funding to $15 million since inception. It joins a group of investors that include Zhen Fund, HEDA Capital, Cyber Wisdom, Lightbridge Ventures and TEEC Angel Fund.
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