(Yicai Global) April 2 — Citcon Inc., an overseas partner of China’s largest third-party payment platforms Alipay and WeChat Pay, has obtained USD5 million in A+ funding as it looks to develop new products and hire new staff amidst plans to go global.
The Silicon Valley-based settlement services provider collected cash from Zhenfund, Zhejiang Zheshang Venture Capital Co. and Cybernaut Investment Group, founder Huang Chunbo told Yicai Global.
Booming credit card payments over the past few decades have made it impossible for online payments to run as smoothly in the United States as they do in China. Apple Inc.’s payment platform Apple Pay has a penetration rate of 30 percent, while WeChat and Alibaba log hundreds of millions of transactions every day.
Citcon is prioritizing connecting American merchants with mobile payment functions in order to facilitate travel for mainland tourists. Its platform has already established ties with around 5,000 businesses, including vendors from hot spots Los Angeles, New York and Hawaii, and others from 10 major North American airports.
Huang previously served at Visa, PayPal and eBay before founding Citcon in 2015. It is the main overseas technology solutions and settlement services provider for Alibaba Group Holding Ltd.’s Alipay and Tencent Holdings Ltd.’s WeChat Pay, which combine for a 90-percent share of China’s payments market.