# Citcon USA

Startup profile on Capital Atlas: https://capitalatlas.ai/startups/citcon-usa

- Industry: Financial Services
- Headquarters: Santa Clara, US
- Website: www.citcon.com
- Total disclosed funding: $30M
- Latest round: Series C (Oct 22, 2021)
- Investors on record: 4

## About

Citcon USA LLC is a payment gateway that empowers businesses to accept an extensive range of payment methods, including eWallets and credit cards, facilitating seamless transactions in both in-store and online environments.Founded in 2015 and headquartered in Santa Clara, US, Citcon USA LLC operates as a payments gateway enabling businesses to process diverse payment methods. The company was co-founded by Chuck Huang and Wei Jiang, who have experience in the payment solutions sector. As of April 2022, Citcon raised USD 10.00 mn in VENTURE DEBT, bringing its total funding to USD 30.00 mn. The firm has completed 6 deals in total, with its most recent deal occurring on April 1, 2022.Citcon is an all-in-one payments gateway that specializes in enabling businesses to accept a wide range of payment methods, including over 100 eWallets, local payment schemes, and traditional credit cards. Their core product is designed to streamline the payment process through a single integration, which facilitates both in-store and online transactions. The platform effectively addresses the needs of merchants by providing the flexibility to cater to various consumer preferences, thereby enhancing customer experience and promoting business growth. Citcon's solutions are utilized by an extensive client base, including retailers and service providers across various sectors, aimed at facilitating seamless transactions for both domestic and international customers. The company serves diverse geographical markets, including the United States, Canada, and major cities in Asia such as Beijing and Hangzhou, allowing it to tap into a broad spectrum of consumer demographics.Citcon's revenue is primarily derived from transaction fees associated with the payment processing services it provides to merchants. The company operates on a transactional structure where businesses utilizing its platform pay fees for each transaction processed. This model allows for a straightforward flow of revenue as each sale completed through the Citcon system results in a fee for the company. Specific pricing plans associated with flagship services, such as the integration of Alipay and other eWallets, are structured to maximize value for merchants while ensuring competitive processing fees. Clients range from large retailers like Bloomingdale's to hospitality brands such as Caesars Entertainment and Mandarin Oriental, all of which leverage Citcon's capabilities to enhance their payment acceptance strategies and customer engagement efforts.Citcon plans to utilize the recent funding raised in April 2022 to enhance its product offerings and expand into new markets. The company is working on launching new features to improve the payment experience, with potential release dates aimed at the latter half of 2023. Citcon is also targeting expansion into additional Asian markets and Europe by the end of 2024, seeking to broaden its customer base and increase transaction volumes.

## Funding rounds

- Series C, Oct 22, 2021, $30M — Sierra Ventures, Norwest Venture Partners, Cota Capital, Bright Pixel

## Investors

- Sierra Ventures (https://capitalatlas.ai/funds/sierra-ventures) — Series C
- Norwest Venture Partners (https://capitalatlas.ai/funds/norwest-venture-partners) — Series C
- Cota Capital (https://capitalatlas.ai/funds/cota-capital) — Series C
- Bright Pixel (https://capitalatlas.ai/funds/bright-pixel) — Series C