Citrus Payment Solutions has confirmed raising Series C funding led by Ascent Capital and existing investor, Sequoia Capital, with participation from other existing investors, Beenos and eContext Asia. It will use the funds for strengthening its technology and build products for mobile payments. It will also partner with brands to build its consumer and merchant database. An ET report pegs the Cirtrus funding at $25 million, though there is no confirmation from the company on the amount raised.
Citrus currently partners with Jet Airways, PVR, TinyOwl and Grofers. The company says that over 15 million users use Citrus to transact online, and its Citrus Cube app which offers personal bill management, sees 10 million transactions monthly. As of last month, Citrus claims to have 17 million users and a merchant network of 6,000 online businesses. Read More