Paypal founder Peter Thiel is planning to invest in mobile payment solutions startup Citrus Pay. As reported by the ET, around $25 million will be invested, in which around $3 million will be invested by Paypal while the remaining will come from Sequoia Capital and other existing investors,including Econtext Asia and Japan’s Beenos.
The company had been previously valued at $30 million in its last round of fundraising in December 2013.
This investment could possibly go into CitrusPay’s plan to tap into small and mid-sized businesses who want to enable online payments. In order to get more SMBs enroll for its service, it recently launched a product called ‘Project Flight’. This new project is aimed at reducing the payment gateway integration time to help merchants start taking online payments for their businesses.
Once the users fill up the form to avail the service, Citrus gives them a code which they need to copy and paste it on their websites. This enables merchants to start accepting payments without any hassle. All documents required for Project Flight can be directly uploaded to Citrus. This means that all the risk and credibility evaluation happens online and there is no need for manual paperwork.
“Several small businesses and individuals shy away from online payments due to lack of knowledge and complex procedures. We are here to make that complex process extremely simple by doing all the background work ourselves. With the help of our Project Flight, we expect the ease of use to inspire more entrepreneurs and small budding business to proceed with the idea of going online,” said Jitendra Gupta, Founder, Citrus Pay.