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Citrus Pay Raises $2M From Sequoia Capital; Launches Citrus Checkout

Digital payments service provider Citrus Pay has disclosed that it has raised $2 million Series A funding round from Sequoia Capital. This is the same investment that we had reported in June 2012, however back then Mohit Bhatnagar, Managing Director of Sequoia Capital had declined to reveal the exact investment amount. Bhatnagar informed that this $2 million investment is the first tranche with more such tranches expected in the future. However, he declined to comment on the number of tranches involved in this investment or the time period between these investment tranches. The company plans to use the funding raised to build new products and services, improve its technology and for hiring. Citrus Checkout: Along with this investment, Citrus Pay had launched a payment gateway solution called Citrus Checkout, which allows users to make online payments across Citrus merchant websites, mobile sites and mobile apps. The company allows users to sign up for a Citrus account and store their personal and payment information, which can later be used on various Citrus merchant sites for making payments, thereby hoping to simplify the checkout experience for consumers. Essentially, the company is trying to solve the issue of payment gateway failures, by acting as a middleware between the consumers and merchants. How Does It Work? After signing up for an account and entering requisite information, users can just enter their Citrus account credentials on merchant payment gateways, following which it will auto populate the consumer's personal and payment information and allow users to only enter the CVV number and the…

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