Citrus Payments acquires Zwitch

Citrus Payments Solutions Pvt. Ltd, which operates an online checkout and payment solution Citrus Pay, has acquired Bengaluru based payment platform Zwitch, run by iZwipe Payment Technologies. Citrus Pay is a fintech company focused on providing simplified payment experience to consumers.

Citrus partners with the airlines, utilities, marketplaces and 6000 other merchants to provide consumer payments and mobile banking services. After raising a Series A round of $2 Million in 2012 from Sequoia, the company grew to grab a $5.5 million Series B round from investors. Two days ago, it raised its Series C round of $25 Million led by Sequoia Capital and Ascent Capital.

The business has taken a stride forward and the recent investor backing pushed the envelope for Citrus Pay consumer business. With more than 15 Million users already using Citrus to transact online, Citrus ventured into the consumer payments space with the Citrus Cube app a personal bill management app that claims to see over 10 Million Transactions in a month.

Zwitch, a full stack payment platform enabling developers accept online and mobile payments, was founded in 2013. It claims to have over 1,000 merchants onboard and records daily transactions of about Rs 10 Lakh. This is the first acquisition by Citrus. Citrus competes with CCAvenue, ibibo group PayU, One97 Paytm Payments, ZaakPay and PayPal.