Capital markets

Citcon has completed a Series B funding round that included a $5 million strategic investment from East West Bank. The cross-border QR code payments processor will also be adding Catherine Zhou, executive vice president and head of consumer banking and digital banking at East West Bank, to its board of directors.

The New York company formed the nationwide group after hiring a team of former Square 1 bankers.

Urfer co-founded a business with the banking automation pioneer John Diebold, worked for Chase Manhattan and other major banks, and played an important role in the Nixon administration, phasing out exchange controls.

Following its own economic downturn that required bailouts by Saudi Arabia, Kuwait and the United Arab Emirates, Bahrain’s governors hit on an economic recovery plan that includes turning the tiny nation into a global payments hub.

The startup now has five bank partners and equity financing from four investment entities.

The company plans to use the new capital to pursue growth opportunities.

Large investment houses see an opportunity to improve financial conditions for contract workers, accelerate evolution away from cash to digital payments, expand the smartphone as a commerce device and streamline user experience.

PayPal has joined a funding round for startup Cambridge Blockchain, reportedly the first investment the online payments giant has made in distributed ledger technology.

As N26 schedules its launch for midyear, it will face off against other startups and mobile-only spinoffs from incumbent financial institutions.

Jumia Technologies AG said Mastercard Inc. has agreed to invest 50 million euros ($56 million) in a private placement ahead of the Africa-focused online retailer’s planned initial public offering in New York.