In February of 2015, Citrus Payment Solutions hit the road to raise fresh capital. The company had been burning money to scale and fend off competition. Most of them serious moneybags. Those who had raised thick wads of green and didn’t think twice before undercutting, acquiring customers, and luring competition to follow suit.
Burning is a dangerous strategy to pursue for smaller startups, with few zeros in their account balances that can become fewer in pursuit.
Notwithstanding this fact, in September of 2016, PayU, the online payments company owned by South Africa’s Naspers acquired Citrus for $130 million in cash.