Mexico-based Clip, a digital payments and commerce Fintech, revealed on Tuesday (June 15, 2021) that it has acquired $250 million in capital via a round led by the SoftBank Latin America Fund and Viking Global Investors LP.
Clip‘s latest investment round is the largest ever for a payments firm in Mexico. The company has become the first payments Unicorn in the world’s 12th biggest economy. Clip is valued at around $2 billion.
The Fintech firm says it pioneered simple and convenient access to virtual payments and the democratization of financial services in Mexico. The company claims it’s super focused on providing the best customer experiences and service.
Clip says it empowers businesses to easily access various financial and commerce-enabling services via its proprietary tech platform, diverse ecosystem of distribution partners, and a convenient engagement model that’s accessible to all users looking to participate in the digital economy.
Adolfo Babatz, CEO and Founder of Clip, stated:
“We are very proud to partner with two world-class investors such as SoftBank and Viking and achieve such an important milestone for a Mexican company. Looking ahead, the resources will enable us to continue to grow aggressively and continue building Mexico’s operating platform for commerce, fulfilling our vision to have Clip in every business in Mexico.”
Marcelo Claure, CEO at SoftBank Group International and COO of SoftBank Group Corp., remarked:
“Clip is the exact type of disruptive company SoftBank looks to invest in. Led by an amazing management team, Clip is using technology and AI to disrupt the financial services industry by providing essential digital solutions to merchants and small business owners in Mexico, an economy that stands to benefit greatly from digital payments. We are proud to have Clip in the SoftBank ecosystem.”
Clip’s list of investors reportedly includes General Atlantic, Ribbit Capital, Goldman Sachs, Dalus Capital, Banorte, Amex Ventures, among several others.
The firm launched operations back in 2012 with only five workers. But it has grown to around 600 employees across Mexico, the US and Argentina.
Shu Nyatta, Managing Partner of SoftBank Latin America Fund, added:
“Clip was the SoftBank Latin America Fund’s first investment, and we have been growing together in the region since then. We remain aligned on our optimism about the potential of technology and entrepreneurship, and equally excited for the opportunity to deepen our partnership.”
The transaction is currently awaiting customary approvals