Clip, the digital payments and commerce platform provider in Mexico, has received a US$250 million capital investment led by the SoftBank Latin America Fund and Viking Global Investors.
The investment is among the largest ever for a payments provider in Mexico and establishes Clip as the country’s first payments Unicorn with a valuation approaching US$2 billion.
Clip pioneered simple and easy access to digital payments and the democratisation of financial services in Mexico, with a focus on delivering superior client experiences and customer service.
The fintech empowers businesses to access a growing range of financial and commerce-enabling solutions through its proprietary technology platform, unique ecosystem of distribution partners and channels, and a convenient engagement model that is open to everyone who wants to participate in the digital economy, with the ability to onboard and accept all available payment methods in a few minutes.
Adolfo Babatz, chief executive officer and founder of Clip, says: “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, chief executive officer of SoftBank Group International and chief operating officer of SoftBank Group Corp, comments: “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 also includes General Atlantic, Ribbit Capital, Goldman Sachs, Dalus Capital, Banorte and Amex Ventures. The fintech, which was founded in 2012 with five employees, now employs 600 across Mexico, the US and Argentina.
Shu Nyatta, managing partner of SoftBank Latin America Fund, says: “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.”
Martin Escobari, co-president and head of Latin America at General Atlantic, adds: “Clip has established itself as a disruptor in Mexico’s digital economy, leveraging new technologies to drive financial inclusion. Since initially investing in 2016, we have partnered with Adolfo and the Clip team to support the rapid, strategic growth of the business. Clip has a unique culture and a strong track record of performance, and we look forward to the company’s continued momentum in democratising payments.”