– USA, CA – Clip, the company that empowers merchants to accept all payment methods in Mexico has announced a new financing round for USD $8 million. Mexico-based Alta Ventures led the round, joined by new investors American Express Ventures and Sierra Ventures.
Other investors include Angel Ventures Mexico and Mexico Ventures (Fondo de Fondos) and Endeavor Catalyst, the investment arm of the Endeavor Network, the world’s leading high-impact entrepreneurship organization. This new round of funding will be used to further accelerate Clip’s growth and leadership position in Mexico.
“Our product is designed from the ground up to satisfy merchant needs in Emerging Markets. We offer an incredibly simple solution that really helps merchants increase their sales. For example, with Clip, merchants can offer payments in installments to their clients with more than 18 issuers in Mexico. This makes small and medium businesses really competitive in the marketplace,” mentioned Adolfo Babatz, Clip’s co-founder & CEO.
“Clip has effectively developed the payment product that small and medium size merchants in Mexico were looking for. Although scaling is hard for any company, and particularly challenging in Latin America, Clip is on a clear trajectory to consolidate its marketing and distribution strategy. We are very excited to be able to support the company in that path,” mentioned Diego Serebrisky, Managing Director at Alta Ventures and Clip board member.
Karl Mehta, Clip’s first investor and former CEO of PlaySpan and partner at Menlo Ventures mentioned “I have been involved with Clip since the very beginning and the company has made substantial progress in the marketplace, this financing round will help Clip consolidate their position as the leader in the Mexican market.”
Rohit Bodas, Partner, American Express Ventures, commented: “We believe in the potential of Clip’s end-to-end payments technology as an important driver of commerce in emerging markets. This investment furthers our commitment to deliver additional value to small merchants, empowering them to grow their businesses through a seamless point-of-sale experience.”
“Sierra Ventures invested in Clip because the company is the leader in tackling the undeserved payment processing opportunity for SMB’s in Mexico and Latin America,” mentioned Mark Fernandes, Managing Director at Sierra Ventures.
“This was a dream round for us. We brought in important investors and added key people to our team that will help Clip on its trajectory as it enters a crucial phase, where growth is really accelerating and the needs from management change substantially,” Babatz mentioned.
Mr. Rohit Bodas from American Express Ventures and Mr. Mark Fernandes from Sierra Ventures will attend Clip’s Board of Directors meetings as non-voting observers. The company also announced the addition of Julio Gutierrez as a Board Member. Mr. Gutierrez serves on the board of Alsea (ALSEA), operators of brands such as Starbucks and Burger King in LatAm, and on the board of Chedraui, one of Mexico’s largest supermarket chains.
About Clip
Clip allows any individual or business to take all card payments available in Mexico via its proprietary card reader and Apps for Android devices, iPad and iPhone. With an easy registration process and no upfront fees, Clip levels the playing field for Small and Medium businesses. Founded in 2011 in San Francisco, Clip is headquartered in Mexico City.
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