- Clip raised a $250 million Series D round led by the SoftBank Latin America Fund and Viking Global Investors;
- Clip is the third startup to become a unicorn in Mexico, after Kavak and Bitso;
- The fintech offers merchants and SMBs in Mexico a digital payment and commerce platform.
Mexican digital payment and commerce platform focused on SMBs in the country Clip announced on Thursday it has raised a $250 million Series D round led by the SoftBank Latin America Fund and Viking Global Investors.
According to the fintech, the investment is the largest ever for a payments company in Mexico and places Clip as the first payments unicorn in the country, as it reached a valuation approaching $2 billion. Clip is the third startup to become a unicorn in Mexico, after Kavak and Bitso.
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“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,” said Marcelo Claure, CEO of SoftBank Group International and COO of SoftBank Group.
Founded in 2012 in Mexico City by Adolfo Babatz and Vilash Poovala with five employees, Clip now has a team of 600 people across Mexico, the US and Argentina. In 2019, it raised a $100 million Series C round from General Atlantic.
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“Clip was the SoftBank Latin America Fund’s first investment, and we have been growing together in the region since then,” said Shu Nyatta, managing partner of SoftBank Latin America Fund.
According to what Consuelo Valverde, founder and managing partner of San Francisco-based SV Latam Capital (SVLC), told LABS in an interview this week, Clip solved an early, widespread challenge with a terminal that lets businesses easily accept all types of electronic payment methods.