Fintech
Mexican fintech Clip raises $100 million
Mexican payments and commerce company Clip has raised $100 million in a funding round attended by funds managed by Morgan Stanley Tactical Value and an unnamed fund manager.
Founded in 2012 by a pair of former PayPal employees as the Mexican equivalent of Square, Clip has created a portfolio of payments, financial services and software solutions specifically for small businesses.
The company offers products and services spanning software and hardware, which enable SMBs to grow their business by accepting digital payments, selling online, obtaining credit and streamlining their operations.
With approximately 800 employees and on the brink of profitability, Clip will use the new funds to accelerate product development initiatives.
Adolfo Babatz, CEO of Clip, says: “We are excited to leverage this funding round to continue expanding and strengthening our offerings to empower more stakeholders in the Mexican economy.”