SoftBank Latin America and Viking Global Investors led a USD250m round for Clip, a Mexican SMEs POS manufacturer and digital payment platform at a reported USD2b valuation. General Atlantic and SoftBank invested in 2019 at a reported USD400m valuation. Other investors include Ribbit Capital, Goldman Sachs, Dalus Capital, Banort and Amex Ventures.
(Press Release) – Clip, Mexico’s leading digital payments and commerce platform, today announced it has received a U.S. $250 million capital investment led by the SoftBank Latin America Fund and Viking Global Investors LP. The investment is the largest ever for a payments company in Mexico and establishes Clip as the first payments Unicorn in the 12th largest economy in the world, with a valuation approaching U.S. $2 billion.
Clip pioneered simple and easy access to digital payments and the democratization of financial services in Mexico, with an obsessive focus on delivering superior client experiences and customer service. The Company empowers businesses to seamlessly access a growing range of financial and commerce-enabling solutions through its proprietary technology platform, unique ecosystem of distribution partners and channels, and a highly 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.
“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,” said Adolfo Babatz, CEO and Founder of Clip.
Marcelo Claure, CEO of SoftBank Group International and COO of SoftBank Group Corp., said: “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 premier list of investors also includes General Atlantic, Ribbit Capital, Goldman Sachs, Dalus Capital, Banorte and Amex Ventures among others. The Company, which was founded in 2012 with five employees, now counts 600 “Clippers” across Mexico, the United States and Argentina, doing extraordinary things to help its customers succeed.
Shu Nyatta, Managing Partner of SoftBank Latin America Fund, commented: “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, said: “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 democratizing payments.”
Transaction is subject to customary approvals
Clip is the leading digital payment and commerce platform that is empowering Mexico´s businesses to engage and transact with their consumers more effectively through innovative technologies, best-in-class customer service and the ability to accept all payment methods digitally. The Company has over 600 employees with offices in Mexico City, Guadalajara, Salt Lake City and Buenos Aires. For more information, visit www.clip.mx.