Clip raises $250 million with $2 billion evaluation
Clip, the largest payments, and commerce platform in Mexico, has announced that it has raised $250 million in its latest round of funding which increases its valuation to $2 billion.
The latest round of investments was made by Softbank Latin America Fund and Viking Global Investors and makes the company the first unicorn in the payments space in Mexico. This also shows the increasing attention of global investors in the Latin American market as the next place of growth.
“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.
The payments industry has been receiving a lot of attention from users as well as investors in recent times as the field of digital payments has shown enormous growth during the pandemic period. More and more users have been forced to switch to digital payments and this has led to a record volume of transactions in almost all payments platforms across the world. The Latin American market especially has been an untapped one for long as it had lagged behind Europe, the US and Asia as far as financial services are concerned but it now seems to have woken up and that is why we are seeing investors rushing into this region as well as Africa in recent times.
Clip has been one of the first companies to launch into the payments space in Mexico and has made a very smooth and reliable platform that makes it easy for anyone to use and this has led to its quick adoption by the people of Mexico, the company said. The company now has over 600 employees in Mexico, the US, and Argentina making it a center of attraction for investors who want to invest in a growing space.
The fact that such major investors like Softbank have shown interest should be a big boost for the company which plans to expand its business further both among retail as well as business clients. Along with interest comes competition as well as many other homegrown financial services firms have also been expanding their services and reach in recent times in a bid to capture the growing market across the region.
