Sumary of FinTech: Mexican Payments Platform Clip Raises $250M, Turns Unicorn:
- Mexican Payments Platform Clip Raises $250M, Turns Unicorn Clip said its valuation is “approaching $2 billion.”.
- Clip, a Mexican digital payments and commerce platform founded in 2012, announced June 10, its raise of $250 million in a round led by the SoftBank Latin America Fund and Viking Global Investors LP..
- Clip offers to businesses its card readers that can accept payments with all debit and credit cards, vouchers, points, contactless and Samsung Pay..
- According to Bloomberg, there are about 11 million businesses in Mexico of which only about 1 million accept card payments..
- Because there are so few venues in the country where cards are accepted, Mexicans use their cards on average for just about 40 transactions annually..
- “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,”…