MEXICO – Clip, a Mexico City, Mexico-based commerce and digital payments platform, entered into a $50 million, three-year, unsecured revolving credit facility.
The backers were Morgan Stanley, J.P. Morgan and HSBC. The funding will be used by the company to expand its efforts to meet businesses’ demand for innovative payments solutions and improve financial access for Mexican businesses and consumers.Led by founder and CEO Adolfo Babatz, Clip is a commerce and digital payments platform that enables businesses in Mexico to interact and transact with its consumers effectively through innovative technologies, customer service, and the ability to accept all payment methods digitally. The company has offices in Mexico City, Guadalajara, Miami, Salt Lake City, and Buenos Aires. The new credit facility follows the launch of new products in May. The new products include three point-of-sale terminals – Clip Mini, Clip Pro 2 and Clip Stand -, two hardware accessories – Clip Cashbox and Clip Printer – and three Remote Payments software features – QR Code, Payment Link and URL Link.Moreover, on August 23rd the company received the approval for an IFPE (Institution of Electronic Payment Funds) license from the National Banking and Securities Commission (CNBV). This license – which was obtained through Swap (Pocketgroup Technologies S.A. de C.V.), a company Clip acquired control in December 2020 – gives them the ability to open and hold customer accounts with electronic balances, offer wire transfer services on those accounts and issue, market and manage forms of payment such as debit cards. 07/09/2022
