Founded in 2012, the start-up says it intends to drive financial inclusion in Mexico by providing small and medium-sized businesses (SMBs) access to digital payment solutions. Clip claims over 75% of its customers transacted with “cash only” before joining its platform. This credit facility represents another important milestone for Clip, as it provides additional support to our already solid balance sheet and liquidity position.
It is important for Clip and its story to receive the support of banks of this caliber, validating our mission of expanding financial inclusion in Mexico. Clip received approval for an IFPE (Institution of Electronic Payment Funds) license from Mexico’s National Banking and Securities Commission (CNBV). The license was obtained through Clip’s acquisition of payments platform Swap, giving the firm the ability to open and hold customer accounts with electronic balances and provide wire transfer services and issue debit cards. Clip raised $250 million in a SoftBank-led investment round that pushed the company’s valuation up to $2 billion.