The investment round led by Morgan Stanley Tactical Value and a fund manager from the west coast of the United States seeks to strengthen and expand the digital payments platform's offering.
The digital payments platform, Clip announced an investment round of US$ 100 million with participation from Morgan Stanley Tactical Value (MSTV) and by a fund manager from the west coast of the United States, whose name was not revealed.
According to a statement from the firm, the investment maintains Clip's valuation from its Series D round completed in 2021, when it received US$250 million in investment and a valuation of US$2 billion, which gave it its status as a “unicorn.” ”.
Since its creation in 2012, the technology company has developed financial services and card-not-present solutions as a platform and aggregator of payment methods. Clip currently offers products and services spanning software and hardware, online sales, as well as credits.
"We are excited to leverage this round of financing to continue expanding and strengthening our offering to empower more businesses throughout Mexico," said Adolfo Babatz, Founder and CEO of Clip.
Through these new funds, the firm indicated that it would seek to accelerate product development initiatives for further growth in support of its mission to drive financial inclusion. As of September 2002, the firm serves 32,571 commercial establishments within Mexican territory.
“The investment from these two world-renowned investors is a testament to Clip's opportunity to continue leading the digital transformation of Mexico's commerce ecosystem, and more specifically reinforces our mission to facilitate access to digital payments, financial services and solutions. technology to all businesses in the country,” said Adolfo Babatz, Founder and CEO of Clip.
MSTV and the West Coast investment fund manager join Clip's list of investors, which includes General Atlantic, Ribbit Capital, Goldman Sachs, Softbank Latin America Fund, Viking Global Investors, Dalus Capital, Banorte, Televisa, Visa, Amex Ventures, Angel Ventures México and Endeavor Catalyst, among others.
Commenting on the investment, Pedro Teixeira, CEO of Morgan Stanley and co-director of MSTV, said that the firm is a pioneer in taking advantage of new technologies to promote financial inclusion in Mexico.
“We are delighted to partner with Adolfo and the Clip team to support the rapid strategic growth of the business. Clip has an experienced and passionate management team, a unique culture focused on delivering a differentiated customer experience, and a strong track record of performance results. We are looking forward to its continued momentum in the democratization of payments in the country,” mentioned Teixeira.
The investment occurs in a scenario where payment method aggregators have an important part in the Point of Sale Terminals (POS) located in the country, because they have a 74.7% participation in the more than 4 million 875,080 of terminals that exist in the country, according to the “Annual Panorama of Financial Inclusion 2023”.
