Clip, a San Francisco and Mexico City-based mobile payments company for the Spanish-speaking world, reportedly raised $1.5m in funding.
Backers included 500 Startups, Alta Ventures, ACCION, and Karl Mehta.
The company will use the funds to launch in Mexico, with Spanish-speaking countries, including the United States Hispanic market to follow.
Led by Adolfo Babatz, co-founder & CEO, Clip provides an App and a fully proprietary encrypted card reader that allows iPhone or Android devices to become a POS terminal. The system also currently uses a patent-pending second factor authentication method via SMS to protect consumers & merchants in every transaction.