Clip, a Mexico City-based mobile payments company, raised USD$8m in funding.
The round was led by Alta Ventures with participation from American Express Ventures, Sierra Ventures, Angel Ventures Mexico and Mexico Ventures (Fondo de Fondos) and Endeavor Catalyst, the investment arm of the Endeavor Network. In conjunction with the funding, Mr. Rohit Bodas from American Express Ventures and Mr. Mark Fernandes from Sierra Ventures will join Clip’s Board of Directors as non-voting observers along with Julio Gutierrez. Mr. Gutierrez serves on the board of Alsea (ALSEA), operators of brands such as Starbucks and Burger King in LatAm, and on the board of Chedraui, one of Mexico’s largest supermarket chains.
The company intends to use the new funds to further accelerate growth and leadership position in Mexico.
Founded in 2011 in San Francisco by Adolfo Babatz, CEO, Clip allows any individual or business to take all card payments available in Mexico via its proprietary card reader and Apps for Android devices, iPad and iPhone.