PayClip, a San Francisco and Mexico-based payments company, raised a funding amount from Venture Lab.
Accion‘s Venture Lab is a $10m seed capital initiative, which invests in start-up companies that help expand global financial inclusion. Led by Managing Director Paul Breloff, Venture Lab provides seed-stage enterprises with capital in the range of US $100k–$500k – as either convertible debt or equity – and support from its team, in-house technical experts (technology, risk management, etc.), and access to Accion’s global network.
The investment could be part of a 425k funding round, according to a filing with the S.E.C. (read here), which lists 6 people as backers. For the company, named executives in the filing include Adolfo Babatz and Vilash Poovala.
PayClip is developing a solution that enables merchants to accept credit, debit and other types of cards, using a smart phone plug-in and a risk-management system to manage merchants and process transactions.
FinSMEs
07/05/2013