Accion Venture Lab, Accion‘s financial inclusion seed-stage investment initiative, sold its stake in Clip, a Palo Alto and Mexico City-based company that provides digital payment solutions to financially underserved micro, small, and medium enterprises (MSMEs) in Mexico.
The seller was not disclosed.
Led by Adolfo Babatz, CEO and Co-Founder, Clip combines a card reader plug-in for smartphones with an innovative back-end risk management platform to enable merchants in Mexico to accept all types of debit and credit cards.
Venture Lab, which announced its first successful exit from India-based lender Varthana in November 2016, co-led the first institutional investment round in Clip in February 2013. As of December 2016, with Venture Lab’s active support, Clip has become one of Mexico’s largest digital payment solutions providers for MSMEs.