On Thursday, Mexican payment startup Clip said its valuation has jumped to nearly $2 billion after a recent investment led by SoftBank Latin America Fund and Viking Global Investors LP, adding it to a small but growing club of Mexican unicorns.
The company was the first in Latin America to receive funding from SoftBank’s Mexico fund in 2019. The latest investor round amounted to $250 million, Clip said.
The resources will help Clip grow aggressively in Mexico, said Chief Executive Adolfo Babatz in a statement.
Clip, founded 2012, offers a mobile credit card reader that fits into smartphones. Businesses across Mexico such as cafes, corner shops and street vendors have embraced Clip as a simple way to accept cards in a country heavily dependent on cash.
Late last year, another SoftBank-backed company, Kavak, became Mexico's first known - unicorn - lingo for tech startups valued at more than $1 billion. It was joined by cryptocurrency trading platform Bitso this month in that ranking.