Investment

Softbank contributes to $100M round for Mexico’s Clip

LatAm List – Clip develops mobile credit card readers much like Square in the United States, allowing small businesses to easily accept card payments. The payments startup recently announced a $100M round with a $20M contribution from Japanese investor, Softbank, who pledged $5B to Latin American startups earlier this year. General Atlantic also co-invested in the round.

This investment round brings Clip’s investment total to $160M and gives it a post-money valuation of $350-400M, according to Reuters. This deal was closed just before Softbank announced its Innovation Fund for Latin America.

This investment was considered small for Softbank, which normally invests $80M+ tickets. However, Latin America’s market allows startups to grow quickly with even a small injection of capital. International investors see Mexico as an attractive market for fintech since most people have cellphones, but not bank accounts.

From Reuters:

“You have the perfect elements to create fintech giants in this country,” said Eric Perez-Grovas, general partner at local investment firm Jaguar Ventures.

Softbank is reportedly analyzing over 140 startups in the region in the areas of fintech, e-commerce, healthcare, and mobility. They announced a $1B investment in Colombia’s Rappi in late April.

Read more in Reuters.

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