Clip introduces payment-instalment tech to Mexican merchants; raises $1.7m

Source: Clip

Mobile payments company Clip today announced a new product called "Mensualidades" that allows any Clip merchant in Mexico to offer payments in up to 12 installments to their clients.

By enabling payments in installments, Clip extends its lead as the most complete payment solution in the market, not only mobile, but also point-of-sale.

"Mensualidades are the way people shop in Latin America, and Clip is the payments solution that really caters to merchant and consumer needs in the region," said Vilash Poovala, co-founder and CTO of Clip.

"Payments in installments will allow merchants to close more sales and sell more high ticket products. Currently, only very large retailers can offer this service to their clients. We are leveling the playing field for everybody in the marketplace," said Adolfo Babatz, co-founder and CEO of Clip. "Any merchant, no matter its size, has the fundamental right to accept all payment methods easily and safely so they can compete in the market."

The company has also signed an alliance with American Express Mexico for which the American Express Card is now Clip´s official card.

"The focus on providing exceptional customer service and attention to detail is what drove the initiative behind the alliance. As Cardmembers, we love how we are treated as American Express Mexico clients, and we want our merchants and their consumers to feel exactly the same way. Clip is designed entirely about providing an outstanding customer experience, from our reader, to our app, to our daily interaction with merchants and consumers," said Babatz.

Clip has also collaborated closely over the past few months in EMVCo technology, and Clip is the first PSP (payment service provider) in the Americas to become fully EMV certificated with American Express.

The company has also announced a new round of funding for $1.7 million in the form of a convertible note, with Alta Ventures, Mexico's leading venture capital fund and an existing investor, taking the majority of the note and adding selected angel investors to Clip's already impressive backer list.

"Our goal at Alta Ventures is to support with resources, experience and strong contact networks the best entrepreneurs. The Clip team is the best we have seen in financial tech and we are confident they have the vision, the experience and the drive to disrupt the mobile payments space in Mexico. We expect to continue supporting them as they rapidly deploy their solution in the market" commented Diego Serebrisky, Partner at Alta Ventures and a Clip Board member.

"We are really happy to receive this level of support and trust from our investors. With this new cash infusion we will be able to accelerate product development and continue our aggressive rollout plan via our distribution partners," said Babatz. 

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