Clip, a Mexico-based fintech that offers merchants a terminal and app to accept card payments, in person or remote, has raised a $50 million credit facility from Morgan Stanley, J.P Morgan, and HSBC.
- The credit facility will be used by fintech to expand its efforts to meet businesses' demand for innovative payment solutions and improve financial access for Mexican businesses and consumers.
- Clip claims the credit is revolving, that is, it is renewed as repaid, unsecured, meaning backed by Clip's creditworthiness, and will be extended for three years. The credit is coming after Clip reached a $2 billion valuation in a round led by SoftBank and Viking Global Investors in 2021.
- Founded in 2012, Clip promotes financial inclusion for people and businesses using innovations and its technology stack. It turned unicorn in 2021 and is focused on expanding digital finances in Mexico, with about 75% of its users who were formerly using cash now digital.
- The fintech launched a series of products in May, this year. It has also secured a license to operate as an IFPE (Institucion de Fondos de Pago Eletronico) in Mexico, through Swap, a fintech it acquired in 2020. The approval was granted by the Mexican National Banking and Securities Commission.