Clip Secures a US$50 Million Credit Facility from Morgan Stanley, JP Morgan and HSBC
Following the launch of new products and brand new IFPE license, Clip obtains an unsecured revolving credit facility to continue addressing business demand for digital solutions in Mexico
MEXICO CITY, Sept. 6, 2022 /PRNewswire/ -- Clip, Mexico's leading commerce and digital payments platform, continues to strengthen its operations and offerings that drive the digital transformation of Mexico's economy by entering into a $50 million, three-year, unsecured revolving credit facility with Morgan Stanley, J.P. Morgan and HSBC. The funding will be used by Clip to expand its efforts to meet businesses' demand for innovative payments solutions and improve financial access for Mexican businesses and consumers.
"We see strong opportunity for growth in the near term," said founder and CEO Adolfo Babatz. "This credit facility represents another important milestone for Clip, as it provides additional support to our already solid balance sheet and liquidity position. It is important for Clip and our story to receive the support of banks of this caliber validating our mission of expanding financial inclusion in Mexico."
The new credit facility follows the launch of new products in May. The new products include three point-of-sale terminals - Clip Mini, Clip Pro 2 and Clip Stand -, two hardware accessories - Clip Cashbox and Clip Printer - and three Remote Payments software features - QR Code, Payment Link and URL Link.
"We continue to expand our offering in response to the increasing demand for digital payments solutions in Mexico," added Babatz. "The recent additions to our product suite mark the next step for many of our merchants, who can now use inventory management, card present, and card not present tools to grow their business."
Moreover, on August 23r Clip received the approval for an IFPE (Institution of Electronic Payment Funds) license from the National Banking and Securities Commission (CNBV). This license – which was obtained through Swap (Pocketgroup Technologies S.A. de C.V.), a company Clip acquired control in December 2020 – gives Clip the ability to open and hold customer accounts with electronic balances, offer wire transfer services on those accounts and issue, market and manage forms of payment such as debit cards. This will allow Clip to continue working to transform the way people send and receive money in Mexico and to further expand its commerce ecosystem.
With these achievements, Clip remains committed to driving financial inclusion in Mexico by broadening access to digital payment solutions for Mexico's millions of small and medium-sized businesses. Over 75% of Clip merchants transacted with cash only before joining Clip.
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