Mexican commerce and digital payments platform Clip has obtained a $50 million credit facility from Morgan Stanley, J.P. Morgan and HSBC that it will use to continue adding payments solutions for the country’s businesses as well as improving financial access for both business and consumers.
The credit line also follows the launch of new products. Clip recently released three point-of-sale terminals, Clip Mini, Clip Pro 2 and Clip Stand. It also released two hardware accessories – Clip Cashbox and Clip Printer – and three remote payments software features – QR Code, Payment Link and URL Link.
Last month, the company received the approval for an Institution of Electronic Payment Funds license from the National Banking and Securities Commission. With this, Clip can open and hold customer accounts with electronic balances, offer wire transfers, and issue, market and manage forms of payment.
Clip founder and CEO Adolfo Babatz said “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 calibre validating our mission of expanding financial inclusion in Mexico.”