The funding helps the company attain unicorn status at a valuation of $2B. Here are the top-line bullets you need to know.
Clip, a digital payment and commerce platform, has raised $250M in a Series D with participation from SoftBank Group and Viking Global Investors.
How’s the company performing?
- Mexico-based Clip sells card payment readers that help businesses accept payments from debit and credit cards, points, and vouchers. The readers also support contactless payments and Samsung Pay.
- The company has 600 employees across Mexico, Argentina, and the United States.
- The company also offers cash advancements to clients at a 10% to 15% interest rate, repaid over a 3- to 4-month period.
Why does the market matter?
- The digital payment market is projected to grow at a CAGR of 14.2% to reach a value of $154.1B (by 2025) according to a MarketsandMarkets report.
- The Covid-19 outbreak has sped up the adoption of contactless wallet payment services across sectors.
- The rise in e-commerce sales has led to an increase in digital transactions, boosting the market’s growth. Also, banks are doubling down and investing in digital payment infrastructure to compete with major players like Google, Amazon, and Facebook.