Mexico's Square mPOS Clone Clip Pulls in New $1.7M Funding, Adds Payment Features Mike Butcher - TechCrunch
go to original November 17, 2013

Clip, the mobile payments company for the Spanish-speaking world, empowers businesses and individuals by turning mobile phones into card terminals.

It seems every country needs it’s own Square clone there days. iZettle has been busy populating Europe, alongside Payleven, to name just two. Indeed, Mexico has it’s own version, Clip. It announced a new round of funding for $1.7 million in the form of a convertible note, with Alta Ventures, one of Mexico’s leading VCs and an undisclosed existing investor.

In addition, Clip has a new product called Mensualidades. This allows any Clip merchant in Mexico to offer payments in up to 12 instalments. This obviously makes it easier to make impulse purchases in a market like Mexico – something the Clip will benefit from.

According to the company, payments in instalments allows merchants to close more sales and sell more high ticket products. Currently, only large retailers can offer this service.

Read the rest at TechCrunch

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