+1 (877) 212-5593

Our Main Services

  • Accounting & Taxes

  • We strive to comply with accounting principles and tax requirements for your company. The information is always on time and available online.

  • Import & Export

  • Our management team has a significant knowledge of Mexican Trade Compliance and Foreign trade requirements.
    .

  • Human Resources

  • We are a talent-focused organization that recruits passionate and thoughtful staff and then invests significantly in developing them for your organization.

  • Environmental Health & Safety

  • We enable organizations to outsource all or part of this important aspect of their business to our fully qualified health and safety representatives.

Japan's SoftBank taps into Mexican fintech startup Clip: sources

MEXICO CITY/SAN FRANCISCO (Reuters) - Japan’s SoftBank Group invested about $20 million in Mexican payments startup Clip early this year, one of its first Latin America deals as it launches a $5 billion technology fund in the region, said three people familiar with the matter.

The technology conglomerate’s cash injection was part of a round that raised roughly $100 million, two of the people said last week.

Clip’s valuation after the transaction rose to between $350 million and $400 million, the two sources said. Clip’s total funding to date is roughly $160 million.

Clip told Reuters SoftBank and New York investment firm General Atlantic have invested in the company, without providing details.

SoftBank Latin America chief executive Marcelo Claure declined to comment on Clip in an interview last month.

SoftBank struck the deal shortly before announcing in March that it would launch the $5 billion Innovation Fund focusing on Latin America.

Mexican investors hope the fund’s deep pockets will be a gamechanger for young companies that struggle to fundraise locally.

“Growth will be faster, more dramatic and more competitive,” Fernando Gonzalez, a partner at Virginia-based QED Investors and CEO of Mexican fintech startup Coru, said last week.

SoftBank announced a $1 billion investment in Colombian delivery app Rappi last Tuesday, citing the startup’s swift growth as a sign of opportunity in the region. Along with fintech, SoftBank also plans to target e-commerce, healthcare and mobility.

The $20 million Clip investment is unusually small for a firm that typically leads funding rounds and writes checks at least four times that size. SoftBank is also famed for running the world’s largest technology fund, with $100 billion in capital.

But, unlike Asia and the United States, Latin America is a nascent tech market where startups typically have lower valuations and face less competition, meaning even small cash infusions propel growth. In Mexico, startups rarely raise $100 million in a single go.

Claure, who oversees the fund, said in early April the firm had closed some deals and was in the process of finalizing others. His team has looked at more than 140 companies in Latin America, he added.

SoftBank typically pours cash into the most promising companies in each sector within each region that it targets, aiming to help companies scale fast and push out competitors.

Clip, founded in 2012, offers a mobile credit card reader that fits onto smartphones. Businesses across Mexico such as cafes, corner stores and street vendors have adopted the service as a simple, low-cost way to accept cards rather than just cash.

Investors see Mexico as an attractive market for fintech because many people do not have bank accounts but have access to mobile phones, said Eric Perez-Grovas, general partner at local investment firm Jaguar Ventures.

“You have the perfect elements to create fintech giants in this country,” he said.

The Client List

  • 1

About Mexcentrix

We assist companies with their manufacturing operations in Mexico.

Keep in Touch

 

  This email address is being protected from spambots. You need JavaScript enabled to view it.
  +1 (877) 212-5593
  Himalaya 210 San Luis Potosi

 

Get Map

Mexcentrix

Print

Latest News

24
May2019

Ikea to open first Mexico...

MEXICO CITY • Ikea, the world's largest furniture seller, will open its first store in Mexico next...

18
May2019

United States Reaches Deal to...

WASHINGTON — The Trump administration reached an agreement with Canada and Mexico to lift tariffs on metal...

15
May2019

GoPro will move some production...

Shares of San Mateo-based action camera maker GoPro, Inc. jumped more than 7.5 percent in midday trading...

07
May2019

Time to say goodbye to...

It appears the Trump administration isn’t all that interested in a deal to replace the North American...

07
May2019

Japan's SoftBank taps into Mexican...

MEXICO CITY/SAN FRANCISCO (Reuters) - Japan’s SoftBank Group invested about $20 million in Mexican payments startup Clip...

06
May2019

Delays on U.S.-Mexico border threaten...

Long lines for cargo trucks trying to cross into the U.S. are affecting businesses on the border...

25
Apr2019

Mexican envoy: U.S. labor should...

Mexican Ambassador to the U.S. Martha Barcena Coqui on Monday said the U.S.-Mexico-Canada Agreement’s pioneering labor reforms...

12
Apr2019

Wait times at U.S.-Mexico border...

Wait times at the ports of entry along the U.S.-Mexico border have soared as the Trump administration...

21
Mar2019

Mexico president talks US investment...

Mexican President Andres Manuel Lopez Obrador said Wednesday that talks with White House senior adviser Jared Kushner...

19
Mar2019

Trump to GM: Reopen Ohio...

President Donald Trump is escalating his pressure on General Motors, as he calls for the company to...

14
Mar2019

North American trade deal bogged...

While a chorus of business and industry leaders is fighting for Congressional approval of the United States-Mexico-Canada...

05
Mar2019

Mexico won't ratify new NAFTA...

OTTAWA — Mexico’s Congress will be asked to approve a major labour-reform bill this spring as a...

27
Feb2019

Equities rise on trade deal...

Wall Street is rising today on optimism a trade deal between China and the US is close....

25
Feb2019

How Pemex 'Destroyed' $1 Billion...

MEXICO CITY (Reuters) - Mexico's state-oil company Pemex burned through $665 million at its fertilizer unit, ignored...

12
Feb2019

Mexican union declares victory in...

A union declared total victory in a mass strike by about 25,000 workers at 48 assembly plants...

28
Jan2019

More Than 25,000 Workers Strike...

Mexico City – More than 25,000 Mexican workers at dozens of factories south of Brownsville, Texas, went...

26
Jan2019

U.S. Xpress announces exit move...

Chattanooga, Tennessee-based truckload and full-service freight transportation provider U.S. Xpress recently announced that it plans to formally...

17
Jan2019

Marbach opening first Mexican office

Karl Marbach GmbH Co. KG, the German manufacturer of cutting dies and thermoforming tools for...

08
Jan2019

Mexico launches plan to stimulate...

MEXICO CITY — President Andres Manuel Lopez Obrador launched an ambitious plan Saturday to stimulate economic activity...

02
Jan2019

Canada, Japan, Mexico, others ratify...

Dec. 31 (UPI) -- A new 11-nation trade deal -- replacing the controversial and ill-fated Trans-Pacific Partnership...

«
»