Mexico-based mobile credit card reader maker Clip has secured about $100m in a funding round featuring telecommunications and internet group SoftBank, Reuters reported on Monday.
SoftBank Innovation Fund, the $5bn Latin America-focused vehicle recently launched by the corporate, committed approximately $20m to the round, three sources familiar with the matter told Reuters.
Growth equity firm General Atlantic also participated in the round, which valued the company at between $350m and $400m, two of the sources said.
Founded in 2012, Clip has developed a mobile card reader that enables small businesses and restaurants to accept card payments through smartphones and tablets rather than just relying on cash.
The company, a graduate from internet technology provider Google’s Launchpad Accelerator scheme, increased its overall total funding to approximately $160m with the round.
Alta Ventures led an $8m series A round for the company in 2015, investing alongside American Express Ventures, the corporate venturing arm of payment services firm American Express, as well as Sierra Ventures, Endeavor Catalyst, Fondo de Fondos and Angel Ventures Mexico.
The company had previously raised $1.5m in a seed round backed by private investor Karl Mehta in 2013. Clip has not disclosed any earlier funding, though VC fund MissionOG has identified itself as an investor in the company.