It seems every country needs its own Square clone these days. iZettle has been busy populating Europe, alongside Payleven, to name just two. Indeed, Mexico has its own version, Clip. Today it announced a new $1.7 million funding round 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.
Adolfo Babatz, co-founder and CEO of Clip says the move will “level the playing field” for smaller retailers.
￼￼The company has also signed an alliance with American Express Mexico for which the American Express Card is now Clip’s official card.