Clip, a mobile payments start-up, has unveiled Mensualidades, a new payment product that allows any Mexican Clip merchant to offer payments in up to 12 instalments to their clients.
Commenting on the product, Clip co-founder and CTO, Vilash Poovala, said that Mensualidades is a way the people shop in Latin America, and Clip is the payments solution that caters to the merchant and consumer needs in the region.
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Clip co-founder and CEO, Adolfo Babatz, said that payments in instalments will allow merchants to close more sales and sell more high ticket products.
"Currently, only very large retailers can offer this service to their clients. We are leveling the playing field for everybody in the marketplace," Babatz added.
An alliance has also been signed by Clip with American Express Mexico. Under the alliance, the American Express Card is now Clip´s official card.
Additionally, the company has announced a new round of funding for $1.7m in the form of a convertible note, with Mexican venture capital fund, Alta Ventures, and an existing investor.
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By GlobalData"We are really happy to receive this level of support and trust from our investors. With this new cash infusion we will be able to accelerate product development and continue our aggressive rollout plan via our distribution partners," Babatz said.
