Japan-based SoftBank has invested $20m in a Mexican fintech start-up Clip, which offers mobile credit card reader that fits onto smartphones.
The investment is part of Clip’s latest funding round in which the start-up raised approximately $100m.
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The funding round raised the company’s valuation to between $350m and $400m.
The Mexican fintech company, which was launched in 2012, has so far raised nearly $160m.
Apart from SoftBank, American investment firm General Atlantic also participated in the finding round.
The Japanese conglomerate, according to the report, reached the investment deal in March this year.
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By GlobalDataAround the same time, the company announced plan to launch a $5bn Innovation Fund focusing on Latin America.
QED Investors partner and Mexican startup Coru CEO Fernando Gonzales was quoted by Reuters as saying: “Growth will be faster, more dramatic and more competitive.”
Last week, SoftBank made an investment of $1bn in Colombian delivery app Rappi.
It is also integrated with Mastercard’s Connected Device API to facilitate quick, simple yet secure transactions through Masterpass.
