Japan's SoftBank Group invested about $20 million in Mexican payments start...
MEXICO CITY/SAN FRANCISCO - 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.
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. SoftBank struck the deal shortly before announcing in March that it would launch the $5 billion Innovation Fund focusing on Latin America. 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.
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.
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