Clip launches digital wallet and raises US$500 million to expand in Mexico

The Mexican payments company is pushing beyond merchant acquiring and into consumer finance, with a digital wallet built with Ant International, Mastercard Inc. and TelevisaUnivision Inc. For PSPs and acquirers, the point is obvious: Clip is trying to move more of Mexico’s cash economy into a digital stack it can control.

1. Clip said the new product will give consumers access to digital accounts for everyday payments, banking services and credit products, according to founder and CEO Adolfo Babatz. The wallet is designed to support multiple payment methods in one mobile app, including bank cards, digital wallets and instant payments.
2. The company raised US$500 million from investors at a valuation above US$2.500 billion to fund the launch, but it did not disclose the investors’ names because the round is still subject to regulatory approval. That detail matters: the capital is there, but the transaction is not fully closed yet.
3. As part of the rollout, Clip plans to expand its cash deposit network in Mexico from 28.000 to 100.000 locations, where users can deposit cash into their digital wallets. In a market where cash still dominates, that physical on-ramp is the real infrastructure play.
4. Mexico remains heavily cash-based despite years of digital payments investment. Around 85% of small purchases are still paid in cash, and approximately 40% of adults remain outside the formal financial system, according to Mexico’s 2024 National Financial Inclusion Survey.
5. The deal ranks among the largest startup fundraises in Latin America this year. Plata raised US$405 million in April, Kavak secured US$300 million in February, and Argentine fintech Ualá raised US$195 million in March.

Founded in 2012, Clip built its business helping cash-dependent merchants accept card payments, then expanded into software, lending and business management tools. This wallet launch is the next step: not just taking payment volume, but trying to own the consumer entry point too.