Mexico: Startup Clip Raises 1.5 million for a new Mobile Payment System

A startup named Clip has raised $1.5 million in funding to build a mobile payments system for the Spanish-speaking world, according to Venture Beat.

Adolfo Babatz, chief executive and c0-founder, told VentureBeat in an interview that” the platform will turn a mobile phone into a payment-card processing terminal for businesses and individuals in Mexico and other Spanish-speaking countries”.

Clip raised the money from a group of investors that include 500 Startups, Alta Ventures, ACCION, and Karl Mehta. The latter is the founder and former chief executive of PlaySpan, a virtual goods and payment company acquired by Visa for $190 million in 2011. Mehta is now a partner at Menlo Ventures.