Mobile payments provider Clip raised $8 million with the funding round led by local firm Alta Ventures and including new backers American Express and Sierra Ventures.
The Mexican firm enables individuals or small businesses to accept payments via a card reader attached to an Android or iOS device. It’s a similar offering to US-based Square.
The funding, which was also backed by Angel Ventures Mexico, Mexico Ventures and Endeavor Catalyst, will be used to further domestic expansion.
The firm offers additional services on top of the basic payments capability, for instance it claims to boost merchant sales by enabling them to offer payment-in-instalments to their clients.
Among its partners is American Express, as well as leading Mexican banks Banorte, Banamex and Bancomed.
Clip was set up by two former PayPal employees.