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Mobile Payment Company Gets $9 Million in Funding

PayClip offers Square like services in Latin American region complete with a card reader and dedicated apps. The company recently raised $5.2 Mn in a new funding round. The company had also raised $3.6 Mn from investors such as Alta Ventures, 500 Startups, Venture Lab and others. Like Square, PayClip also focuses on enabling smartphone users to accept credit/debit card payments. The company is working in contrast with growing demand for payment terminal alternatives like digital wallets, mobile based checkout, virtual currencies, etc. In developed countries like US, we already have Square, PayPal and Intuit offering dongle based mobile card-processing solutions. PayClip is focused on developing nations like Mexico where the concept of mobile payments is not that popular. In such developing markets, majority of merchants do not even accept payment cards and deal in cash. PayClip is embracing the challenge and offering merchants solutions enabling them to accept Amex, Visa, MasterCard, JCB and Discover.

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