Accion Venture Lab, an investment vehicle of US-based NGO Accion, recently sold its stake in Clip, a company that provides Mexican businesses devices that plug in to smartphones, allowing them to accept payments via credit and debit cards. Clip, which has offices in the US and Mexico, primarily serves micro-, small and medium-sized enterprises. Venture Lab began supporting Clip in 2013. Both the purchase and sale prices of the stake remain confidential.
The mission of Accion is to alleviate poverty by offering microenterprise loans, business training and related services. Accion was founded in 1961 and issued its first microloan in 1973 in Brazil. Accion’s partner microfinance institutions provide loans to entrepreneurs through 64 microfinance institutions (MFIs) in 32 countries in Africa, the Americas and Asia. As of 2015, Accion and its partner MFIs have an aggregate loan portfolio of USD 7.9 billion serving 6 million borrowers. As of 2016, Accion reported total assets of USD 351 million.
By Phoebe Rorke, Research Associate
Sources and Additional Resources
Clip:
Clip – Libera tu negocio
MicroCapital:
Chilean Credit Reporting Firm Destacame Raises Seed Equity from Accion Venture Lab to Expand into Mexico
Do you know that MicroCapital publishes the MicroCapital Monitor newspaper each month? Find out more at https://www.microcapital.org/products-page/.
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