Japan-based SoftBank has invested $20m in a Mexican fintech start-up Clip, which offers mobile credit card reader that fits onto smartphones.

The investment is part of Clip’s latest funding round in which the start-up raised approximately $100m.

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The funding round raised the company’s valuation to between $350m and $400m.

The Mexican fintech company, which was launched in 2012, has so far raised nearly $160m.

Apart from SoftBank, American investment firm General Atlantic also participated in the finding round.

The Japanese conglomerate, according to the report, reached the investment deal in March this year.

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Around the same time, the company announced plan to launch a $5bn Innovation Fund focusing on Latin America.

QED Investors partner and Mexican startup Coru CEO Fernando Gonzales was quoted by Reuters as saying: “Growth will be faster, more dramatic and more competitive.”

Last week, SoftBank made an investment of $1bn in Colombian delivery app Rappi.

Last year, Mastercard and SoftBank Robotics launched a humanoid robot at Pizza Hut’s SAFRA Punggol outlet in Singapore to deliver enhanced voice-assisted experience for both merchants and consumers.

It is also integrated with Mastercard’s Connected Device API to facilitate quick, simple yet secure transactions through Masterpass.