Clip Money Accelerates Network Growth in 2023 Following Successful 2022 U.S. Launch

Rhea-AI Summary

BOSTON, Jan. 19, 2023 (GLOBE NEWSWIRE) -- Clip Money, Inc. (TSXV:CLIP) (OTCQB:CLPMF) announces its ambitious U.S. expansion plans for 2023 after a successful 2022 launch of its multi-bank cash deposit network. Currently, over 325 ClipDrop cash deposit solutions are operational across 34 states, with Q4 2022 transactions increasing by over 336% compared to the previous quarter. Clip's services enhance cash management for retailers, offering next-day credit for deposits and access via the ClipApp. The company will expand further into convenience stores and announce new partnerships in busy shopping centers throughout the year.

Positive

• Expansion into the U.S. with over 325 locations across 34 states.
• Q4 2022 transaction growth of over 336%, indicating strong adoption.
• Next business day credit for deposits enhances cash flow for retailers.

Negative

• None.

BOSTON, Jan. 19, 2023 (GLOBE NEWSWIRE) -- Clip Money, Inc. (“Clip”) (TSXV:CLIP) (OTCQB:CLPMF), a revolutionary cash deposit solution that brings convenient, cost-effective financial services to retailers, is excited to share their ambitious United States’ expansion plans for 2023 following a successful 2022 launch of Clip’s first-to-market multi bank cash deposit network.

The ClipDrop cash deposit solution is now installed at over 325 US locations across 34 States, with customer interest, registration and usage rising exponentially. During the fourth quarter of 2022, Clip transactions grew by over 336% compared to the prior quarter.

“Clip deposit adoption in the US is growing at a rapid rate and it’s incredibly satisfying to see so many American businesses save time, money, and improve their cash flow through our novel solution,” said Joseph Arrage, Clip founder and CEO.

The Clip network is bank-agnostic, meaning any businesses can make deposits to any existing bank account in convenient, accessible locations via a ClipDrop. Deposits can be made any time during store business hours by designated business employees. Clip customers are also provided with powerful technology through the ClipApp to manage their cash, assign employees to perform deposit transactions, track transaction history, and collect cash and payment analytics. Retailers receive next business day credit for their deposits which improves cash flow.

ClipDrops are installed in high-density retail locations including major malls owned by Simon^® and are also available in select Staples retail stores. Through 2023, Clip is accelerating expansion plans across existing locations that can enable deposit access across urban, suburban and rural communities. Clip will also be announcing new deployment locations in 2023 in the convenience store segment, further improving accessibility for business.

Arrage continued: “In 2023, we will be announcing a wide range of partnerships with businesses of all sizes, some of which are in America’s busiest shopping centers, and others in beloved, local, small business retail locations. It is our belief that all businesses should have access to a cash solution that supports their staff and individual business objectives.”

Current US Clip user, Erik Cruz, Senior Field Operations & Implementation Manager for Invicta Stores, discusses his experience: “Clip is a massive time-saver. Depositing cash at a ClipDrop on premise opposed to going to a bank branch means our staff can remain in-store to help Invicta customers select the best watches for themselves or loved ones. Being able to track deposits streamlines our accounting efforts as well; having that time back to focus on our customers this holiday season was a gift.”

To learn more, please visit www.clipmoney.com, and for a full list of locations, visit https://clipmoney.com/locations

About Clip
Clip Money, Inc. (TSXV:CLIP) (OTCQB:CLPMF) is an infrastructure enabled Fintech that provides the fastest and easiest way for businesses to make deposits securely to their current business bank account through a national network of smart drop box locations in malls, big box stores, and grocery chains. Clip Money, Inc. improves the business deposit experience through transformational digital and mobile enabled platform services. In 2022, Clip announced strategic collaborations with Staples, Brookfield Properties, BentallGreenOak (BGO), Simon^® (NYSE:SPG) with additional announcements pending.

For further information, please contact:

Joseph Arrage
Chief Executive Officer

IR@clipmoney.com
tel: 844-593-2547

FAQ

What are Clip Money's expansion plans for 2023?

Clip Money plans to expand its cash deposit services further into convenience stores and announce new partnerships in busy shopping centers throughout 2023.

How much did Clip Money's transactions grow in Q4 2022?

Clip Money's transactions grew by over 336% in Q4 2022 compared to the previous quarter.

Where can ClipDrop cash deposit solutions be found?

ClipDrop cash deposit solutions are located in over 325 sites across 34 U.S. states, including major malls and Staples retail stores.

What benefits do retailers receive from Clip Money's services?

Retailers benefit from next business day credit for deposits and the ability to manage cash efficiently using the ClipApp.