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Clip Money Inc
Symbol CLIP
Shares Issued 66,230,194
Close 2022-06-14 C$ 0.92
Recent Sedar Documents

Clip forms distribution partnership with Staples U.S.

2022-06-14 10:55 ET - News Release

Mr. Joseph Arrage reports

CLIP MONEY AND STAPLES US RETAIL PARTNER TO BRING RETAIL CASH DEPOSIT SOLUTION TO BUSINESSES

Clip Money Inc. has formed a transformative distribution and marketing partnership with Staples U.S. Retail, a leading U.S. retailer providing innovative products, services and inspiration essential to the new ways of working and learning. The partnership will initially see 31 Clip smart drop solutions deployed within Staples stores in Massachusetts (26), Rhode Island (two), New Hampshire (one) and the newly reimagined Staples Connect stores in Los Angeles, Calif., and Auburn, Me. Clip Money will also be deploying additional boxes in the New York metro and North Carolina markets beginning in Q3 2022.

Joseph Arrage, chief executive officer of Clip Money, stated: "The deployment of our Clip solution by Staples fills a very important void left by the increasing bank branch closures in the U.S. Businesses can make necessary cash deposits directly to their existing bank accounts at conveniently located Staples locations. Our partnership with Staples represents an important step in our growth as a company and we look forward to expanding the number of Clip Boxes at additional Staples locations across the greater U.S. in the near future."

Cash remains a vibrant retail payment instrument while retail banking distribution and access prepare for a digital future for both consumers and businesses through rationalized branch networks. These initiatives are often at odds with the need for convenient and routine banking services like cash deposits for businesses. The Clip service provides increased access for businesses to perform basic cash deposit transactions that are fully compatible with all financial institutions through an intuitive app-driven experience. This fast, convenient and secure deposit method will now be available to Staples customers within its stores.

"Clip is driving the connection between the physical and digital worlds of banking services for business. As Staples evolves to a leader in working and learning, providing innovative products and services to customers, Clip Money's first-to-market business banking deposit solution can accelerate and diversify Staples' innovative offerings, creating greater loyalty with its customers," added Mr. Arrage.

"Staples Connect, the working and learning store, will now include the ability for business customers to make cash deposits to any existing bank account. This new, innovative and first-to-market service allows business customers more flexibility of where and when to make deposits," said Patrick Wellen, director of new services for Staples. The Clip service at Staples U.S. Retail will launch in June across Staples U.S. Retail locations listed in the attached table.

About Clip Money Inc.

Clip Money is an infrastructure-enabled fintech (financial technology) company that facilitates businesses to make deposits quickly, easily and securely to their current business bank accounts through a national network of drop box locations in malls, big box stores and grocery chains. Clip Money improves the business deposit experience through transformational digital and mobile-enabled platform services.

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