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Clip Money Inc
Symbol CLIP
Shares Issued 66,230,194
Close 2022-09-20 C$ 0.48
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Clip Money to put ClipDrop boxes in Brookfield malls

2022-09-20 13:19 ET - News Release

Mr. Joseph Arrage reports

CLIP EXPANDS INNOVATIVE CASH DEPOSIT SOLUTION AT BROOKFIELD PROPERTIES' MALLS ACROSS THE U.S.

Clip Money, Inc. has an agreement with Brookfield Properties to establish a network of ClipDrops at a selection of their malls.

The network of ClipDrops are free-standing, secure, self-service boxes located in malls and at large retailers, where retailers can quickly and safely deposit cash and coin. Clip is currently located in over 70 malls managed by Brookfield Properties including locations such as:

  • Galleria at Tyler, Riverside, Calif.;
  • Christiana Mall, Newark, Del.;
  • Beachwood Place, Beachwood, Ohio;
  • Staten Island Mall, Staten Island, N.Y.;
  • Natick Mall, Natick, Mass.

"Brookfield Properties shares our belief that retailers are the beating heart of our economy, and it is crucial that they have access to convenient, affordable and accessible banking solutions that simplify cash transactions," said Joseph Arrage, Clip founder and chief executive officer.

Clip is bank-agnostic, so businesses can make their everyday deposits in more convenient and accessible locations through a ClipDrop, and directly into their existing bank account. Deposits can be made any time of day during extended retail hours by designated employees.

"Our collaboration with Clip is a great addition to our properties. We're always looking for new and innovative ways to support our retailers, and this can provide them with a great on-site cash deposit solution," said Katie Kurtz, senior vice-president of business development for retail at Brookfield Properties.

Retailers can use the Clip mobile application to manage their cash, assign employees to perform banking transactions, track transaction history, collect analytics and manage personnel access to the system. Retailers also receive next-business-day credit for their deposits which improves cash flow. Existing retail users have reported saving hundreds of dollars per month in staff costs related to the time it takes to travel and deposit at a bank, per store, a savings which retailers admit is a welcome relief given current staffing and resource challenges that they are facing.

"As we expand the Clip network across the U.S., operating at Brookfield Properties's mall locations enables us to serve retailers across a wide range of U.S. geographies," Mr. Arrage continued. "We are looking forward to driving change in the cash ecosystem to evolve to support the needs of businesses today."

About Clip Money Inc.

Clip Money is an infrastructure-enabled Fintech (financial technology) 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 improves the business deposit experience through transformational digital and mobile-enabled platform services.

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