Clip Money is looking to establish itself in North America’s financial technology space.
The Toronto-based fintech startup, which operates a multi-bank self-service deposit system for businesses, debuted on the TSX Venture Exchange under the ticker symbol CLIP in May.
“The listing of our shares on the TSX Venture Exchange is an important milestone in our growth as a company,” said Joe Arrage, CEO and cofounder of Clip Money. “We believe the listing will allow us to gain exposure to a broad investor community and diversify our shareholder base.”
“This is a significant step that will assist us in achieving our mission to provide improved banking services for businesses across Canada,” he added.
Clip Money simplifies businesses depositing cash by avoiding trips to the bank during business hours. Deployed at convenient locations, such as malls and at big box retailers, Clip Money’s platform combines a mobile app with a cloud-based transaction platform, secure connected cash deposit devices, and management software to deliver an end-to-end deposit solution to businesses, regardless of who they bank with.
The company this month received an investment from Glory, a global cash automation technology firm.
“Increasingly we are seeing the combination of digital and physical shared infrastructure solutions to solve real world problems in new ways,” noted Toshimitsu Yoshinari, Chief Solutions Officer at Glory.
“Bank branches around the world continue to transform, moving to a more sales-centric model,” he added.
Financial terms of the transaction were not disclosed.
“In addition to the business depositor benefits, Clip Money is improving the connection between the physical and digital worlds of banking services which, in turn, is helping financial institutions accelerate their digital transformation,” notes Arrage. “Solutions like Clip Money are helping bridge this gap while enabling financial institutions to provide a high level of customer service.”