Clip Money, which operates a multi-bank self-service deposit system for businesses, recently announced a partnership with Staples.
The Toronto-based financial technology startup says the distribution- and marketing-based partnership will see the US retailer adopt Clip Money’s smart drop solutions. Initially, roughly 30 stores will see the solution deployed.
“The deployment of our Clip solution by Staples fills a very important void left by the increasing bank branch closures in the US,” explains Joseph Arrage, CEO of Clip. “Businesses can make necessary cash deposits directly to their existing bank accounts at conveniently located Staples locations.”
Cash remains a “vibrant retail payment instrument,” according to the Canadian company. As banking goes digital, Clip says there remains a need for convenient and routine banking services like cash deposits for businesses.
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.
“Clip is driving the connection between the physical and digital worlds of banking services for business,” says Arrage. “Clip Money’s first-to-market business banking deposit solution can accelerate and diversify Staples’ innovative offerings, creating greater loyalty with its customers.”
Clip 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,” Arrage stated last month. “This is a significant step that will assist us in achieving our mission to provide improved banking services for businesses across Canada.”