Recent CashTech Innovation Awards winner Clip Money this month announced ambitious expansion plans for 2023.
Based in Toronto, Clip is a cash deposit solution that “brings fast, convenient, cost-effective financial services transactions to business customers.”
After debuting on the Toronto Stock Exchange last year, the Canadian fintech has been aggressively expanding south of the border.
The company says its “ClipDrop” cash deposit solution is already installed at more than 300 locations in the US across 34 states.
And during the fourth quarter of 2022, Clip transactions grew by over 300%, records show.
“Clip deposit adoption in the US is growing at a rapid rate,” stated founder Joseph Arrage. “It’s incredibly satisfying to see so many American businesses save time, money, and improve their cash flow through our novel solution.”
The Clip network is bank-agnostic, notes Arrage, meaning any business can make deposits to an existing bank account in accessible locations via ClipDrop. Deposits are made during store business hours by designated employees.
Clip customers are provided with technology through the ClipApp to manage their cash, assign employees to perform deposit transactions, track transaction history, and collect cash and payment analytics, according to the fintech. Retailers receive next-business-day credit for deposits.
“At Clip, we are passionate about revolutionizing the cash ecosystem for businesses,” Arrage said in September. “We remain dedicated to building an accessible and convenient network to ensure there is a reliable, affordable solution and sustainable future for cash transactions worldwide.”
ClipDrops are currently installed in high-density retail locations including some major malls as well as select Staples retail stores.
Such strategic partnerships are critical to the company’s growth. Thus, through 2023, Clip is “accelerating expansion plans across existing locations,” according to a statement from the firm, in addition to new deployment locations in the convenience store segment.
“We will be announcing a wide range of partnerships with businesses of all sizes,” said Arrage this week, “some of which are in America’s busiest shopping centres, and others in beloved, local, small business retail locations.”
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.
“It is our belief that all businesses should have access to a cash solution that supports their staff and individual business objectives,” Arrage stated.