Clip Money, Inc. (“Clip” or “Company”) (TSXV:CLIP) (OTCQB:CLPMF), a company that operates a multi-bank, self-service deposit network for businesses, and Green Dot Corp. (NYSE: GDOT) today announced they are expanding Clip Money’s over-the-counter deposit service for businesses through Green Dot Network locations nationwide.
Utilizing Green Dot's embedded finance platform (Arc) and money movement network (the Green Dot Network) and Clip Money’s cash deposit technology platform, the partnership offers businesses a more convenient and efficient way to handle cash deposits at prominent national retail and grocery locations.
With this partnership, Clip Money adds over-the-counter business deposit service to its existing network of ClipDrop boxes and ClipATM locations, cementing the company as the operator of the largest non-bank business deposit network in the United States.
Green Dot, in collaboration with its retail partners, will enable Clip Money’s over-the-counter cash deposit service at more than 4,000 locations across the U.S. to facilitate easier deposits for businesses. Local area business owners will now be able to visit convenient retail locations in the Green Dot Network to deposit cash directly into their existing bank account, supported by the Clip Money network, without having to visit a traditional bank branch during banking hours.
Key Highlights of the Partnership:
● Largest Business Deposit Network: Clip Money solidifies its position as the largest non-bank business deposit network by number of locations, with over 7,000 total deposit locations across the U.S.
● Increased Network Capacity: The Clip Money network will have the capacity to serve businesses in high-traffic shopping malls, commercial power centers, and now Main Street shopping centers, significantly expanding its service capabilities.
● Omni-channel Network: This transformational partnership creates an omni-channel network through a variety of self-service and full-service deposit options and locations, including ClipDrop boxes, ClipATMs and in-person over-the-counter service, enabling businesses to choose the option and location that works for them.
“Achieving our mission to build the largest and most convenient business deposit network in the U.S. marks a significant milestone,” said Joe Arrage, CEO of Clip Money, Inc. “We are excited to partner with Green Dot on this transformative collaboration, which delivers an essential service that empowers businesses to reduce operating costs and dedicate more time to their customers. This partnership strengthens our value proposition for financial institutions and fintechs seeking to better service the small and medium-sized business market by partnering with Clip Money.”
“We are thrilled to partner with Clip Money to deliver more seamless and accessible financial services to businesses with a more expansive cash deposit network,” said Crystal Bryant-Minter, SVP, Money Movement at Green Dot. “The vast majority of small and medium-sized businesses want better cash management services at their disposal, and we are proud to support these business owners with tools that simplify their financial lives and empower them to focus on growing their business.”