Clip Money Inc. Reports 2023 Year End Results

TORONTO, April 29, 2024 (GLOBE NEWSWIRE) -- Clip Money, Inc.  (“Clip” or the “Company”) (TSXV:CLIP) (OTCQB:CLPMF), is pleased to announce its financial results for the three months and fiscal year ended December 31, 2023.

Clip achieved significant milestones throughout the year, including (i) the expansion of the largest multi-bank deposit network in the United States for businesses, (ii) the strategic investment and partnership with NCR Atleos (NYSE:NATL), (iii) the launch of the Clip Change Order solution and (iv) noteworthy year-over-year customer and revenue growth.

Clip’s platform enables cash deposits through the ClipDrop network, which has been deployed across the U.S. and Canada in leading retail locations such as Simon, Brookfield Properties, Spinoso, Tanger, and Bentall Green Oak. In addition to ClipDrop locations, Clip customers can now deposit at more than 2,500 NCR cash-accepting ATMs operating across 30 states and serving over 70 of the largest population centers across the United States. This network creates unmatched locational convenience, making it easier and more cost-effective for businesses to deposit into any bank account. Since launching deposit services in the U.S. in late 2022, Clip has garnered strong customer interest and demand from leading retailers in North America.

Fiscal Year 2023 Highlights

• Revenue for 2023 was $577,919, compared to $27,687 in 2022, representing nearly 20x growth year-over-year (“YoY”). Revenue in Q4 alone was $352,582, which was fueled by a seasonal surge in deposit volumes and new user growth. 
  
• In 2023, Clip established active depositing relationships across a variety of business segments, further validating the value proposition it brings to customers. Clip’s growth included customer segments such as Quick Serve Restaurants (QSR), Convenience Store and Gas Station operators, Apparel, Jewelers, Entertainment, and Retail merchandise. Leading national brands such as Lids, Miss A, Invicta, and Cherry Hill Programs are benefiting from Clip’s solutions through regular deposits and change ordering via the Clip Platform.
  
• On December 19, 2023, the Company entered into a binding offer letter with the Business Development Bank of Canada (“BDC”) for a loan in the amount of CDN$500,000 in the form of non-revolving subordinated secured debt (the “BDC Loan”). The BDC Loan bears interest at a floating rate equal to the BDC floating base rate plus a margin of 1.00%. The BDC base rate as of December 19, 2023 was 9.30% per annum. All obligations of the Company under the BDC Loan are secured by a third-lien security interest that is subordinated to prior security interests granted to certain existing lenders of the Company.