Clip Money and Green Dot Partner to Launch Business Cash Deposit Service in Retail Stores
ATLANTA and PROVO, Utah, Jan. 30, 2025 (GLOBE NEWSWIRE) -- 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."
For over 25 years, Green Dot has expanded access to modern banking and payment tools for consumers and businesses. The Green Dot Network of more than 95,000 retail locations throughout the U.S. offers cash-in and cash-out capabilities in stores including Walmart, Walgreens, 7-Eleven, CVS and more. As traditional banks continue closing brick and mortar locations across the U.S., particularly in underbanked communities, the Green Dot Network provides seamless access to cash services for almost all U.S. consumers, with 96 percent of the U.S. population living within three miles of a Green Dot Network location. The Green Dot Network's money movement capabilities also enable partners to offer their customers the ability to move funds digitally between bank accounts.
About Clip Money Inc.
Clip operates a multi-bank, self-service deposit system for businesses through its network of ClipDrop Boxes and Clip-enabled ATMs. Rather than going to their personal bank branch or using an armored carrier service, businesses can deposit their cash at any ClipDrop or ATM located nearby at top retailers and shopping malls. Deposited funds are automatically credited to the business' bank account, usually within 1 business day. The company combines functional hardware, an intuitive mobile app, and an innovative cloud-based transaction engine that maximizes business banking transactions. Clip also facilitates mobile change orders, which are fully insured and shipped within 1-2 business days. Clip Money offers a cost-effective and convenient solution for business banking deposits across major markets in Canada and the United States. For more information about the Company, visit www.clipmoney.com.
About Arc by Green Dot
Arc is the embedded finance platform of services featuring all of Green Dot's secure banking and money processing capabilities designed to fuel value, loyalty and growth for consumers and businesses. Arc by Green Dot powers some of the world's most trusted brands and thousands of other businesses with seamless, secure and useful financial tools and experiences.
Integrated with Green Dot Bank, Arc provides partners with leading FDIC-insured banking products and tools, plus regulatory and compliance expertise, oversight and support. The Arc platform is cloud-based, modular and scalable by design – configurable to meet a wide range of business needs and goals, and flexible to adapt as our partners grow. Arc's end-to-end banking services are powered by enterprise-grade APIs and offer partners access to comprehensive customer support, fraud protection, the largest retail deposit and ATM network in the U.S., and much more. For more information, visit greendot.com/arc.
About Green Dot
Green Dot Corporation (NYSE:GDOT) is a financial technology platform and registered bank holding company that builds banking and payment solutions to create value, retain and reward customers, and accelerate growth for businesses of all sizes. For more than two decades, Green Dot has delivered financial tools and services that address the most pressing financial needs of consumers and businesses, and that transform the way people and businesses manage and move money.
Green Dot delivers a broad spectrum of financial products to consumers and businesses through its portfolio of brands, including: GO2bank, a leading digital and mobile bank account offering simple, secure and useful banking for Americans living paycheck to paycheck; the Green Dot Network ("GDN") of more than 95,000 retail distribution and cash access locations nationwide; Arc by Green Dot, the single-source embedded finance platform combining all of Green Dot's secure banking and money processing capabilities to power businesses at all stages of growth; rapid! wage and disbursements solutions, providing pay card and earned wage access services to more than 6,000 businesses and their employees; and Santa Barbara TPG ("SBTPG"), the company's tax division, which processes more than 14 million tax refunds annually.
Founded in 1999, Green Dot has managed more than 80 million accounts to date both directly and through its partners. Green Dot Bank is a subsidiary of Green Dot Corporation and member of the FDIC1. For more information about Green Dot's products and services, please visit www.greendot.com.
For further information, please contact:
Christy Kemp
Media contact for Clip Money
[email protected]
Whit Chapman
Director, Communications, Green Dot
[email protected]
1 Green Dot Bank also operates under the following registered trade names: GO2bank, GoBank and Bonneville Bank. All of these registered trade names are used by, and refer to, a single FDIC-insured bank, Green Dot Bank. Deposits under any of these trade names are deposits with Green Dot Bank and are aggregated for deposit insurance coverage up to the allowable limits. Green Dot Corporation NMLS #914924; Green Dot Bank NMLS #908739.
