Clip Money expands Centennial partnership for deposits

Executive Summary

• Clip Money Inc. has expanded its partnership with Centennial, a major retail and mixed-use real estate operator, to deploy ClipDrops cash management solutions across more than a dozen of Centennial's properties.
• The deployment provides over 1,600 retail and restaurant tenants with an on-site alternative to traditional bank deposits, addressing issues related to bank branch closures and staff time constraints.
• This expansion brings Clip's total mall network to over 500 shopping centres, supported by a broader deposit ecosystem of more than 8,000 locations.

Key Details

• Partnership Expansion: Clip Money Inc. expanded its portfolio partnership with Centennial, a leading retail and mixed-use real estate operator with over 35 properties in the United States.
• Deployment Scope: More than a dozen Centennial locations will host ClipDrops, a commercial cash deposit solution.
• Beneficiary Count: The solution provides over 1,600 retail and restaurant tenants with an on-site alternative to traditional bank deposits.
• Network Growth: The addition of Centennial's centres brings Clip's total mall network to exceed 500 shopping centres.
• Ecosystem Size: The company now supports a deposit ecosystem of 8,000-plus locations spanning malls and big-box retailers.
• Product Functionality: ClipDrop offers an indoor, on-property deposit option available during extended retail hours, allowing retailers to track deposits digitally in real time and access next-business-day credit to any bank account.
• Strategic Context: The expansion targets the holiday season, a period characterized by increased cash volumes and operational demands for retailers.

Notable Quotes

• Bil Ingraham, Executive Vice-President, Business Development and Revenue, Centennial: "At Centennial, we are always looking for ways to support our retailers and growing our relationship with Clip Money aims to reduce friction with retailer cash deposits, saving them time and money, while letting their employees focus on retailing."
• Joseph Arrage, Chief Executive Officer, Clip Money Inc.: "Retailers today are being asked to do more with fewer resources, especially as bank branches continue to close at a rapid pace... By installing ClipDrop across their centres, Centennial is removing a major pain point for store teams and giving them a more accessible way to handle cash deposits right where they operate."