Clip Money Inc. Reports First Quarter 2023 Results
31 5월 2023 - 9:52AM
Clip Money Inc. (TSX-V: CLIP) (“
Clip Money” or the
“Company”), a company that operates a multi-bank
self-service deposit system for businesses, is pleased to announce
its financial results for the three months ended March 31, 2023.
Through March, Clip has experienced continued
momentum in bringing retailers a modern and efficient solution for
cash-based business deposits. After a record setting December, Clip
has welcomed 135 additional retailer stores in Q1 '23 (+83% vs Q4
’22), to the platform who are now active users of the system. The
majority of Clip users are enterprise businesses who have in excess
of 50 store locations, creating immediate scale opportunity for
Clip.
Clip has experienced significant growth in our
pipeline and registration of new retail users to our platform. An
additional six enterprise retailers have joined the platform in Q1
‘23, with nearly 1800 total stores. Clip Money’s current network
can service up to 600 of these retailer stores, and as more
locations are added in 2023, Clip can grow with these retailers and
serve more of their locations.
First Quarter 2023
Highlights
- In addition to the new users above,
Clip has on boarded users within a variety of retail segments,
including Quick Service Restaurant (QSR), Specialty Retail,
Convenience Stores, Fashion/Apparel, and Jewelry, who are all
finding value through the transformative Clip platform. Retailers
of various sizes and segments are all finding operational and
economic value in the Clip deposit platform. Lids, an enterprise
retailer with over 1100 stores, commenced a rollout of Clip to over
300 serviceable stores within our current footprint that will grow
as our network grows. Another large North American apparel retailer
with over 350 stores in North America has also started rolling out
stores across the U.S. This retailer has received welcomed feedback
from its employees who are no longer burdened with the daily visit
to the bank branch.
- In the quarter, Clip users
accounted for over 4800 deposit transactions totaling over $3.58M
USD in Gross Deposit Value (“GDV”). GDV grew by 11% in the quarter
and transactions declined by 7% due to a large seasonal holiday
user in Q4. Excluding this large seasonal holiday user in Q4, Clip
deposit transactions increased by 138% and GDV by 74% in Q1.
- Clip has also secured additional
strategic locations to fuel its growth of network locations. Clip
has reached agreements with an additional 67 shopping malls for
installation by late Q3 and expects to add a further 125 mall
locations by the end of 2023, creating additional deposit options
for retailers already using the platform.
- On February 10, 2023, Clip Money
closed the second tranche of a non-brokered private placement of
3,883,760 units of the Company (each a “Unit”) at
a price of CAD$0.45 per Unit for gross proceeds of US$1,307,956.89
(the U.S. dollar equivalent of CAD$1,747,692). Together with the
closing of the first tranche of the private placement announced on
December 23, 2022, the private placement resulted in a total
issuance of 8,408,397 Units for aggregate gross proceeds of
US$2,831,745.73 (the U.S. dollar equivalent of CAD$3,783,778.65).
Each Unit consisted of one common share in the capital of the
Company and one common share purchase warrant.
"Q1 of 2023 marked a pivotal turning point for our company as we
transitioned our promising strategy to execution, through solid
commitments and successful onboarding of initial stores. These
commitments, from large multi-store retailers, will translate into
the scale and network growth to drive our business plan in 2023 and
beyond. Our value proposition has been validated by premier
retailers like Lids, Pepper Palace and Cherry Hill Production
across a range of retailer segments. As we look ahead, our robust
and growing Q1 pipeline of significant opportunities and user
backlog will propel us in rapidly scaling deposit growth and
customer value through the remainder of 2023. The future holds
immense promise, and we are thrilled to be at the forefront of this
transformative journey."
- Joe Arrage (CEO & Co-founder)
Additional Information
The Company’s interim condensed consolidated
financial statements, notes to financial statements, and
management’s discussion and analysis for the three months ended
April 30, 2023 are available on the Company’s SEDAR profile
at www.sedar.com. Unless otherwise indicated, all references
to “$” in this press release refer to Canadian dollars.
Forward‐Looking Statements
This news release may contain forward‐looking
statements (within the meaning of applicable securities laws) which
reflect the Company's current expectations regarding future events.
Forward-looking statements are identified by words such as
"believe", "anticipate", "project", "expect", "intend", "plan",
"will", "may", "estimate" and other similar expressions. These
statements are based on the Company's expectations, estimates,
forecasts and projections and include, without limitation,
statements regarding the future success of the Company's
business.
The forward-looking statements in this news
release are based on certain assumptions. The forward-looking
statements are not guarantees of future performance and involve
risks and uncertainties that are difficult to control or predict. A
number of factors could cause actual results to differ materially
from the results discussed in the forward-looking statements.
Readers, therefore, should not place undue reliance on any such
forward-looking statements. Further, these forward-looking
statements are made as of the date of this news release and, except
as expressly required by applicable law, the Company assumes no
obligation to publicly update or revise any forward-looking
statement, whether as a result of new information, future events or
otherwise.
Neither the TSXV nor its Regulation Services Provider (as that
term is defined in the policies of the TSXV) accepts responsibility
for the adequacy or accuracy of this release.
About Clip Money Inc.
Clip Money operates a multi-bank self-service
deposit system for businesses through its ClipDrop Boxes that gives
users the capability of making deposits outside of their bank
branch at top retailers and shopping malls. Rather than having to
go to their personal bank branch or using a cash pickup service,
businesses can deposit their cash at any ClipDrop Box located near
them. After being deposited, the funds will automatically be
credited to the business’ bank account, usually within one business
day. The Company combines functional hardware, an intuitive mobile
app and an innovative cloud-based transaction engine that maximizes
business banking transactions. Combined with mobile user
applications, Clip Money offers a cost-effective and convenient
solution for business banking deposits in metropolitan statistical
areas across Canada and the United States. For more information
about the Company, visit www.clipmoney.com.
For further information, please contact:
Joseph Arrage Chief Executive Officer tel: 844-593-2547
Clip Money (TSXV:CLIP)
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