TORONTO, Sept. 17, 2024 (GLOBE NEWSWIRE) -- Clip Money Inc. (TSXV:CLIP) (OTCQB:CLPMF) ("Clip Money" or the "Company"), a company that operates a multi-bank self-service deposit system for businesses, is pleased to announce the closing of a non-brokered private placement of unsecured convertible notes (each a "Convertible Note") of the Company for gross proceeds of US$2,800,000 (the "Financing"). PeoplesBank subscribed for US$2,000,000 of the Financing. In addition to PeoplesBank's investment, Cardtronics Inc. ("Cardtronics"), a subsidiary of NCR Atleos Corporation, invested US$800,000. Cardtronics is Clip Money's largest shareholder and also a strategic commercial partner through the NCR Atleos Allpoint ATM network. Cardtronics continued support highlights its confidence in the Clip Money solution and team.
"We are thrilled with this investment from PeoplesBank and NCR Atleos as we continue to grow our platform and customer engagement. Their strategic investments underscore the confidence they have in our mission to transform business cash management. With their backing, we are better positioned to expand our services and provide unmatched value to our customers."
Joseph Arrage, Chief Executive Officer, Clip Money Inc.
"At PeoplesBank, we are constantly striving to deliver a Simple banking experience to our customers, and implementing the best technology solutions is a large part of that effort. We are proud to partner with Clip Money, as they lead the charge in rethinking cash management for businesses, and our investment reflects our belief in their business model and the innovative value they bring to a wide range of business customers."
Brian Canina, President and COO, PeoplesBank
"Our partnership with Clip Money aligns with our corporate purpose to expand self-service financial access. We are pleased to participate in this financing round and see it as an important step in strengthening our collaborative efforts to drive innovation and deliver exceptional value to the businesses we service."
Stuart Mackinnon, COO, NCR Atleos
Each Convertible Note issued under the Financing will be due and payable on the date that is 5 years from the date hereof (the "Maturity Date"), and ...
