Director and Executive Vice President, Capital Markets
Toronto, Ontario, June 3, 2022 – Hank Payments Corp. (“Hank” or the “Company”) (TSXV: HANK), a North American leader in consumer Fintech Software-as-a-Service (SaaS) that supports consumer budgeting and cash management automation now offered through distributers and community banks nationwide, is pleased to announce it has entered into an Enterprise SaaS licensing agreement with a large, U.S. based, consumer payment management company (the “Customer”).
Under Hank’s fee licensing agreement, the Customer will utilize the Hank Payments Platform and industry leading, proprietary software to manage the consumer enrollment and consumer servicing components. In addition to this major win for its Enterprise licensing software, Hank has identified dozens of other accessible enterprise targets in this vertical, with this licensing agreement being the first to launch.
Agreement highlights:
Hank and its new Customer have already commenced working together on API (Application Programming Interface) customization and workflow/operational integration. The planned launch date is expected to occur as soon as this integration is completed, currently anticipated to be late summer/early fall, 2022.
Michael Hilmer, Chairperson and CEO of Hank commented, “We signaled that we were working on key Enterprise deals and are delighted to announce this exciting new partnership that is expected to perform above our existing recurring per user revenue and in line with Hank’s exceptional gross margin profiles. The power and beauty of the Hank Payments Platform is that it brings to the consumer payment management industry a very high level of automation and discipline historically lacking with respect to cash and payment management solutions. Traditional solutions have tended to be high-touch and much less automated than required be to be effective, resulting in much of the onus still remaining on the consumer to be personally disciplined enough to execute their plans, however, it is this very lack of personal discipline which has resulted in many consumers struggling with their cash flows in the very first place. We are extremely excited about the size of this new market vertical for us and the opportunities we are working on.”
About Hank Payments Corp.
Hank is a SaaS based consumer Fintech company. An important vertical market of the industry leading Hank cloud-based software platform (the “Hank Payments Platform”) is to act as a consumer’s financial budget manager using powerful technology to automate a consumer’s personal cash flow and payments. Through its FDIC (Federal Deposit Insurance Corporation) insured bank partners in the U.S., Hank helps consumers in all 50 States find funds in their existing cash flow and speed up the retirement of liabilities. The Hank Payments Platform instructs its banking partners to debit consumers when they have cash, store the money in FDIC insured accounts, then automatically pay bills and loans as they come due; often sooner than required. Approximately half of Hank Payments Platform’s customers are financially sound and use the Hank Platform for convenience, while the other half are looking to improve their on-time payment performance through the Hank Payments Platform. Hank’s customers typically pay setup and ongoing monthly processing fees while remaining on the Hank Payments Platform for an average of six years. Hank continues to innovate and anticipates launching more expansive state of the art features to its expected growing customer base to provide greater visibility into their cash flow, credit performance, and viability to borrow or refinance at lower rates, including introducing Hank customers to interested lenders.
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. Financial performance figures in Canadian Dollars unless otherwise indicated by “U” representing United States Dollars.
The forward-looking statements in this news release are based on certain assumptions, including without limitation the Shares beginning trading on the TSXV. 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.
FOR FURTHER INFORMATION PLEASE CONTACT:
For more information regarding Hank Payments Corp., please contact: Jason Ewart, EVP Capital Markets, at 1-833-HANKPAY. For Investor Relations please contact ir@hankpayments.com and visit the Company’s website at www.hankpayments.com.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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