Toronto, Ontario–(Newsfile Corp. – March 1, 2022) – Hank Payments Corp. (TSXV: HANK) (“Hank” or the “Company”), a North American fintech company that uses powerful technology to automate the complexities of personal cash flow management on a centralized platform, is pleased to announce the filing of its financial statements and MD&A ( “MD&A”) for the three and six month periods ending December 31, 2021. All figures are in CAD.
Financial and Business Highlights: Revenue for the second quarter ended December 31, 2021 increased 20% year over year to $1,304,643
Quarter-over-quarter revenue increased 11%
Gross margins improved to 88% from 85% in the prior quarter
Hank has rolled out its upgraded consumer portals, providing customers with several new features and enhancements.
Hank has completed the integration of its credit score reporting feature into its consumer portal and will begin providing customers with access to their scores in the coming quarters.
Many Hank customers have shared that their credit scores have improved over time, and this new feature will make it easy for all Hank customers to track their credit scores as part of their wellness goals. financial. By aggregating and anonymizing this data, Hank will provide consumers with insights and offers to further improve their financial well-being.
“The need for Hank’s services has never been greater.” said Jeff Guthrie, President and COO, adding, “In 2021, the average car payment size on the Hank platform increased 16%, while the average lease payment increased 8%. %. These increases indicate that consumers have begun to bear the brunt of inflation on vehicle costs, which will only be exasperated by rising interest rates. We are already seeing increased demand for Hank through our auto dealership channels and we expect this demand to strengthen as new vehicle inventories return to pre-pandemic levels. Demand for our mortgage and other payment products also continues to grow, and we are investing in these high-margin growth channels. My focus over the next few quarters is to advance strategic transactions and partnerships and build market awareness of our engaging platform.
A detailed analysis of Hank’s financial condition and results of operations is provided in the financial statements and MD&A for the three- and six-month periods ending December 31, 2021, filed on SEDAR.
About Hank Payments Corp.
Hank is a fintech company. The Hank Software Platform (the “Hank Platform“) acts as the consumer’s financial concierge using powerful technology to automate the complexities of personal cash flow management. Through its Federal Deposit Insurance Corporation (FDIC) insured banking partners in the United States , Hank helps consumers in every state find funds in their The Hank platform debits consumers when they have money, stores the money with partner banks, then automatically instructs partner banks to pay the bills and loans as they come due, and often sooner than necessary. of Hank’s customers are financially strong and use the Hank platform for convenience, while the other half improve their payment performance through the use of the Hank platform. One hundred percent of Hank’s customers are in the United States and pay ongoing monthly setup and processing fees while remaining on the has rig Hank for an average of three years. Hank continues to innovate and plans to launch features to its expected growing customer base that will provide greater visibility into their cash flow, credit performance and viability to borrow or refinance at lower rates, including presenting Hank’s clients to interested lenders.
This press release may contain forward-looking statements (within the meaning of applicable securities laws) that 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, but are not limited to, statements regarding the future success of the Company’s business.
The forward-looking statements contained in this press release are based on certain assumptions, including, without limitation, the shares commencing trading on the TSXV. 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. Accordingly, readers should not place undue reliance on these forward-looking statements. Further, these forward-looking statements are made as of the date of this press release and, except as expressly required by applicable law, the Company undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.
FOR MORE INFORMATION, PLEASE CONTACT:
For more information about Hank Payments Corp., please contact: Investor Relations, email@example.com and visit the company’s website at www.hankpayments.com.
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