Fintech
Hank Payments Reports Pre-IPO Year End Results; Delivers 36% Year over Year Growth During Pandemic
Toronto, Ontario–(Newsfile Corp. – November 2, 2021) – Hank Payments Corp. (TSXV: HANK) (“Hank” or the “Company”), a North American financial technology company that acts as a consumer’s financial concierge, using a powerful technology to automate the complexities of personal cash flow management, announced the filings of its financial statements and management discussion and analysis (“MD&A”) for the twelve month period ending June 30, 2021.
Financial Highlights:
- During the period ended June 30, 2021, the Company’s revenue increased by 36% to U$3.4 million compared to revenue of U$2.5 million for the previous twelve months. Despite a year in which the effects of the Covid-19 pandemic had material impacts on the American auto market supply chain, Hank was able to continue its growth through this important channel and others.
- The Company’s gross margins increased to 85% compared to the previous year of 79% driven in part by more automation and adding higher margin relationships.
“Considering the challenges faced by many Fintech’s and other businesses throughout the course of 2021, we are very pleased to deliver successive growth years leading into our public listing.” said Michael Hilmer, CEO of Hank. “Business conditions have improved quickly with increasing tailwinds to support the Company’s long-term growth strategy.”
Subsequent event:
- The Company completed its qualifying transaction with Nobelium Tech Corp. on October 13, 2021, that included a subscription receipt financing in the amount of C$3.1 million. The proceeds will be allocated to execute on Hanks growth strategy and to continue to build out the Hank platform to create consumer and shareholder value.
A comprehensive discussion of Hank’s financial position and results of operations is provided in the financial statements and MD&A for the year ending June 30, 2021, filed on SEDAR.
About Hank Payments Corp.
Hank is a financial technology company. The Hank software platform (the “Hank Platform“) acts as a consumer’s personal, financial concierge using a powerful technology to automate the complexities of personal cash flow management. Through its FDIC (Federal Deposit Insurance Corporation) insured bank partners in the United States, Hank helps consumers in every state find funds in their existing cash flow and speed up the retirement of liabilities. The Hank Platform debits consumers when they have cash, stores the cash with partner banks, then automatically instructs partner banks to pay bills and loans as they come due, and often sooner than required. Approximately half of Hank’s customers are financially sound and use the Hank Platform for convenience, while the other half improve their payment performance through use of the Hank Platform. One hundred percent of Hank’s customers are in the USA and pay setup and ongoing monthly processing fees while remaining on the Hank Platform for an average of three years. Hank continues to innovate and anticipates launching more expansive 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 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 Corporation’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 Corporation’s expectations, estimates, forecasts and projections and include, without limitation, statements regarding the future success of the Corporation’s business.
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 Corporation 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: Investor Relations, 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.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/101816