Toronto, Ontario–(Newsfile Corp. – March 1, 2022) – Hank Payments Corp. (TSXV: HANK) (“Hank” or the “Company”), a North American financial technology company that uses powerful technology to automate the complexities of personal cash flow management on one centralized platform, is pleased to announce the filings of its financial statements and management discussion and analysis (“MD&A”) for the three and six months periods ending December 31, 2021. All figures are in CAD.
- Financial and Business Highlights: Revenue for the second quarter ended December 31, 2021, grew 20% year over year to $1,304,643
- Revenue quarter over quarter increased by 11%
- Gross margins improved to 88%, from 85% the previous quarter
- Hank deployed its upgraded consumer portals, providing customers with several new features and enhancements.
- Hank completed the integration of its credit score reporting feature in its consumer portal and will begin to provide customers with access to their scores in the coming quarters.
Many of Hank’s customers have shared that their credit scores have improved over time, and this new feature will enable all Hank customers to easily track their credit scores as part of their financial wellness goals. By aggregating and anonymizing this data, Hank will provide consumers with insights and offerings to further enhance their financial well-being.
“The need for Hank’s services has never been greater.” stated Jeff Guthrie, President & Chief Operating Officer, adding, “During 2021, the average size of an automotive payment on the Hank platform grew by 16%, whereas the average lease payment grew by 8%. These increases signal that consumers have started to bear the brunt of inflation on vehicle costs, which will only be exasperated by raising interest rates. We are already seeing an increased demand for Hank through our auto dealer channels and expect this demand to build as new vehicle inventories return to pre-pandemic levels. Demand for our mortgage and other payment products also continue to climb, and we are investing in these high margin growth channels. My focus in the coming quarters is to advance strategic transactions and partnerships and further build awareness in the market of our compelling platform.”
A comprehensive discussion of Hank’s financial position 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 financial technology company. The Hank software platform (the “Hank Platform“) acts as a consumer’s 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 the 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.
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, 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:
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/115205
Stockify goes fully Digital, offers Mutual Funds and Dematerialization of shares
In a strategic move to expand its offerings and provide a comprehensive suite of financial services, Stockify, a leading platform for Unlisted and pre-IPO shares in India, has announced plans to venture into the Mutual Fund space.
This development comes as part of Stockify’s mission to assist High-Net Individuals (HNIs) and Non-Resident Indians (NRIs) in accessing various investment opportunities in India via the pre-IPO route and maximizing their wealth. The company is also set to facilitate the Dematerialization of Shares. (Conversion of Physical Share to DEMAT account.)
Founded by Piyush Jhunjhunwala (CA, CPA) and Co-Founded by Rahul Khatuwala (CA) both seasoned finance professionals with decades of experience in global conglomerates.
Stockify has already carved a niche for itself in the Indian Financial landscape. The platform primarily focuses on providing access to Blue-Chip Stocks before their listing on the Indian Stock Market (via the Pre IPO Route) enabling early investors to potentially achieve significant returns. While expressing the company’s intent behind expanding its services, Jhunjhunwala said, “Mutual Funds are the backbone of the Indian Equity market, and we believe it is important that NRI and retail investors in India can greatly benefit from our new offering and this will help them in creating long-term wealth.”
The recent announcement of Stockify entering the Mutual Funds market follows the company’s successful acquisition of a Mutual Fund license in the first quarter of 2023. Alongside Mutual Funds, Stockify intends to offer an array of other financial products, like Start-up Funding, fixed investment products like Bonds and Non-Convertible Debentures (NCDs) and Insurance-Linked Investments, in the coming months. Notably, Stockify plans to make all its products and services 100% accessible online, aligning with the Digital India vision of our beloved Prime Minster Mr. Narendra Modi.
Currently, Stockify boasts 70 Unlisted/pre-IPO companies on its platform, with in-depth research conducted on all of them as stated by Jhunjhunwala. It offers a simple online process where transactions can be completed online, and shares get transferred to the clients DEMAT account on the same day.
Stockify’s global presence was recently showcased at the Dubai Fintech Summit (DFS). The two-day event brought together over 5,000 C-suite leaders, 1,000-plus investors, and 150 speakers from around the world. Stockify was selected as one of the proud exhibitors at the summit, solidifying its position as one of the world’s largest providers of pre-IPO and Unlisted Stocks in India.
With its ambitious expansion plans and commitment to innovation, Stockify is set to continue revolutionizing the way investors access and engage with financial opportunities in India and beyond.
VerifyVASP Wins Hong Kong’s IFTA Fintech and Innovation Awards 2022/23: Regulatory Technology Award
VerifyVASP was awarded the Institute of Financial Technologists of Asia (IFTA) Fintech and Innovation Awards 2022/23 for Regulatory Technology. The awards exhibit the extraordinary achievements made by companies and individuals in the finance and technology industries.
The IFTA Awards, themed “Game Changers: The Rise of Next Gen Fintech”, celebrates ground-breaking ideas and technologies that are shaping the future of finance. The distinguished Guest of Honour presenting the IFTA awards was the Under Secretary for Financial Services and the Treasury for Financial Services in the Hong Kong SAR, Mr. Joseph Ho-Lim Chan.
VerifyVASP has established itself as a comprehensive Travel Rule solution provider catering to Virtual Assets Service Providers (VASPs) worldwide. Its commitment to facilitating full compliance with Travel Rule regulations across multiple jurisdictions has earned it this prestigious recognition.
This accolade comes at an opportune time, as VerifyVASP supports the Hong Kong Virtual Asset Trading Platforms (VATPs) in adhering to the regulatory framework set forth by the Hong Kong Securities & Futures Commission, which came into effect on 1 June 2023. VATPs are granted a grace period till 1 January 2024 to ensure compliance with Travel Rule requirements.
The IFTA Fintech and Innovation Award underscores VerifyVASP’s capabilities, including:
- Facilitation of counterparty due diligence: VerifyVASP assists VASPs in counterparty due diligence before the first transaction, to stringent standards akin to that observed in correspondent banking. This is achieved through VerifyVASP’s own rigorous due diligence process, encompassing over 100 VASPs.
- Immediate and secure transmission: Leveraging a scalable architecture, VerifyVASP ensures immediate and secure transmission of required information, alongside verification of such information. To date, the platform has processed over 5 million transfers.
- Adherence to international data protection laws: VerifyVASP complies with international data protection law thanks to its decentralised, end to end encrypted architecture. This dedication to data security and privacy sets it apart in the industry.
- Asset agnostic: VerifyVASP’s capabilities extend to accommodating any type of virtual asset, having processed over 400 cryptocurrency variants on its platform.
- Integration of third-party screening solutions: VerifyVASP seamlessly integrates third-party solutions, allowing for efficient screening of originators or beneficiaries before blockchain transactions.
SOURCE VerifyVASP Pte Ltd
Nagad’s Digital Bank on cards, Sadaf to lead the side
Nagad, Bangladesh’s leading Mobile Financial Service (MFS) provider, is gearing up to establish the much-anticipated digital bank, as it is going to secure a licence from the Bangladesh Bank within a couple of months.
Sadaf Roksana, a co-founder and executive director of Nagad Ltd., has been entrusted with the responsibility of leading her company’s transformative venture that will bring greater convenience to the lives of millions of Bangladeshis, reducing their reliance on traditional brick-and-mortar banks.
The MFS provider earlier applied to secure a digital bank licence following the central bank’s call for applications through its website. The Bangladesh Bank also formulated necessary guidelines to widen and accelerate financial inclusion, which will also create jobs for young IT workers.
The world’s fastest mobile money carrier is going to venture into the digital banking era at a time when the financial landscape across the globe is fast evolving towards digitalisation, driven by technological advancements and changing consumer preferences.
Taking on the new assignment, Sadaf, a seasoned financial executive with a remarkable track record in the fintech industry, is poised to steer Nagad’s digital bank towards success. Once Nagad gets the digital bank licence, it will provide its consumers with innovative and convenient banking solutions.
“We are very excited that we are going to introduce digital banking services to the people of Bangladesh within a couple of months,” Sadaf said, adding, “This endeavour aligns perfectly with our vision of enhancing financial inclusion and ensuring easy access to all financial services also at affordable prices.”
Nagad is already well-equipped to launch a digital bank. It will start serving customers soon after getting the licence, Sadaf assured.
Under its digital banking platform, Nagad will introduce many new services, such as single-digit and collateral-free loans for small informal businesses and farmers who now are to take loans from moneylenders even at 40% interest rate per day, she pointed out.
“Thus, we will encourage them to come under financial inclusion, thus putting their money into the formal channel,” she expressed her optimism.
To assess one’s creditworthiness, Nagad has created an AI-based credit rating system that will analyse all transactions-related data available on public domains using one’s NID and mobile number, Sadaf Roksana added.
As Nagad goes ahead with its plans, all eyes will be on Sadaf Roksana and her team as they will embark on this exciting journey towards a more digitised and inclusive financial future for the country.
SOURCE Nagad Limited
- Bitcoin Price Climbs 3% on US Shutdown and Yields Gloom, But Bitcoin Minetrix Raises $200,000 and Is the Real Winner
- Webb Unveils Tangle Network Testnet, Pioneering the Future of Private, Decentralized Applications
- AMD Unveils Purpose-Built, FPGA-Based Accelerator for Ultra-Low Latency Electronic Trading
- AIIB, Türkiye Sign EUR150 Million Loan Agreement as Additional Funding for Istanbul Seismic Mitigation and Emergency Preparedness
- L’Oréal groupe OFFICIALLY OPENS NEW UK HEADQUARTERS IN WHITE CITY
- Digital Twin Market size worth USD 133.7 Billion, Globally, by 2030 at 38.1% CAGR: Verified Market Research®
- Swoop and Sage Unveil Global Partnership to Revolutionise Business Funding and Cost-Savings Solutions
- Swoop and Sage Unveil Global Partnership to Revolutionize Business Funding and Cost-Savings Solutions
- BGC Group Updates its Outlook for the Third Quarter of 2023
- Halifax Agrees to Acquire the Worldwide Home Care Division of Sodexo
- 2023 World Design Cites Conference Opens in Shanghai
- Embracing common values of whole mankind: China’s commitment to brighter future
- CRAYFISH BIDCO OY EXTENDS OFFER PERIOD UNDER ITS TENDER OFFER FOR CAVERION CORPORATION UNTIL 1 NOVEMBER 2023; EXPECTS TO OBTAIN REMAINING MERGER CONTROL CLEARANCE IN FINLAND IN OCTOBER
- Tetragon Financial Group Limited August 2023 Monthly Factsheet
- ChainUp Celebrates 6th Anniversary, Charting Blockchain Innovations beyond Digital Assets
Fintech PR2 weeks ago
2023 Asian Green and Low-Carbon Development Roundtable successfully held
Fintech PR2 weeks ago
Aon Joins International Emissions Trading Association as First Member with Risk Capital Capabilities
Fintech PR2 weeks ago
MYEG PARTNERS CHINA’S BEITOU IT INNOVATION TO SHOWCASE DIGITAL IDENTITY CREDENTIALS SERVICE ON THE ZETRIX BLOCKCHAIN
Fintech PR2 weeks ago
Wearable Devices and IoT Revolutionize Healthcare Monitoring and Weight Management
Fintech PR2 weeks ago
Tom Fitzpatrick Joins R.J. O’Brien as Managing Director, Global Markets Insights
Fintech PR2 weeks ago
MAX Exchange and Bitget announce strategic partnership, marking MAX Token’s debut on an international exchange
Fintech PR2 weeks ago
Stockings shift toward subscriptions this holiday season for UK shoppers, according to Recurly research
Fintech PR2 weeks ago
Rönesans secures prodigious ranking in ENR list: 9th European largest international contracting company, and 38th worldwide