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Hank Payments Announces Financial Results for the Second Quarter Ending December 31, 2022



Sharply Lower Adjusted Losses and Continued Growth

Toronto, Ontario–(Newsfile Corp. – March 2, 2023) – Hank Payments Corp. (TSXV: HANK) (“Hank” or the “Company”), is a North American leader in consumer Fintech Software-as-a-Service (“SaaS”) in the Banking-as-a-Service (“BaaS”) market segment. Hank platforms manage consumer cash flow and budgets on an automated basis using proprietary algorithms that collect, store and disburse cash as required to discharge obligations in a timely fashion. Hank is pleased to provide its second quarter financial results for the period ending December 31, 2022.


  • Revenue for the second quarter ended December 31, 2022, grew 16% year over year to $1,512,194;
  • Revenue for the six month period ending December 31, 2022 grew 23% year over year to $3,053,782;
  • Gross margins remain strong at 89%;
  • Operating expense reduction leads to lowest quarterly adjusted losses in twelve months at $392,223 with operating expenses back to pre-IPO levels;
  • Monthly Recurring Revenue per user (“MRR”) is up year over year from $5.77 to $6.02 (excluding enrolment fees).


  • National Canadian License agreement negotiation continues, and the MOU has been extended into March as the parties work on finalizing the agreement and identifying early large-scale enterprise partnerships;
  • Five Hank Education products are nearing completion and expected to launch successively, starting with the April 2023 semester. Demand is high across the USA and the company is already receiving interest letters from early adopter Colleges;
  • Two student records companies have approved Hank as a value added partner, representing some 2,300 schools with access to approximately 5,000,000 students;
  • The Company expects to enrol schools monthly commencing in calendar Q2, earning revenue almost immediately following school activations.

Michael Hilmer, Chairperson and CEO commented “Overall we are pleased with the trajectory and demand for Hank expanding Banking as a Service product stack. Our lower operating burn reflects an even more efficient operating model, and we are excited by the meaningful interest we are gathering for our technology. We look forward to regularly reporting activations in Education as well as other Enterprise Accounts we are negotiating.”

The Company’s board of directors approved the repricing of up to1,145,000 outstanding employee stock options (“Options”) to $0.10 per option. The repricing excludes directors and insiders and applies to options previously granted to certain employees of the Company pursuant to the Company’s stock option plan. The exercise price of $0.10 for the options is at a premium to the current market price. The repricing is subject to approval of the TSX Venture Exchange. To retain valued team members in the context of a significant drop in the trading price of the Company’s Common Shares on the TSXV, certain of the outstanding options no longer offer an adequate incentive to employees of the Company, as currently priced at $1.00. Recognizing that option grants are a critical element of the Company’s compensation policy, the Board is of the view that it is in the best interest of the Company to reprice the outstanding options granted to certain employees of the Company, to ensure the exercise price of the options is more in line with the current market price of the Common Shares.

The Company also proposes to reprice an aggregate of 3,142,500 outstanding common share purchase warrants of the Company (the “Warrants”) issued pursuant to a warrant indenture dated October 13, 2021, between the Company and Computershare Trust Company of Canada, as warrant agent (the “Warrant Indenture”) (the “Warrant Repricing”). In connection with the Warrant Repricing, the Company intends to adjust the exercise price of the Warrants from $1.00 to $0.075 and amend the expiry date of the Warrants to add an acceleration clause such that in the event the closing price of the Company’s common shares on the TSX Venture Exchange (the “TSXV”) exceeds the warrant repricing by twenty-five percent (25%) for any ten consecutive trading days following the Warrant Repricing, the expiry date of the Warrants shall be accelerated from October 13, 2024 to a date that is 30 days following the seventh calendar day following the ten consecutive trading day period. All other terms of the Warrants will remain unchanged. No Warrants subject to the Warrant Repricing are held by directors, officers and control persons of the Company, which represents nil% of the Warrants. The completion of the Warrant Repricing is subject to, among other things, the approval of the TSXV, and approval of the holders of the Warrants in accordance with the terms of the Warrant Indenture. The purpose of the Warrant Repricing is primarily to encourage the early exercise of such Warrants.

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, 2022, filed on SEDAR.

About Hank Payments Corp.

Hank Payments Corp (the Company or “Hank”) is a North American leader in consumer Fintech Software-as-a-Service (SaaS) and Banking-as-a-Service (BaaS) platforms that manages consumer cash flow and budgets on an automated basis using proprietary algorithms that collect, store and disburse cash as required to discharge obligations in a timely fashion. The Hank stack provides for several vertical market applications of the technology, with features specific to channels and enterprise accounts (“Partners”) that allow those partners to operate new lines of business and revenue streams, using Hank. The Partners benefit from new revenue streams and powerful insights that open up additional opportunities for Partners to grow assets using Hank. The Company operates exclusively across the USA, with certain leadership and technology functions in Toronto. Hank houses the complex technology, banking, treasury, customer service, sales and operations teams that acquire and service consumers. Hank currently charges upfront enrolment/setup fees and recurring monthly fees based on the types and quantity of payments that Hank Payments administers for the consumer (the “Users”). The Company acquires Users through various channels including (i) small to medium sized enterprises (the “SME Partners”) and (ii) large enterprise businesses (the “Enterprise Partners”). The Company’s BaaS model is emerging which is expected to add additional fees including software licensing and usage fees.

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 more information regarding Hank Payments Corp., please contact: Jason Ewart, EVP Capital Markets, at 416-580-0721. For Investor Relations please contact [email protected] and visit the Company’s website at

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


Central banks and the FinTech sector unite to change global payments space





The BIS, along with seven leading central banks and a cohort of private financial firms, has embarked on an ambitious venture known as Project Agorá.

Named after the Greek word for “marketplace,” this initiative stands at the forefront of exploring the potential of tokenisation to significantly enhance the operational efficiency of the monetary system worldwide.

Central to this pioneering project are the Bank of France (on behalf of the Eurosystem), the Bank of Japan, the Bank of Korea, the Bank of Mexico, the Swiss National Bank, the Bank of England, and the Federal Reserve Bank of New York. These institutions have joined forces under the banner of Project Agorá, in partnership with an extensive assembly of private financial entities convened by the Institute of International Finance (IIF).

At the heart of Project Agorá is the pursuit of integrating tokenised commercial bank deposits with tokenised wholesale central bank money within a unified, public-private programmable financial platform. By harnessing the advanced capabilities of smart contracts and programmability, the project aspires to unlock new transactional possibilities that were previously infeasible or impractical, thereby fostering novel opportunities that could benefit businesses and consumers alike.

The collaborative effort seeks to address and surmount a variety of structural inefficiencies that currently plague cross-border payments. These challenges include disparate legal, regulatory, and technical standards; varying operating hours and time zones; and the heightened complexity associated with conducting financial integrity checks (such as anti-money laundering and customer verification procedures), which are often redundantly executed across multiple stages of a single transaction due to the involvement of several intermediaries.

As a beacon of experimental and exploratory projects, the BIS Innovation Hub is committed to delivering public goods to the global central banking community through initiatives like Project Agorá. In line with this mission, the BIS will soon issue a call for expressions of interest from private financial institutions eager to contribute to this ground-breaking project. The IIF will facilitate the involvement of private sector participants, extending an invitation to regulated financial institutions representing each of the seven aforementioned currencies to partake in this transformative endeavour.

Source: fintech.globa

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TD Bank inks multi-year strategic partnership with Google Cloud





TD Bank has inked a multi-year deal with Google Cloud as it looks to streamline the development and deployment of new products and services.

The deal will see the Canadian banking group integrate the vendor’s cloud services into a wider portion of its technology solutions portfolio, a move which TD expects will enable it “to respond quickly to changing customer expectations by rolling out new features, updates, or entirely new financial products at an accelerated pace”.

This marks an expansion of the already established relationship between TD Bank and Google Cloud after the group previously adopted the vendor’s Google Kubernetes Engine (GKE) for TD Securities Automated Trading (TDSAT), the Chicago-based subsidiary of its investment banking unit, TD Securities.

TDSAT uses GKE for process automation and quantitative modelling across fixed income markets, resulting in the development of a “data-driven research platform” capable of processing large research workloads in trading.

Dan Bosman, SVP and CIO of TD Securities, claims the infrastructure has so far supported TDSAT with “compute-intensive quantitative analysis” while expanding the subsidiary’s “trading volumes and portfolio size”.

TD’s new partnership with Google Cloud will see the group attempt to replicate the same level of success across its entire portfolio.


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MAS launches transformative platform to combat money laundering





The MAS has unveiled Cosmic, an acronym for Collaborative Sharing of Money Laundering/Terrorism Financing Information and Cases, a new money laundering platform.

According to Business Times, launched on April 1, Cosmic stands out as the first centralised digital platform dedicated to combating money laundering, terrorism financing, and proliferation financing on a worldwide scale. This move follows the enactment of the Financial Services and Markets (Amendment) Act 2023, which, along with its subsidiary legislation, commenced on the same day to provide a solid legal foundation and safeguards for information sharing among financial institutions (FIs).

Cosmic enables participating FIs to exchange customer information when certain “red flags” indicate potential suspicious activities. The platform’s introduction is a testament to MAS’s commitment to ensuring the integrity of the financial sector, mandating participants to establish stringent policies and operational safeguards to maintain the confidentiality of the shared information. This strategic approach allows for the efficient exchange of intelligence on potential criminal activities while protecting legitimate customers.

Significantly, Cosmic was co-developed by MAS and six leading commercial banks in Singapore—OCBC, UOB, DBS, Citibank, HSBC, and Standard Chartered—which will serve as participant FIs during its initial phase. The initiative emphasizes voluntary information sharing focused on addressing key financial crime risks within the commercial banking sector, such as the misuse of legal persons, trade finance, and proliferation financing.

Loo Siew Yee, assistant managing director for policy, payments, and financial crime at MAS, highlighted that Cosmic enhances the existing collaboration between the industry and law enforcement authorities, fortifying Singapore’s reputation as a well-regulated and trusted financial hub. Similarly, Pua Xiao Wei of Citi Singapore and Loretta Yuen of OCBC have expressed their institutions’ support for Cosmic, noting its potential to ramp up anti-money laundering efforts and its significance as a development in the banking sector’s ability to combat financial crimes efficiently. DBS’ Lam Chee Kin also praised Cosmic as a “game changer,” emphasizing the careful balance between combating financial crime and ensuring legitimate customers’ access to financial services.


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