Toronto, Ontario--(Newsfile Corp. - October 20, 2021) - Hank Payments Corp. (TSXV: HANK) ("Hank" or "Corporation"), is pleased to announce that it will commence its first day of trading on the TSX Venture Exchange. The Company will begin trading at the opening of the market today, under the ticker symbol "HANK."
Message from the CEO
Hank's Chairperson and CEO, Michael Hilmer, commented on the milestone achievement. "When we launched the Hank payment platform in 2018, we set out to transform the financial wellness market by providing our customers with the tools to improve their cash flow management, resulting in several incredible benefits." He added, "Since then we have made significant progress in strengthening our operations, assembling an institutional team, advancing complex technology and data solutions and putting ourselves in a position to scale organically and through acquisitions."
What is Hank?
Today Hank is a financial wellness fintech platform for consumers with now over 40,000 customers across the U.S.A. We automate the collection, accrual and storage of cash 'away' from the consumer's day to day bank accounts - then we remit their bill and loan payments automatically on the dates they are due.
Our customers pay Hank an enrollment or membership fee as well as monthly processing fees and they view us as an automated budgeting platform that conveniently manages their bill and loan payments as well as their cash flow. Hank does not lend money and therefore has no balance sheet risk. Hank's algorithms find cash in the consumer's cash flow and automate complex payment schemas designed to manage cash for them. Customers can choose to pay highest interest first or lowest balance first and many permutations in between. We think of ourselves as the robo-advisor for Liabilities Under Management vs. Assets Under Management.
Our philosophy has always been to help consumers reduce high cost debt, build equity, and improve credit quality. Better payment and debt ration performance can lead customers to lower interest rate borrowing over time. Half of Hanks customers are prime or good credit and use Hank for convenience while the other half need Hank to instill and execute the discipline associated with budget and cash management. Customers on Hank that use the platform for more than one payment, have doubled since 2020, with our power customers processing well over twenty payments per month, automatically. Customers setup their program and Hank does all the work for them.
Over time we expect to introduce our customers to lenders since we pay over 400 lenders today for consumer loan balances of well over $1B USD. Hank houses powerful payment and financial data that will aid lenders in making underwriting decisions and we look forward to matching customers with lenders as our product suite evolves.
Hanks banking partners earn fees for acting on instructions from Hank and housing consumer's cash in secure accounts, among other key services.
"We have been banking platform partners with Hank Payments since 2018 and are delighted they have achieved this important public offering milestone. We have come to appreciate the discipline and rigor that Hank applies to its regulatory and platform environments and we look forward to scaling with Hank, as one of our premier customers," noted Mark DiFazio, President Metropolitan Commercial Bank ("MCB"), New York. Since 1999, MCB has been providing a broad range of business, commercial and personal banking products and services in the New York metropolitan area. MCB is well known as "The Entrepreneurial Bank", with a focus on the settlement of global and digital payments for select financial technology companies.
As Hank evolves, management will provide regular communications describing the Key Performance Metrics we think about each day, and how our investors should think about the Hank platform.
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 and budgeting, 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: Hank Investor Relations at ir@hankpayments.com and visit the Company's website at www.hankpayments.com
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/100258
