Toronto, Ontario–(Newsfile Corp. – June 10, 2022) – Hank Payments Corp. (TSXV: HANK) (“Hank” or the “Company”), a North American leader in Consumer Fintech Software as a Service (SaaS) that supports consumer budgeting, cash management and payment automation through its secure, modern, automated proprietary cloud technology solution and best in class and its intellectual property (the “Hank payment platform“) is pleased to announce that it has entered into a long-term strategic agreement with an industry-leading advisor to the technology platform and service provider market (the “Strategic partnerThe strategic partner will, among other things, provide skilled strategic introductions and license negotiation assistance to help Hank acquire new Enterprise SaaS accounts in the large and untapped loan management and debt repayment market ( the “Market“).
Credible strategic partner to dramatically expand access to this large market for Hank’s SaaS platform
In-funnel offerings are currently or will be actively pursued in the very short term and may exceed the number of Enterprise SaaS users, in the short term range of several hundred thousand end users, and are expected to grow significantly ARR (annualized recurring revenue)
The performance-based deal ensures alignment of interests with a very reasonable revenue share over time for deals won by Hank and introduced by the strategic partner
Expands the company’s access to a massive market by profitably cultivating existing strategic partner relationships
Based in the Northeastern United States, the strategic partner has nearly half a century of combined deep domain industry expertise and unparalleled experience advising in various capacities to a number market companies. Their team has completed over 100 mandates and generated over billions of dollars in transaction value across various industries, much of which has been advising clients operating in the North American market space and beyond. After a thorough evaluation of the Hank Payments Platform, the strategic partner determined that its corporate customers and other relationships would be logical users. The strategic partner has gained trusted, top-notch access to decision makers at some of the most reputable institutions in the market and will help Hank further penetrate and serve this hugely lucrative vertical.
As part of this long-term performance agreement, the Strategic Partner will receive a commission as a percentage of the revenue that Hank generates from Enterprise SaaS licensing agreements and other strategic business relationships that the Strategic Partner procures for the benefit of Hank. Hank’s industry-leading gross margin profile – currently close to 90% – comfortably supports this fee structure and allows Hank to achieve fast, low cost of customer acquisition and qualified access to decision makers, with additional guidance to be provided by Hank’s strategic partner on crafting the business specifics of each new Enterprise SaaS license and other business relationships.
Michael Hilmer, Hank’s President and CEO, said, “We are thrilled to partner with seasoned and proven business leaders and advisors at the Strategic Partner who have a long and exceptional track record of success. in the loan management and debt repayment verticals, and we are delighted with the quality of the presentations they have already made.”
About Hank Payments Corp.
Hank is a SaaS-based consumer fintech company. One of the important verticals of Hank’s industry-leading proprietary cloud-based payment platform is to act as the manager of a consumer’s financial budget using powerful technology and other intellectual properties to automate a consumer’s cash flow and personal payments. Through its FDIC (Federal Deposit Insurance Corporation) insured banking partners in the United States, Hank helps consumers in all 50 states find funds in their existing cash flow and speed up debt repayment. Payments platform Hank asks its banking partners to debit consumers when they have money, store the money in FDIC-insured accounts, and then automatically pay bills and loans as they come due ; often earlier than necessary. About half of Hank’s customers are financially strong but time-poor and use the Hank payment platform for convenience, while the other half are looking to improve their on-time payment performance and improve their ratings. credit using the Hank payment platform. Hank customers pay recurring monthly setup and processing fees while remaining on the Hank platform for an average of six years. Hank continues to innovate and plans to launch more advanced features for its expected growing customer base to provide greater visibility into their cash flow, credit performance, and viability to borrow or refinance at lower rates. lower prices, including introducing Hank’s clients to interested lenders. For more information visit our website at www.hankpayments.com.
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. Financial performance figures in Canadian dollars, unless otherwise indicated by “U” representing US dollars.
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: Jason Ewart, EVP Capital Markets, at 416-580-0721. For Investor Relations, please contact [email protected] and visit the Company’s website at www.hankpayments.com.
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