- Hank Payments (HANK) signs an exclusive national license agreement in Canada
- The agreement is for three years with a minimum base revenue of C$5 million plus 22 per cent maintenance revenue earned quarterly beginning this year
- The company also said the agreement is exclusive to Canada for the term’s duration with customary renewals to support the recurring long-term nature of Hank users
- Recurring user counts is expected to exceed over 130,000 by the end of the third year
- Shares of Hank Payments (HANK) are up 14.29 per cent to C$0.04 as of 11:30 a.m. EDT Tuesday
Hank Payments (HANK) signs an exclusive national license agreement in Canada.
In a press release, the company said the agreement is for three years with a minimum base revenue of C$5 million, plus 22 per cent maintenance revenue earned quarterly starting this year.
The agreement is exclusive to Canada for the term’s duration, with customary renewals to support the recurring long-term nature of Hank users.
“Over the past five months we have worked closely with our new Canadian partner to introduce the Hank platform to multiple enterprises with significant interest. We could not be happier with the certainty this agreement provides Hank, our new partners, and the prospects of helping consumers in the Canadian market,” Michael Hillmer, CEO of Hank Payments, said in a release.
Headquartered out of Toronto, Ontario Hank Payments s a fintech company that manages consumer cashflow and budgets on an automated basis.
Its proprietary algorithms collect store and disburse cash as required to discharge obligations in a timely fashion.
Shares of Hank Payments (HANK) are up 14.29 per cent to C$0.04 as of 11:30 a.m. EDT Tuesday.