- Hank Payments Corp (HANK) has signed a licensing agreement with a U.S.-based consumer payment management company
- The customer will utilize the Hank Payments platform and industry-leading, proprietary software to manage its enrolment and consumer servicing components
- The business relationship will be for an initial term of five years to be extended as users stay on the Hank Payments platform
- The customer currently has over 20,000 active users, adding between 400 and 1,000 net new active users every month
- Hank is a Fintech software-as-a-service company that supports consumer budgeting and cash management automation
- Hank Payments Corp. is down 7.407 per cent, trading at $0.125 at 10:36 AM ET
Hank Payments Corp (HANK) has signed a licensing agreement with a U.S.-based consumer payment management company.
The licensing agreement stipulates that the customer will utilize the Hank Payments platform and software to manage its enrolment and consumer servicing components.
Hank has identified dozens of other enterprise targets in this vertical, with this licensing agreement being the first to launch.
The agreement states that the business relationship will be for five years to be extended as users stay on the Hank Payments platform.
The unnamed customer will utilize Hank’s payment platform to manage its entire existing customer base and pay the monthly recurring fees for all active users on the customer platform, providing a reliable, steady fee income stream to Hank.
The customer currently has over 20,000 active users, adding between 400 and 1,000 net new active users every month. This is expected to increase because of the access to the Hank platform.
If users leave the platform of the customer but prefer to remain on Hank’s platform, those users will be offered a Hank direct-to-consumer subscription pricing model for service continuation.
Hank and its new customer have already commenced working together on API (Application Programming Interface) customization and workflow/operational integration.
The planned launch date is expected to occur as soon as this integration is completed, currently anticipated to be late summer/early fall, 2022.
“We signalled that we were working on key enterprise deals and are delighted to announce this exciting new partnership that is expected to perform above our existing recurring per user revenue and in line with Hank’s exceptional gross margin profiles,” said Michael Hilmer, Chairperson and CEO of Hank.
Hank is a Fintech software-as-a-service (SaaS) company that supports consumer budgeting and cash management automation.
Hank Payments Corp. is down 7.407 per cent, trading at $0.125 at 10:36 AM ET.