- Hank Payments (HANK) has filed its financial statements and management discussion and MD&A for the three months ending September 30, 2021
- Jeff Guthrie, President and COO of Hank Payments sat down with Caroline Egan to discuss the results
- Revenue grew over the same period last year by 25.3 per cent to US$936,866
- Gross profit grew to 85 per cent
- Hank users managing mortgage payments increased by 22 per cent since March 1, 2020
- Hank users managing multiple payments increased by 68 per cent since March 1, 2020
- Hank is a financial technology company. The Hank software platform acts as a consumer’s personal, financial concierge
- Hank Payments Corp. (HANK) opened trading at C$0.37 per share
Hank Payments (HANK) has filed its financial statements and management discussion and MD&A for the three months ending September 30, 2021.
Jeff Guthrie, President and COO of Hank Payments sat down with Caroline Egan to discuss the results.
The company exceeded gross profit in the quarter and with the capital raised through its RTO with Nobelium in October, Hank is now aggressively pursuing its growth plans.
Financial and business highlights:
- Revenue grew over the same period last year by 25.3 per cent to US$936,866
- Gross profit grew over the same period last year by 2.5 per cent to 85 per cent
- Cash used in operations reduced to U$36,606 from U$193,240, an 81 per cent improvement
Key performance indicators:
- Hank users managing mortgage payments increased by 22 per cent since March 1, 2020
- Hank users managing multiple payments increased by 68 per cent since March 1, 2020 and 17 per cent since the beginning of calendar 2021
- Multi payment customers processing fees are up 67 per cent over their original onboarded monthly loan processing fees
- Over 25 per cent of Hank customers have at least one credit card on the platform, signalling a desire to reduce high yield debt
- On average, customers with multiple payments and loans on the platform are using Hank for 2.81 household payments
The multi-loan consumer lifetime value (LTV) currently averages above U$1,000, with power users of the platform delivering between U$1,300 and U$1,700 in lifetime value, at industry-leading margins. Customers’ financial lives are made much easier by running their liability and cash management on the Hank platform.
As Hank closes transactions, the Hank marketing team will leverage Hank’s platform and digital capabilities to cross-sell both existing and previous customers to curate additional loans.
Jeff Guthrie, President & COO of Hank, commented on the company’s success.
“We are pleased that our resilient platform continues to perform as pressure continues in certain market segments, and we are extremely excited about the transaction pricing and value creation opportunities at our doorstep. This unique and short-term market setup is ideal for us as we look to close on near-term opportunities and benefit from the growth of multiple footprints in many diverse channels across America. I am very pleased with the multi-payment and mortgage customer growth as it signals that we are on point with the consumer needs in the market, and my confidence is very high that these trends will continue to grow as we provide value in the form of financial wellness to consumers.”
Hank is a financial technology company. The Hank software platform acts as a consumer’s personal, financial concierge using powerful technology to automate the complexities of personal cash flow management.
Hank Payments Corp. (HANK) opened trading at C$0.37 per share.