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Hank Payments Announces Strategic Licensing and Reseller Agreement for Hank Equity Builder Product
Toronto, Ontario--(Newsfile Corp. - May 30, 2024) - Hank Payments Corp.  (TSXV: HANK) ( "Ha...
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[{"type":"text","content":"Hank Payments Announces Strategic Licensing and Reseller Agreement for Hank Equity Builder ProductToronto, Ontario--(Newsfile Corp. - May 30, 2024) - Hank Payments Corp. (TSXV: HANK) (\"Hank\" or the \"Company\"), an emerging North American leader in the Banking-as-a-Service (BaaS) market with a platform that modernizes budgets and payments for enterprises and consumers is pleased to announce it has signed a strategic licensing Agreement for the Hank Equity Builder product with Helo.Hank Equity Builder is a unique, consumer budget, cash management and savings enablement platform. It empowers consumers with goal setting and cash management automation modules to make it easier to pay off debt and save for longer-term retirement goals. Helo, powered by Nightingale Wealth Solutions, a well-established financial advisory firm, has extensive experience in providing financial advice, retirement planning, goal setting and goal management for consumers, with intricate knowledge of the complex tax and product strategies required to help Americans retire comfortably. Helo as well as members of the Nightingale Wealth Solutions team are providing their financial advisory, planning and wellness expertise in the design of Equity Builder, which will be brought to market in the US branded as \"Helo\" through the Helo Channel.The Helo product, powered by the Hank BaaS platform, will be offered to enterprise clients as a benefit for their employees as well as direct to consumers as an automated cash management, retirement planning and goal execution solution, as a subscription service. Highlights of the Agreement: Five-year term with prescribed minimum, paying subscribers, evergreening upon achievement of 140,000 paying subscribers;Helo has the exclusive right to resell Equity Builder and the Helo customizations in the US during the term provided that they deliver a minimum annual net subscriber growth of at least 30,000 new paying users annually;Both parties will share in subscription revenues approximately 50/50;At 100,000 users, and assuming an average subscription cost of $30/month, Hank would earn USD$18 million in annual recurring revenue;Helo will invest USD$500,000 into Hank;Helo is responsible for branding, promotion, selling, marketing, enterprise account management, customer acquisition costs and distribution to prospective users a...