Business
Hank Payments Auto Channel Continues Accelerated Growth
Toronto, Ontario--(Newsfile Corp. - June 18, 2024) - Hank Payments Corp. (TSXV: HANK) ( "Hank" ...
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[{"type":"text","content":"Hank Payments Auto Channel Continues Accelerated GrowthToronto, Ontario--(Newsfile Corp. - June 18, 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 further expansion of its US auto dealership originator base.The Company has signed and commenced the launch of a 31 auto store proof of concept program with a large auto dealer group with locations in 8 states. Since engaging, 2 stores have launched their offering of the Hank Payments platform to consumers and with the success of the proof of concept and all stores originating, the partner will represent over 10% growth from the 238 stores announced in April. Given the size of these stores, the contribution to new account originations could exceed 25%, once all stores are online, bringing total dealers to 269 with 57 added in 2024 alone. The partner is driving the roll-out schedule at this time.\"We are very pleased that our profitable auto business continues to outperform our expectations by a significant margin so early in the calendar year. Growth from this channel is predictable, profitable and scalable and as the roll out of the new stores continues, growth from the Auto Channel will contribute improved cash flow through calendar year end and allow us to commence calendar 2025 ahead of our expected base of recurring automotive channel revenue.\" commented Michael Hilmer, Chairperson and CEO.About Hank Payments Corp. Hank Payments Corp (the Company or \"Hank\") is a North American leader in consumer Fintech Software-as-a-Service (SaaS) and Banking-as-a-Service (BaaS) platforms that manages consumer cash flow and budgets on an automated basis using proprietary algorithms that collect, store and disburse cash as required to discharge obligations in a timely fashion. The Hank stack provides for several vertical market applications of the technology, with features specific to channels and enterprise accounts (\"Partners\") that allow those partners to operate new lines of business and revenue streams, using Hank. The Partners benefit from new revenue streams and powerful insights that open up additional opportunities for Partners to grow assets using Hank. The Company operates excl...