Business
Hank Payments Corp. Opens for Trading on TSXV
Toronto, Ontario--(Newsfile Corp. - October 20, 2021) - Hank Payments Corp. (TSXV: HANK) (" Ha...
About this update from Futr Corporation
[{"type":"text","content":"Hank Payments Corp. Opens for Trading on TSXVToronto, Ontario--(Newsfile Corp. - October 20, 2021) - Hank Payments Corp. (TSXV: HANK) (\"Hank\" or \"Corporation\"), is pleased to announce that it will commence its first day of trading on the TSX Venture Exchange. The Company will begin trading at the opening of the market today, under the ticker symbol \"HANK.\"Message from the CEOHank's Chairperson and CEO, Michael Hilmer, commented on the milestone achievement. \"When we launched the Hank payment platform in 2018, we set out to transform the financial wellness market by providing our customers with the tools to improve their cash flow management, resulting in several incredible benefits.\" He added, \"Since then we have made significant progress in strengthening our operations, assembling an institutional team, advancing complex technology and data solutions and putting ourselves in a position to scale organically and through acquisitions.\"What is Hank?Today Hank is a financial wellness fintech platform for consumers with now over 40,000 customers across the U.S.A. We automate the collection, accrual and storage of cash 'away' from the consumer's day to day bank accounts - then we remit their bill and loan payments automatically on the dates they are due.Our customers pay Hank an enrollment or membership fee as well as monthly processing fees and they view us as an automated budgeting platform that conveniently manages their bill and loan payments as well as their cash flow. Hank does not lend money and therefore has no balance sheet risk. Hank's algorithms find cash in the consumer's cash flow and automate complex payment schemas designed to manage cash for them. Customers can choose to pay highest interest first or lowest balance first and many permutations in between. We think of ourselves as the robo-advisor for Liabilities Under Management vs. Assets Under Management.Our philosophy has always been to help consumers reduce high cost debt, build equity, and improve credit quality. Better payment and debt ration performance can lead customers to lower interest rate borrowing over time. Half of Hanks customers are prime or good credit and use Hank for convenience while the other half need Hank to instill and execute the discipline associated with budget and cash management. Customers on Hank that use the platform for more th...