Business
Hank Payments Delivers Strong First Quarter; Revenue Grows 25% Year Over Year; Gross Profit Grows to 85%
Toronto, Ontario--(Newsfile Corp. - November 29, 2021) - Hank Payments Corp. (TSXV: HANK) ( ...
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[{"type":"text","content":"Hank Payments Delivers Strong First Quarter; Revenue Grows 25% Year Over Year; Gross Profit Grows to 85%Toronto, Ontario--(Newsfile Corp. - November 29, 2021) - Hank Payments Corp. (TSXV: HANK) (\"Hank\" or the \"Company\"), a North American financial technology company that acts as a consumer's financial concierge, using a powerful technology to automate the complexities of personal cash flow management, announced the filings of its financial statements and management discussion and analysis (\"MD&A\") for the three months ending September 30, 2021, its last quarter as a private company.The Company exceeded gross profit materially 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% to U$936,866Cost of sales increased by only 6.9% over the same period last year to U$136,700Gross Profit % grew over the same period last year by 2.5% to 85% Cash used in operations reduced to U$36,606 from U$193,240, an 81% improvementExecuting Key Indicators of Performance: Hank users managing mortgage payments increased by 22% since the beginning of the pandemic - March 1, 2020Hank users managing multiple payments increased by 68% since the beginning of the pandemic and 17% since the beginning of calendar 2021Multi payment customers processing fees are up 67% over their original onboarded monthly loan processing feesOver 25% of Hank customers, with more than one loan on the platform, have at least one credit card on the platform, signalling a desire to reduce high yield debtOn average, customers with multiple payments and loans on the platform are using Hank for 2.81 household paymentsDespite marginal investment in digital marketing, Hank's marketing team provided strong evidence that the platform's multi-loan and payment management features are highly desired and lucrative. Hank acquires auto loan customers, curates their payments, then, once the customers are used to the platform, Hank re-markets to them over time to add additional 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 m...