Business
Hank Payments Enters Canadian Market; Signs Exclusive National License Agreement
Toronto, Ontario--(Newsfile Corp. - March 28, 2023) -   Hank Payments Corp.  (TSXV: HAN...
About this update from Futr Corporation
[{"type":"text","content":"Hank Payments Enters Canadian Market; Signs Exclusive National License AgreementToronto, Ontario--(Newsfile Corp. - March 28, 2023) -  Hank Payments Corp. (TSXV: HANK) (\"Hank\" or the \"Company\"), is a North American leader in consumer Fintech Software-as-a-Service (\"SaaS\") in the Banking-as-a-Service (\"BaaS\") market segment. The Hank base platform 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. Hank markets specific technology layers on top of the base platform and provides for enterprise customer and user experiences more tailored to market segments and use cases. The Company is pleased to announce the signing of a material license agreement.Highlights of the National Technology License Agreement:Three-year license agreement with minimum base revenue of C$5,000,000 plus 22% maintenance revenue to be earned quarterly commencing in calendar 2023;Licensee is exclusive to the Canadian Territory for the term, with customary renewals to support recurring long-term nature of Hank users;Licensee has exclusive protection on several entities outside of Canada for nine months, to allow licensee to close contracts already in discussion;Recurring user counts expected to exceed 130,000 by the end of year three with additional user licensing fees to be paid monthly for user counts exceeding contracted base counts;Additional 15% royalty to Hank on Licensee monthly revenues attributed to Hank products, in perpetuity and applied to users exceeding base counts; \"Over the past five months we have worked closely with our new Canadian partner to introduce the Hank platform to multiple enterprises with significant interest. We could not be happier with the certainty this agreement provides Hank, our new partners, and the prospects of helping consumers in the Canadian market.\" said 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. Th...