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Hank Payments Materially Increases Mortgage Customers and Grows Liablities Under Management by over 9%
Toronto, Ontario--(Newsfile Corp. - March 8, 2022) - Hank Payments Corp. (TSXV: HANK) ( "Han...
About this update from Futr Corporation
[{"type":"text","content":"Hank Payments Materially Increases Mortgage Customers and Grows Liablities Under Management by over 9%Toronto, Ontario--(Newsfile Corp. - March 8, 2022) - Hank Payments Corp. (TSXV: HANK) (\"Hank\" or the \"Company\"), a North American financial technology company that uses powerful technology to automate the complexities of personal cash flow management on one centralized platform, is pleased to announce that an existing mid-west USA channel partner, with a network of 1500 mortgage brokers, has agreed to organically onboard a portfolio of 600 mortgages to the Hank platform representing growth of approximately USD$110,000,000 in Hank's Liabilities Under Management (\"LUM\") which is expected to exceed USD$1.3 Billion by the end of the March 2022 quarter. In addition to Automotive loans and leases, Mortgages have been a new focus of Hank since 2021, due to their long-term stick rate and high margin processing fees. Mortgages will already represent approximately twenty percent of liabilities under management on completion of this migration over the coming weeks. The company will immediately begin onboarding the portfolio, which is expected to be completed in March 2022. This transaction deepens its partnership with this strategic channel, and the parties continue other strategic discussions to expand the relationship further. Processing fees are expected to grow commensurate with existing market pricing, and the lifetime value of the mortgages is expected to be measured over five years on average, a material increase in customer term.\"I am very pleased that our partner has opted to migrate more business to our platform, further evidencing the long-term value these relationships provide to Hank, and Hank to the channel. I'm also pleased that the effort to migrate accounts on scale is nominal and will be completed efficiently by our team over the coming weeks.\", noted Jeff Guthrie, President & COO Hank Payments.About Hank Payments Corp.Hank is a financial technology company. The Hank software platform (the \"Hank Platform\") acts as a consumer's financial concierge using a powerful technology to automate the complexities of personal cash flow management. Through its FDIC (Federal Deposit Insurance Corporation) insured bank partners in the United States, Hank helps consumers in every state find funds in their existing cash flow...