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Hank Payments Provides Financial and Corporate Update; Record Gross Margins Approach 90%, Record ARR and 24% YOY Revenue Growth
Toronto, Ontario--(Newsfile Corp. - April 19, 2022) - Hank Payments Corp.  (TSXV: HANK) ...
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[{"type":"text","content":"Hank Payments Provides Financial and Corporate Update; Record Gross Margins Approach 90%, Record ARR and 24% YOY Revenue GrowthToronto, Ontario--(Newsfile Corp. - April 19, 2022) - Hank Payments Corp. (TSXV: HANK) (\"Hank\" or the \"Company\"), a North American leader in consumer FinTech Software-as-a-Service (SaaS) announced today record quarter-over-quarter organic revenue growth and Annualized Recurring Revenue (ARR), record gross margins and acceleration of its go-to-market strategy and growth of its position across all 50 States as the industry-leading SaaS platform for personal financial wellness, through automating critical payments management resulting in improved household cash flow and debt management and overall financial hygiene.Headquartered in Canada with operations in the United States, Hank is on a mission to transform outmoded personal financial wellness and consumer financial technology through offering best-in-class payment management capabilities. Hank's modern, elegant and proprietary Cloud based solution is revolutionizing the way both consumers and lenders manage payments and benefit from the resulting data (including the effects of rising inflation and interest rates) by bringing the entire process into the 21st century with speed, automation, ease-of-use and best-in-class service.FINANCIAL HIGHLIGHTSGross margins grew to an unprecedented 89.2%.Record Annualized Recurring Revenue.Revenue for the third quarter ended March 31, 2022, grew 24% year over year to $1.38 million.Record Liabilities Under Management (LUM).Revenue quarter over quarter grew 6% as the Company benefits from the recovery in the auto industry.Hank has historically focused on the vehicle industry channel, where continuing inventory shortages and high demand for vehicles have had a significant impact on the cost of buying a new or used vehicle in 2021 and 2022 for consumers as evidenced by compelling data from Hank's budgeting and cash management platform. For the fifth consecutive quarter, Hank's data has shown that monthly payments have risen from U$521 to U$611, or 17.3%, before the effects of rising interest rates take hold. Hank expects its data to be highly valuable to emerging large-scale commercial lenders, originators, and servicers who wish to offer consolidation or other remediation type of loan facilities to assist consume...