Business
Hank Payments Receives Key Strategic Investments
Toronto, Ontario--(Newsfile Corp. - January 30, 2024) - Hank Payments Corp.  (TSXV: HANK) (...
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[{"type":"text","content":"Hank Payments Receives Key Strategic InvestmentsToronto, Ontario--(Newsfile Corp. - January 30, 2024) - Hank Payments Corp. (TSXV: HANK) (\"Hank\" or the \"Company\"), an emerging North American leader in the Banking-as-a-Service (BaaS) market with a platform that modernizes budgets and payments for enterprises and consumers announces it has closed a non-brokered private placement of 484 units (\"Unit\") for total gross proceeds of CDN $484,000 (the \"Offering\") from strategic partners for the Hank Doors and the Hank Equity Builder products.Hank has secured an investment from a strategic real estate industry partner to drive introductions to large asset managers and residential property owners representing thousands of rental doors, in a market of several million tenants that need help with their cash management. The investor is a developer with deep relationships cultivated over many years and their investment is evidence of the confidence they have in Hank Doors. Hank also secured an investment from a US based financial advisory firm interested in becoming a client as well as developing the US Market for Hank Equity Builder. Details of the anticipated licensing and distribution agreement are being negotiated and will be announced as the contracts are finalized. Hank Equity Builder offers a unique budget and cash management platform for clients while also allowing financial advisors to monitor and manage client cash flow against preset objectives. The product is expected to surface additional investible cash which can automatically be transferred to investment accounts by clients or their financial advisors.\"We are very pleased to attract these terrific and committed partners to assist us in bringing these new products to market over the next few quarters. Partnering with industry experts is expected to shorten time to market and ensure our products and our go to market strategy are sound. The rental and wealth management markets provide tremendous opportunities, and both have experienced challenges for their respective clients due to a rising inflationary environment, housing shortages and less disposable income,\" stated Michael Hilmer, Chairperson and CEO. Each Unit consists of one $1,000 secured convertible debenture (\"Debentures\") and 6,667 common share purchase warrants (\"Warrant\"). The Debentures mature on Jan...