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Hank Payments Reports Second-Quarter Financial Results with Revenue Growth of 20% Year over Year Gross Profit Climbs to 88%
Toronto, Ontario--(Newsfile Corp. - March 1, 2022) - Hank Payments Corp.  (TSXV: HANK) (...
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[{"type":"text","content":"Hank Payments Reports Second-Quarter Financial Results with Revenue Growth of 20% Year over Year Gross Profit Climbs to 88%Toronto, Ontario--(Newsfile Corp. - March 1, 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 the filings of its financial statements and management discussion and analysis (\"MD&A\") for the three and six months periods ending December 31, 2021. All figures are in CAD.Financial and Business Highlights: Revenue for the second quarter ended December 31, 2021, grew 20% year over year to $1,304,643Revenue quarter over quarter increased by 11% Gross margins improved to 88%, from 85% the previous quarterHank deployed its upgraded consumer portals, providing customers with several new features and enhancements.Hank completed the integration of its credit score reporting feature in its consumer portal and will begin to provide customers with access to their scores in the coming quarters. Many of Hank's customers have shared that their credit scores have improved over time, and this new feature will enable all Hank customers to easily track their credit scores as part of their financial wellness goals. By aggregating and anonymizing this data, Hank will provide consumers with insights and offerings to further enhance their financial well-being. \"The need for Hank's services has never been greater.\" stated Jeff Guthrie, President & Chief Operating Officer, adding, \"During 2021, the average size of an automotive payment on the Hank platform grew by 16%, whereas the average lease payment grew by 8%. These increases signal that consumers have started to bear the brunt of inflation on vehicle costs, which will only be exasperated by raising interest rates. We are already seeing an increased demand for Hank through our auto dealer channels and expect this demand to build as new vehicle inventories return to pre-pandemic levels. Demand for our mortgage and other payment products also continue to climb, and we are investing in these high margin growth channels. My focus in the coming quarters is to advance strategic transactions and partnerships and further build awareness in the market of our compe...