Business
Hank Payments Revenue Grows 27% on Continuing 90% Margins
Provides Corporate Updates Toronto, Ontario--(Newsfile Corp. - August 8, 2022) - Hank Paymen...
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[{"type":"text","content":"Hank Payments Revenue Grows 27% on Continuing 90% MarginsProvides Corporate UpdatesToronto, Ontario--(Newsfile Corp. - August 8, 2022) - Hank Payments Corp. (TSXV: HANK) (\"Hank\" or the \"Company\"), a North American leader in consumer Fintech Software-as-a-Service (SaaS) that supports consumer budgeting, cash management and payment automation through it's secure, modern, automated and best-in-class proprietary Cloud-based technology solution and related intellectual property (the \"Hank Payment Platform\") is pleased to provide its fourth quarter financial and corporate update for the period ending June 30, 2022.FINANCIAL HIGHLIGHTSRevenue for the fourth quarter ended June 30, 2022, grew 27% year over year to $1,479,074;Gross margins remain strong at 90%;Revenue quarter over quarter grew 7% as the Company continues to benefit from the recovery in the auto industry and ahead of launching SaaS enterprise license transactions which are expected to be highly accretive to margin, cash flow and Annualized Recurring Revenue (ARR);$1,200,000 of annualized corporate overhead costs savings.CORPORATE UPDATESAs previously announced during its second quarter, an existing channel partner had agreed to migrate a portfolio of approximately 600 mortgages onto the Hank Payment Platform representing growth of approximately US$110,000,000 in Hank's Liabilities Under Management (\"LUM\"), while contributing to Monthly Recurring Revenue, ARR and gross margins. Hank is pleased to report that the migration of the mortgages was successfully completed as planned.On the talent acquisition / retention front, and as part of Hank's planned business model transition to a SaaS enterprise licensing emphasis and resulting alignment of internal resources, the Company has appointed Jim Bottrell as Senior Vice President of Technology who possesses over 30 years of technology, project and SaaS experience, with expertise in designing and implementing the complex technology and banking workflows, managing various aspects of operations including annual bank audits, and product planning and strategy, making him the ideal candidate to continue to evolve and refine Hank's enterprise offering - a platform he was instrumental in designing.Over its fourth quarter, Hank also started executing on previously announced planned operating costs efficiencies amounting to sav...