- Hank Payments (HANK) has provided financial and corporate updates
- Gross margins grew to a record 89.2 per cent
- Quarter-over-quarter revenue grew by a record 6 per cent thanks to a recovery in the auto industry
- The company’s platform is in the process of expanding to accommodate gig workers, banks and lenders, debt settlement, debt management and credit counseling
- CEO Michael Hilmer sat down with Shoran Devi to discuss the updates
- Hank is a SaaS-based consumer fintech company
- Hank Payments (HANK) is unchanged trading at $0.12 per share
Hank Payments (HANK) has provided financial and corporate updates.
Highlights:
- Gross margins grew to a record 89.2 per cent
- Revenue for Q1 ended March 31, 2022, grew 24 per cent YoY to C$1.38M
- Quarter-over-quarter revenue grew by a record 6 per cent thanks to a recovery in the auto industry
- Annualized recurring revenue and liabilities under management also hit record numbers
The company believes that data from its budgeting and cash management platform – which shows that monthly auto payments have risen for five straight quarters – will be highly valuable to large-scale commercial lenders, originators and servicers over the next few years.
It expects mortgage payments will begin to mimic the rise in auto payments due to inflation and rising interest rates. It also expects credit card debt and student loans to climb.
In addition, Hank is finalizing its previously announced acquisition of a mortgage payment management platform. Upon closing, management expects liabilities under management and revenue to climb thanks to Hank’s marketing and SaaS capabilities.
The migration of 600 mortgages announced on March 8, 2022, is expected to conclude in the coming weeks.
The company’s platform is also in the process of expanding to accommodate gig workers, banks and lenders, debt settlement, debt management and credit counselling.
It will report Q2 results at the end of May 2022.
CEO Michael Hilmer sat down with Shoran Devi to discuss the updates.
Hank is a SaaS-based consumer fintech company.
Hank Payments (HANK) is unchanged trading at $0.12 per share as of 10:37 am EST.
