Hank Payments Launches First College on Its Education Platform Ahead of Schedule

Toronto, Ontario–(Newsfile Corp. – July 27, 2023) – Hank Payments Corp. (TSXV: HANK) (“Hank” or the “Company”), is a North American leader in consumer Fintech Software-as-a-Service (“SaaS”) in the Banking-as-a-Service (“BaaS”) market segment. Hank platforms manage consumer cash flow and budgets on an automated basis using proprietary algorithms that collect, store and disburse cash as required to discharge obligations in a timely fashion. Hank’s vertical market technology brings to bear enhanced features for Enterprise customers that wish to help their users and themselves manage payments and cash.

The Company is pleased to announce that it has completed the integration and extensive testing of its first college, launching on the Hank Education Platform (“Hank EDU”). The school will initially use Hank EDU Fast Funds for disbursements starting in August. Hank EDU Fast Funds allows colleges to seamlessly distribute excess funds collected, through bursaries, student loans, and rebates, back to the students while avoiding the latency and costs related to check processing. Fast Funds has shown up to 90% reduction in check issuance over the test phase, leading to strong interest from colleges for the product.

Regulation requires that excess funds must be distributed to students within fourteen days of receipt by the college. The Hank portal allows colleges to (i) prepare and load files to disburse and trigger the disbursements in a timely manner, (ii) track the deposits on the student side, and (iii) provide evidence to their regulators that the disbursements were made to the students. The students receive notifications and secure links to accept the disbursements, allowing them to receive funds immediately using various payment protocols and banking integrations provided by Hank.

The Company is also pleased to report that it already has another five colleges in various stages of final contract discussions and launch scheduling. The overall sales funnel is strong and the Company continues to work through its first one hundred school demos and contracting. The Company expects to see accelerated contracting and growth post the summer vacation season as staff at colleges return for the academic year.

Michael Hilmer, Chairperson and CEO commented “We are pleased with the upcoming August launch of the first of many colleges on the Hank EDU platform.” He added “Our EDU solutions modernize the experiences for schools and students, while leveraging a complex network of integrated partners and banks, that colleges would otherwise never attempt to bring together. We have a very healthy pipeline of colleges and are investing carefully in marketing and expanded automated reach outs, as the demand continues to exceed our expectations. We are very proud of our design, launch, sales and marketing teams for bringing these innovative ideas to life so quickly and launching our first college ahead of schedule.”

About Hank Payments Corp.

Hank Payments Corp (the Company or “Hank”) is a North American leader in consumer Fintech Software-as-a-Service (SaaS) and Banking-as-a-Service (BaaS) platforms that manages consumer cash flow and budgets on an automated basis using proprietary algorithms that collect, store and disburse cash as required to discharge obligations in a timely fashion. The Hank stack provides for several vertical market applications of the technology, with features specific to channels and enterprise accounts (“Partners”) that allow those partners to operate new lines of business and revenue streams, using Hank. The Partners can benefit from new revenue streams and powerful insights that open up additional opportunities for Partners to grow assets or improve cash flow using Hank. Hank houses the complex technology, banking, treasury, customer service, sales and operations teams that acquire and service consumers. The Company acquires Users through various channels including (i) small to medium sized enterprises (the “SME Partners”) and (ii) large enterprise businesses (the “Enterprise Partners”). The Company’s BaaS model is emerging which is expected to add additional fees including software licensing and usage fees. For more information visit our website at www.hankpayments.com.

Forward-Looking Statements

This news release may contain forward-looking statements (within the meaning of applicable securities laws) which reflect the Company’s current expectations regarding future events. Forward-looking statements are identified by words such as “believe”, “anticipate”, “project”, “expect”, “intend”, “plan”, “will”, “may”, “estimate” and other similar expressions. These statements are based on the Company’s expectations, estimates, forecasts, and projections and include, without limitation, statements regarding the future success of the Company’s business. Financial performance figures in Canadian Dollars unless otherwise indicated by “U” representing United States Dollars.

The forward-looking statements in this news release are based on certain assumptions, including without limitation the Shares beginning trading on the TSXV. The forward-looking statements are not guarantees of future performance and involve risks and uncertainties that are difficult to control or predict. A number of factors could cause actual results to differ materially from the results discussed in the forward-looking statements. Readers, therefore, should not place undue reliance on any such forward-looking statements. Further, these forward-looking statements are made as of the date of this news release and, except as expressly required by applicable law, the Company assumes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.


For more information regarding Hank Payments Corp., please contact: Jason Ewart, EVP Capital Markets, at 416-580-0721. For Investor Relations please contact ir@hankpayments.com and visit the Company’s website at www.hankpayments.com.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/175078

error: Content is protected !!