Toronto, Ontario--(Newsfile Corp. - June 1, 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 and cash management automation now offered through distributers and community banks nationwide, is pleased to announce it has entered into a strategic partnership agreement with Fair Fintech Inc. (Fair), a leading consumer-first, ethical financial services company wealth building digital platform based in Houston, Texas.
Under the strategic partnership, Hank and Fair will offer the Fair banking products to Hank consumers, including a 4% Wealth Building Account. Hank will earn set-up fees for every new account opened, as well as recurring revenues based on Assets Under Management with Fair. Additionally, and as part of the agreement, Fair will expend significant amounts to fund various market development and general marketing efforts to accelerate customer adoption.
As adoption grows, each of Hank and Fair expect to offer a fully integrated solution for consumers on both Hank and Fair's respective platforms, allowing consumers to take full advantage of best-in-class technology and services.
Michael Hilmer, Chairperson and CEO of Hank commented, "It is important for us to continue to build value for our platform users. As we identify cash flow savings for our consumers using Hank's best-in-class cash management platform, Hank's goal is to assist them to start developing healthy savings habits for those unpredictable life events (rainy day funds) and to start growing their savings over time. Fair is on a mission to expand its multilingual digital bank offerings across the country, and we are excited to be partnering with them as they offer among the highest income earnings opportunities on deposits in the marketplace."
Khalid Parekh, Founder & CEO of Fair and AMSYS Group, stated, "I am truly excited about working with Hank and am a strong believer that when cutting edge fintech leaders work together, they can bring great benefits to their respective customers - and there's no doubt in my mind that this will be the case with Fair and Hank!"
About Hank Payments Corp.
Hank is a SaaS based consumer Fintech company. An important vertical market of the industry leading Hank cloud-based software platform (the "Hank Platform") is to address consumer's financial budget manager using powerful technology to automate a consumer's personal cash flow and payments. Through its FDIC (Federal Deposit Insurance Corporation) insured bank partners in the U.S., Hank helps consumers in all 50 States find funds in their existing cash flow and speed up the retirement of liabilities. The Hank Platform instructs its banking partners to debit consumers when they have cash, store the money in FDIC insured accounts, then automatically pay bills and loans as they come due; often sooner than required. Approximately half of Hank's customers are financially sound and use the Hank Platform for convenience, while the other half are looking to improve their on-time payment performance through the Hank Platform. Hank's customers pay setup and ongoing monthly processing fees while remaining on the Hank Platform for an average of six years. Hank continues to innovate and anticipates launching more expansive state of the art features to its expected growing customer base to provide greater visibility into their cash flow, credit performance, and viability to borrow or refinance at lower rates, including introducing Hank customers to interested lenders.
About Fair Fintech Inc.
Dedicated to values that place people over profit, Fair practices socially responsible investing (SRI), environmental, social, and corporate governance (ESG) investing. Fair donates 2.5% of its profits to global refugee causes and racial economic empowerment initiatives. Fair banking services are provided by Coastal Community Bank, member FDIC. Investment and retirement services will be provided by Fair Invest, LLC.
Fair membership enrollment is available at bankwithfair.com, and the Fair mobile app can be downloaded in the Apple App Store and Google Play Store. Fair membership can be completed with a social security number or a government-issued ID, such as a valid passport or driver's license.
Terms and conditions apply and can be found at bankwithfair.com. Connect with @bankwithfair on Facebook, Twitter, Instagram, and LinkedIn. Disclaimers: Investment and lending products are provided by Fair Invest, LLC, a registered investment advisory firm with the Securities and Exchange Commission. Custodial and brokerage services are provided by Apex Clearing Corporation, a member of the New York Stock Exchange (https://www.nyse.com/), FINRA (https://www.finra.org/), and SIPC (http://www.sipc.org/).
Please note that these products are protected by SIPC insurance for Fair Invest, LLC accounts on APEX Platform, not insured by FDIC insurance. SIPC insurance covers customer claims up to $500,000, with a maximum of $250,000 for cash claims. For details, see http://www.sipc.org. Not a deposit or other obligation of, or guaranteed by Coastal Community Bank, Member FDIC, or any bank affiliate. Subject to risk including possible loss of invested principal. This risk is assumed by Fair Invest, LLC so member's invested principal will not be impacted by such losses. For details, please see https://bankwithfair.com/terms-conditions.
Fair is a subsidiary of AMSYS Group (https://amsysgroup.com/), a leading global investment firm with expertise across multiple business sectors, including energy, technology, finance, logistics, engineering and healthcare. For more information regarding Fair, please visit the Company's website at https://www.bankwithfair.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 FURTHER INFORMATION PLEASE CONTACT:
For more information regarding Hank Payments Corp., please contact: Jason Ewart, EVP Capital Markets, at 1-833-HANKPAY. 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.
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