Toronto, Ontario--(Newsfile Corp. - March 4, 2024) - Hank Payments Corp. (TSXV: HANK), an emerging North American leader in consumer fintech software-as-a-service with a banking platform that modernizes budgets and payments for enterprises and consumers, and FinWise Bank, a subsidiary of FinWise Bancorp (NASDAQ: FINW), a Fintech banking solutions provider, today announced the signing of a customer origination program agreement that will significantly enhance consumers' ability to pay down loans, build savings and access credit solutions.
Hank Payments focuses on technology that modernizes payments and cash/budget management. The platform improves consumer and enterprise cash flow, payment discipline and efficiency - while saving money.
FinWise will provide payment services, including ACH origination, wires, check, and bill pay services through Mastercard's Remote Payment and Presentment Service (RPPS), in collaboration with Hank systems.
Michael Hilmer, Chairman and CEO of Hank, commented, "We are excited to enter into this partnership with an innovative Fintech banking solutions provider like FinWise. The Company is highly focused on technology and automation and represents a best-in-class solution from our perspective." He added, "With new technology developed by the Hank team in 2023, customer deposits will be housed by FinWise allowing Hank to earn fees on the deposits. The more payments and cash Hank manages, including consumer household payments, the higher the transiting deposits will be. This represents a new ongoing monthly revenue stream for Hank as transiting deposits increase high margin monthly fees and are expected to be accretive to our earnings. Implementation of the program will commence at the beginning of the second quarter of 2024."
"We are excited to work with Hank Payments to offer consumers and businesses a strong payments solution," said Kent Landvatter, CEO of FinWise. "This strategic partnership gradually moves FinWise into payments processing and is in-line with our commitment to expand and diversify our sources of recurring fee revenue. We also expect it to help diversify our deposit composition and over time reduce our cost of funds through relationship banking. Consistent with FinWise's compliance and regulatory-first culture, the bank conducted an intensive due-diligence process and compliance assessment."
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. For more information visit our website at www.hankpayments.com.
About FinWise Bank
FinWise is reshaping the Banking value chain through Fintech enablement. The Company is at a key expansion point as it incorporates BIN Sponsorship and Payments HUB offerings into its current platforms, creating an integrated Fintech banking solutions provider. Its existing Strategic Program Lending business, done through scalable API-driven infrastructure, powers deposit, lending and payments programs for leading Fintech brands. FinWise also manages other Lending programs such as SBA 7(a), Real Estate, and Leasing, which provide optionality for disciplined balance sheet growth. FinWise is well positioned to help Fintechs through its compliance oversight and risk management-first culture.- For more information visit www.finwise.bank.
FOR FURTHER INFORMATION PLEASE CONTACT:
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 https://ir.hankpayments.com/.
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SOURCE: Hank Payments Corp.
