- Oops!Something went wrong.Please try again later.
Vancouver, British Columbia--(Newsfile Corp. - August 31, 2021) - Peak Fintech Group Inc. (CSE: PKK) (OTCQX: PKKFF), an innovative Fintech service provider and manager of the Cubeler Business Hub, has reported its first quarterly profit. The company posted revenue of $30,649,179 for the second quarter ended June 30, 2021, an increase of 322% over the $7,264,000 reported in the second quarter of 2020.
This resulted in the company's first ever profits with net income of $296,071 as the relative costs of providing the company's services continue to drop. Revenue for the 6 months ended June 30, 2021 was $44,889,000, compared to $11,213,000 for the comparable periods in 2020.
Cannot view this video? Visit:
Peak Fintech Group Inc. is the parent company of a group of innovative financial technology subsidiaries operating primarily in the commercial lending industry. Peak's subsidiaries bring together lending financial institutions and businesses to create the Cubeler Business Hub (www.cubeler.com), an ecosystem where analytics and artificial intelligence are used to facilitate transactions among members of the ecosystem. Peak recently acquired 100% of Montreal-based Cubeler Inc., the analytics and AI company that developed and owned the world-wide commercial rights to the technology at the core of Peak's Business Hub.
Johnson Joseph, CEO, stated: "This acquisition is without a doubt the most important transaction in our Company's history. It not only gives us complete autonomy on the technology responsible for generating 90% of our revenue, but just as important, allows us to begin the next phase of our vision for the Business Hub, which is to create a global ecosystem of businesses and financial institutions where analytics and AI are used to conduct business more efficiently. Although Cubeler hasn't officially launched its ecosystem in Canada, there are already small businesses from a wide range of industries and from every province, except for PEI, pre-registered on the platform. Our goal is to take elements from our operations in China, such as our ability to control the flow of funds to help our members get paid faster, and integrate this operational model within Cubeler's ecosystem to create a North American Business Hub that provides members with the best of both worlds when we officially launch our North American operations later this year."
Second quarter growth was fueled by the business development initiatives which began in the fourth quarter of 2020 and continued in the first quarter of 2021 including Peak's partnership with Rongbang Technology Ltd. and the arrival of large national distributors to Peak's Business Hub. The company's retailer and distributor financing programs, the Business Hub's ability to leverage the China UnionPay network to provide fund transfer and payment processing services, and the Gold River platform's impact on reducing the costs related to the company's supply chain services, all contributed to the company's initial profitability.
Other highlights of the quarter include Peak's first participation in the "618 Shopping Festival" the second-largest shopping festival in China, first launched by JD.com in 2003, which resulted in the financing of 789 transactions financed worth approximately $200,000,000.
Peak also opened offices in Beijing and Guangzhou and opened two new subsidiaries, Zhejiang Xinjiupin Clean Tech - Oil & Gas Management Ltd. to provide services related to the selling and distribution of oil and gas products and clean technology products, and Xinxiang Technologies Ltd. to provide services related to the selling and distribution of property and liability insurance products in China.
Investor Relations are handled by Cathy Hume, CEO of CHF Capital Markets, who can be reached at 416-868-1079 ext. 251 or by email at email@example.com, and Mark Schwalenberg, CFA, of MZ Group, who can be reached at 312-261-6430 or by email PEAK@mzgroup.us.
About InvestmentPitch Media
InvestmentPitch Media leverages the power of video, which together with its extensive distribution, positions a company's story ahead of the 1,000's of companies seeking awareness and funding from the financial community. The company specializes in producing short videos based on significant news releases, research reports and other content of interest to investors.
Barry Morgan, CFO
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/95003