Record quarterly gross profit of $4.3 million (17.2% margin), up $4.4 million from the prior year (-3.3% margin) 

Toronto, Ontario – May 11, 2022 – Payfare Inc. (“Payfare” or the “Company”) (TSX: PAY), a leading fintech powering instant payout and digital banking solutions for the gig workforce, today announced the filing of its Financial Statements and Management’s Discussion and Analysis (“MD&A”) for the quarter ending March 31, 2022. A comprehensive discussion of Payfare’s financial position and results of operations are provided in the MD&A, which is filed on SEDAR under Payfare’s profile and can be found at www.sedar.com.

Q1 2022 Financial Highlights:

• Revenue of $24.9 million, representing a $19.8 million (393%) increase over Q1 2021. 

• Gross profit of $4.3 million (17.2% margin) in Q1 2022, up $4.4 million compared to Q1 2021 (-3.3% margin). 

• Ended Q1 2022 with 696,362 active users1, an increase of 184,590 (36%) compared to active users as at December 31, 2021 and an increase of 549,520 (374%) compared to active users as at March 31, 2021. 

• Total gross dollar value (Total GDV)1 in Q1 2022 was $1.4 billion, an increase of $0.4 billion (41%) over