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PAYFARE ANNOUNCES FOURTH QUARTER AND YEAR END 2021 FINANCIAL RESULTS

Record Quarterly Revenues Increased to $17.3 Million – a 399% Increase Over Q4 2020

Toronto, Ontario – March 23, 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 Audited Financial Statements and Management’s Discussion and Analysis (“MD&A”) for the quarter and year ending December 31, 2021. 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. 

Q4 and Year Ended 2021 Financial Highlights:

  • Increased revenue to $17.3 million for the fourth quarter of 2021, representing a 399% increase over the same period in 2020 and a 36% increase when compared to the third quarter of 2021.
  • Increased revenue to $43.8 million in 2021, representing a 225% increase over 2020, primarily due to the national launch and ramp-up of the DoorDash program and growth in the Lyft program. 
  • Payfare’s 2021 gross profits increased to $1.3 million, representing a 391% increase over 2020 when it had negative gross profits. The Company expects significant improvements going forward as it normalizes one-time onboarding costs of new programs and scales its operations. 
  • Payfare increased its active user1 count by more than 834% compared to 2020. This represents an increase of 42% compared to Q3 2021.  

Strategic Objectives Set by the Company for 2022

  • Continue to accelerate growth by targeting revenue of $90 million – $100 million for fiscal 2022 and $21 million – $23 million for Q1 2022.
  • Launch “Paid App by Payfare” which is expected to go live in mid Q2 2022.
  • Develop new, margin enhancing products to drive revenue growth by expanding financial service offerings to Payfare users, such as micro-credit.
  • Establish infrastructure in international markets to facilitate global expansion.

“Last year was truly transformational for Payfare. We went public, while staying singularly focused on our mission — empowering financial health for the gig and contract workers we support,” said Marco Margiotta, Payfare CEO and Founding Partner. “Not only did we end the year with a record milestone of more than half a million active users1, but we also worked hard to integrate new features that made our digital banking soluti