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 acceler