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 solution more impactful than ever for those users. We look forward to continuing this momentum into 2022, as we focus on further extending financial empowerment for workers across the entire gig economy and con