Payfare Announces May 2022 Active User Growth

TORONTO, June 7, 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 that it had over 858,000 active users1 as of May 31, 2022, an increase of approximately 162,000 active users or 23% since March 31, 2022. The Company continues to experience significant active user growth driven by coordinated marketing programs with its gig platform partners to support engagement with their workforces by providing instant or near instant earnings deposits after every task, zero-cost neobanking capabilities and robust cash back rewards programs on everyday purchases including fuel.

“We are proud to accelerate penetration with our gig platform partners. This demonstrates the value proposition we provide to both gig platforms and gig workers,” said Marco Margiotta, CEO and Founding Partner of Payfare. “Although we are experiencing elevated revenue and active user growth, we have never lost sight of underlying business fundamentals and profitability. Our low customer acquisition costs that are achieved by partnering directly with gig platforms is a key part of our business model that differentiates us from other neobanks with respect to profitability. We look forward to sharing more on our profit outlook when we report Q2 2022 financial results.”

Payfare expects to report Q2 2022 financial results on August 10, 2022 after market close.

About Payfare (TSX: PAY)

Payfare is a global financial technology company powering digital banking and instant payment solutions for today’s gig workforce. Payfare partners with leading platforms and marketplaces, such as Uber, Lyft and DoorDash, to provide financial health for their workforce.

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Media inquiries:
Sonya Verheyden, Vice President, Marketing
(226) 747-4600

[email protected] 

Investor inquiries:
Cihan Tuncay, Head of Investor Relations and Corporate Development
1 (888) 850-2713

[email protected]

1Non-IFRS and Supplementary Financial Measures

This press release contains references to “active users” which is not a measure prescribed by International Financial Reporting Standards (IFRS). This supplementary financial measure is provided as additional information to complement IFRS measures by providing a further understanding of our results of operations from management’s perspective, to provide investors and security analysts with supplemental measures to evaluate the financial performance of the Company and highlight trends in our core business that may not otherwise be apparent when relying solely on IFRS financial measures. Management also uses non-IFRS and supplementary financ