First quarter reporting positive net profit of $2.9MM or $0.06 per share in Q4 2022 with record Adj. EBITDA¹ of $3.6MM and Operating Cash Flow of $6.4MM

Toronto, Ontario – March 22, 2023 – 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 and year ending December 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.

Q4 2022 Highlights:

• Revenue of $38.4 million in Q4 2022, representing a $21.8 million (+131%) increase over Q4 2021 and a $3.5 million (+10%) increase over Q3 2022. 
• Gross profit of $8.3 million in Q4 2022, up $5.8 million (+230%) compared to Q4 2021 and up $1.4 million (+20%) compared to Q3 2022. 
• First quarter reporting positive net profit of $2.9 million or $0.06 per share in Q4 2022 compared to a net loss of ($4.6 million or $0.10 per share) in Q4 2021 and a net loss of ($0.8 million or $0.02 per share) in Q3 2022. 
• Record Adjusted EBITDA¹ expansion to $3.6 million in Q4 2022, a $6.0 million (+248%) increase over Q4 2021 and a $2.3 million (+171%) increase over Q3 2022. 
• Record Operating Cash Flow generation of $6.4 million in Q4 2022, up $10.6 million over Q4 2021 and up $2.6 million over Q3 2022.   
• Total gross dollar value (Total GDV)¹ in Q4 2022 was $2.4 billion, an increase of $1.4 billion (+137%) over Q4 2021 and $0.3 billion (+13%) over Q3 2022. 
• Ended Q4 2022 with 1,053,872 active users¹, an increase of 542,100 (+106%) compared to active users as at December 31, 2021. This was primarily due to the significant