Record quarterly profitability, generating net income of $4.8 million, and Adjusted net income per share¹ of $0.16 in Q3 2023 

Toronto, Ontario – November 8, 2023 – Payfare Inc. (“Payfare” or the “Company”) (TSX: PAY, OTCQX: PYFRF),a leading fintech powering instant payout and digital banking solutions for workforces, today announced the filing of its Financial Statements and Management’s Discussion and Analysis (“MD&A”) for the quarter ending September 30, 2023. 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.sedarplus.ca.

Q3 2023 Highlights:

• Increased revenue to a record $47.2 million for the three months ended September 30, 2023, representing a $12.3 million (+35%) increase compared to the same period in 2022. 
• Ended Q3 2023 with 1,211,275 active users¹, up 290,593 (+32%) compared to active user¹ count as at the end of Q3 2022. As of October 31, 2023 Payfare had 1,254,848 active users, up 43,573 from the quarter ended September 30, 2023 as the company enters the seasonally strong fourth quarter. 
• Total gross dollar value (Total GDV)¹ in Q3 2023 was $3.0 billion, an increase of $0.8 billion (+40%) over Q3 2022. 
• Net income of $4.8 million, or $0.10 per share, for the three months ended September 30, 2023, up $5.6 million (+684%), compared to the same period in 2022. 
• Adjusted net income¹ of $7.5 million, or $0.16 per share, for the three months ended September 30, 2023, representing growth of $5.8 million (+337%) over the prior year period.
• Adjusted EBITDA¹ of $6.3 million for the three months ended September 30, 2023, reflecting a $5.0 million increase (+373%) compared to the same period in 2022. 
• Free cash flow¹ of $3.6 million for the three months ended Sept 30, 2023, which equates to growth of $0.8 million (+29%) over the prior year period. 
• The Company has issued fourth quarter 2023 revenue and Adjusted EBITDA¹ guidance of $50 million and $7 million, respectively, and remains on track to meet its full year guidance.
• In the prior quarter, the Company was successfully selected in two Request for Proposal (RFP) processes to launch new private label and embedded finance programs for globally recognized strategic partners. In the third quarter, Payfare signed a definitive agreement with one of these partners, an international big box retailer, to provide earnings payouts to the retailer’s delivery gig workforce in Canada. Integration and app development remains ongoing with the second partner client, which Payfare expects to execute a definitive agreement with in the fourth quarter of 2023.   
• Payfare intends to file with the Toronto Stock Exchange (“TSX”) a notice of intention to commence a normal course issuer bid (“NCIB”) for its Class A Common Shares (“Shares”). Subject to acceptance by the TSX, the Company would be permitted under the NCIB to purchase for cancellation, through the facilities of the TSX and all available Canadian markets and alternative trading platforms, up to 5% of the issued and outstanding Shares for a period of 12 months after the NCIB commences. The exact amount of Shares subject to the NCIB will be determined on the