PAYFARE ANNOUNCES SECOND QUARTER 2021 FINANCIAL RESULTS

Record Quarterly Revenues Increased to More Than $8.7 Million – a 263% Increase Over Q2 2020.

TORONTO, Aug. 16, 2021 /CNW/ — Payfare Inc. (“Payfare“) (TSX: PAY), a leading fintech powering instant payout and digital banking solutions for contract workers, today announced the filing of its Financial Statements (“Statements“) and Management’s Discussion and Analysis (“MD&A“) for the Quarter ending June 30, 2021.  A comprehensive discussion of Payfare’s financial position and results of operations are provided in the MD&A for the Quarter ending June 30, 2021, which is filed on SEDAR and can be found at www.sedar.com

Q2 2021 Financial and Business Highlights:

  • Revenue increased to $8,726,615 for the quarter compared to revenue of $5,053,019 for Q1 2021. This represents a 73% increase in revenue in Q2 2021 compared to Q1 2021, and a 263% increase when compared to Q2 2020 revenues of $2,403,076. The national launch of Payfare’s DasherDirect U.S. program with DoorDash in Q1 2021 contributed to this growth. 
  • Payfare increased its active user count to 262,567, an increase of 79% compared to Q1 2021 (146,842 active users) and an increase of 618% when compared to the same period in 2020 (36,555 active users). With the staggered reopening of businesses across Payfare’s footprint and increased demand for rideshare and food delivery, the Company continues to experience increases in user sign-ups. 
  • Payfare had positive gross profit of $288,034 (3%) in Q2 2021, compared to negative gross profit in Q1 2021 and the same period in 2020. This was driven by the repayment of Payfare’s operating loan facility in Q1 2021, various cost optimization