Payfare Announces Significant Milestone of One Million Active Users

Toronto, Ontario – December 7, 2022 – Payfare Inc. (“Payfare or the “Company”) (TSX: PAY), a leading fintech powering instant payout and digital banking solutions for the gig workforce, announced a significant milestone today with the achievement of one million active users1. This represents growth of approximately 79,318 active users (+9%) over September 30, 2022 and 488,228 active users (+95%) over December 31, 2021. Payfare’s active user additions in the first 68 days of Q4 2022 have already more than doubled the growth achieved in the entire prior quarter. The Company continues to experience elevated active user growth driven by coordinated marketing programs with its gig platform partners to support their workforces by providing instant or near instant access to earnings, zero-monthly fee neobanking capabilities and robust cash back rewards programs on everyday purchases. 

This is a monumental milestone for the Company as building scale with both existing and new partnerships will continue to drive the near-term cash flow generation profile and allow Payfare to develop and deploy new monetization opportunities well beyond its core card and digital banking product.

“We are incredibly proud to announce to the market that we have surpassed the one million active user threshold, an achievement not met by many” said Marco Margiotta, CEO and Founding Partner of Payfare. “With a sizable and growing active user base through existing partnerships that have much further room to grow, top rated service offerings, and a scalable approach to address the entire gig-economy market via the Paid App, we are very well positioned to significantly expand this active user base while generating meaningful cash flows even before any new product initiatives that will benefit from this significant growth.”   

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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