TORONTO, March 1, 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 the next phase of its growth with the Paid Platform, an industry first payout solution for gig workforces of any size. Expected to launch in Q2 2022, the Paid Platform will feature the Paid Card and the Paid App, a premium neo-banking app, as one of the zero cost worker payout options.
With this new platform designed to meet the financial needs of today’s workforces, Payfare believes it can aggregate a significant user base beyond its current partnerships. The Paid Platform will allow the Company to access a much larger total addressable market capturing more worker earnings processed through the Payfare-managed ecosystem, and is expected to drive revenue growth. As the user base scales it will provide Payfare with deeper visibility into worker income streams and spending habits, supporting the development and roll-out of new margin enhancing product offerings that may include things like micro-credit. The market opportunity is substantial, as it is estimated that there were 51 million independent workers in the United States in 2021, up 34% from the prior year1.
The Paid Platform provides a frictionless and simple onboarding process for both gig platforms and gig workers. For new or established gig platforms, big or small, this new Payfare solution brings a zero to low-cost, transparent and simple way to pay workers instantly, when and how they want. Gig workers who opt to receive their earnings to the Paid Card will benefit from no-fee, instant access to earnings, secure and no-fee mobile banking, and financial tools to help their small business, including cash back rewards on everyday purchases.
Payfare looks forward to providing additional details about the Paid Platform and its growth outlook for 2022 and beyond at its inaugural Investor Day to be held on April 6, 2022 at 10:00 AM ET. Participants can register for the presentation by following this link.
1MBO Partners, 11th Annual State of Independence, The Great Realization.
About Payfare
Payfare (TSX: PAY) is a global financial technology company powering digital banking and instant payout solutions for today’s gig economy. Payfare partners with leading platforms and marketplaces, such as Uber, Lyft and DoorDash, to provide financial security and inclusion for their workforce.
For further information please visit www.payfare.com or contact:
Cihan Tuncay
Head of Investor Relations and Corporate Development
1 (888) 850-2713
[email protected]
For media inquiries:
Lindsey Abshire
(647) 417-4788
[email protected]
Forward-Looking Information
This press release may contain forward-looking information within the meaning of applicable securities legislation, which reflects Payfare’s current expectations regarding future events as of the date hereof. Such forward-looking information may include but are not limited to statements regarding plans to launch a its new Paid Platform which will include the Paid App and Paid Card in Q2 2022, capturing more worker earnings processed through the Payfare ecosystem, expectations of driving revenue growth for the Company, and the development and roll-out of further product offerings that may include micro-credit. Forward-looking information is based on a number of assumptions and is subject to a number of risks and uncertainties, many of which are beyond Payfare’s control, that could cause actual results and events to differ materially from those that are disclosed in or implied by such forward-looking information. Such risks include the factors discussed under the “Risk Factors” section in Payfare’s final prospectus dated March 15, 2021 which is available under Payfare’s profile on SEDAR at www.sedar.com. Other factors that could cause actual results or events to differ materially includes the inability of Payfare to launch its Paid Platform, Paid App and Paid Card in a timely manner, the economic viability of the new products, the impacts and restrictions caused by the COVID-19 pandemic become prolonged, a general decline in the credit markets or gig economy in North America, Payfare’s ability to finance and support the new business from these new products, and industry competitors who may have superior technology or are quicker to take advantage of the market opportunity. Accordingly, readers should not place undue reliance on forward-looking information. Payfare does not undertake any obligation to update such forward-looking information, whether as a result of new information, future events or otherwise, except as expressly required by applicable law.
