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