Record Quarterly Revenues Increased to $12.7 Million – a 286% Increase Over Q3 2020.
Payfare Inc. (“Payfare” or the “Company”) (TSX: PAY), a leading fintech powering instant payout and digital banking solutions for gig workers, today announced the filing of its Financial Statements and Management’s Discussion and Analysis (“MD&A”) for the quarter ending September 30, 2021. 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.sedar.com.
Q3 2021 Financial and Business Highlights:
- Revenue increased to $12,684,912 for the quarter, compared to revenue of $8,726,615 for Q2 2021. This represents a 45% increase in revenue in Q3 2021 compared to Q2 2021, and a 286% increase when compared to Q3 2020 revenues of $3,283,339. The national launch and ongoing adoption of Payfare’s DasherDirect U.S. program with DoorDash contributed to this growth.
- Payfare increased its active user1 count by 37% compared to Q2 2021. This represents an increase of 679%, when compared to the same period in 2020. With the ongoing 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 margins of $606,067 (5%) in Q3 2021, compared to a negative gross profit margin in the same period in 2020. This was driven by the repayment of Payfare’s operating loan facility in Q1 2021, various cost optimizations and the ongoing streamlining of vendor contracts.
Executing on Strategic Objectives: