Payfare Announces Third Quarter 2022 Active User Growth

Investor Conference Call Scheduled to Discuss Upcoming Third Quarter 2022 Financial Results

Toronto, Ontario – October 19, 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 it had over 920,000 active users1 as of September 30, 2022, an increase of approximately 155% compared to active users as at September 30, 2021.

“We continue to break new records of activity levels, despite the impact of seasonality on food delivery orders in the Summer months,” said Marco Margiotta, CEO and Founding Partner of Payfare. “We look forward to announcing our financial results for the third quarter and sharing more on recent program enhancements to support the financial growth of our cardholders.” 

Payfare will be hosting a conference call on Thursday, November 10, 2022, at 8:30 a.m. ET to discuss the Company’s financial results for the third quarter of 2022. The complete financial results are expected to be released after market close on Wednesday, November 9, 2022. A short presentation in connection with the conference call will be made available ahead of time on the Company’s website at Management will also host a live question and answer session on the conference call with analysts. 

To access the conference call, please dial (416) 764-8658 or 1-888-886-7786. Please call the conference telephone number 10-15 minutes prior to the start time so that you are in the queue for an operator to assist in registering and patching you through.

An archived recording of the conference call will be available until December 10, 2022. To listen to the recording, call (416) 764-8692 or 1-877-674-7070 and enter passcode 019715.

About Payfare 

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, to provide financial health for their workforce. 

For further information please visit or contact:

Cihan Tuncay, Head of Investor Relations and Corporate Development

1 (888) 850-2713

[email protected]

1Non-IFRS and Supplementary Financial Measures

This press release contains references to “active users” which is not a measure prescribed by International Financial Reporting Standards (IFRS). This supplementary financial measure is provided as additional information to complement IFRS measures by providing a further understanding of our results of operations from management’s perspective, to provide investors and security analysts with supplemental measures to eval