Management highlights transformational performance achieved year-to-date

Toronto, Ontario – September 28, 2023 – Payfare Inc. (“Payfare” or the “Company”) (TSX: PAY, OTCQX: PYFRF), a leading fintech powering instant payout and digital banking solutions for workforces, today commented that it is not aware of any material events impacting operations that have occurred to drive elevated share price volatility in the month of September. Management is taking this opportunity to highlight the financial and operational milestones achieved to date in 2023. 

Financial Highlights for the Six Months Ended June 30, 2023:

• Increased revenue to a record $88.8 million representing a $32.2 million (+57%) increase compared to the same period in 2022. 
• Ended Q2 2023 with 1,188,325 active users¹, up by 304,074 active users (+34%) versus the prior year period. 
• Total gross dollar value (Total GDV)¹ was $5.5 billion, an increase of $2.1 billion (+63%) over the first half of 2022. 
• Net income of $3.4 million, or $0.07 per share, up $8.4 million (+168%), compared to the same period in 2022. 
• Adjusted net income¹ of $8.1 million, or $0.17 per share, representing growth of $8.4 million compared to the prior year period.
• Adjusted EBITDA¹ of $7.8 million, reflecting an $8.4 million increase compared to the same period in 2022. 
• Free cash flow¹ of $4.7 million which equates to growth of $8.6 million (+221%) over the prior year period. 
• Ended Q2 2023 with a cash balance of $52.0 million and no debt. 

Year-to-Date 2023 Operational Highlights :

• In its Q2 2023 financial results Payfare announced that it was successfully selected in two Request for Proposal (RFP) processes to launch new private label and embedded finance programs for globally recognized strategic partners on its platform. 
• Launched a new cashback rewards program partnering with Upside to provide personalized price promotion offers at fuel stations, restaurants, convenience and grocery stores to Dasher Direct cardholders. 
• Introduced Avibra’s suite of free and low-cost health and wellness protection and perks access to Dasher Direct cardholders.
• Expanded the  partnership with NCR Corporation to deliver self service financial tools for US cardholders by providing access to Allpoint+ cash accepting ATMs, enabling cash deposits in addition to cash withdrawals, and NCR Pay360, an API solution that allows cardholders to access cash via Payfare’s digital banking apps.
• As of July 28, 2023, Payfare’s Common Shares qualified for trading in the United States on the OTCQX Best Market, having been upgraded from the OTC Pink Market. The shares trade under the symbol “PYFRF” and will facilitate trading by interested Payfare investors in the United States. 

“While the recent share price volatility is disappointing it does not impact Payfare’s ability to execute on its growth initiatives,” said Marco Margiotta, CEO and Founding Partner of Payfare. “Our business generates positive net earnings and free cash flow which eliminates the need for external financing to fund our robust pipeline of organic growth opportunities.”   

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