Payfare Completes Initial Public Offering

Toronto, Ontario, March 19, 2021 – Payfare Inc. (“Payfare”) (TSX:PAY) today successfully closed its previously announced initial public offering (the “Offering”) of 10,900,000 Class A common shares (“Common Shares”) at a price of $6.00 per Common Share (the “Offering Price”) for total gross proceeds of C$65,400,000.

Payfare will use the net proceeds from the Offering to repay its short term debt in full, finance growth and expansion initiatives including potential future acquisitions, and for general corporate purposes which includes investments in new services and technologies that expand, complement or are
otherwise related to the Payfare’s current business.

The Common Shares will commence trading today on the Toronto Stock Exchange under the symbol “PAY”.

The Offering was made through a syndicate of underwriters (collectively, the “Underwriters”) led by Stifel GMP and which included Scotia Capital, Canaccord Genuity and Raymond James. Gowling WLG (Canada) LLP acted as legal counsel to Payfare, and Minden Gross LLP acted as legal counsel to the Underwriters.

Payfare has granted to the Underwriters an over-allotment option (the “Over-Allotment Option”), exercisable in whole or in part for a period of 30 days following the closing of the Offering, to purchase up to an additional 1,635,000 Common Shares at the Offering Price for additional gross proceeds of up to $9,810,000 to Payfare, if the Over-Allotment Option is exercised in full.

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