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 wi