Payfare Forms Strategic Advisory Board and Announces Appointment of Alex Ceballos

Toronto, Ontario – July 16, 2024 – Payfare Inc. (“Payfare” or the “Company”) (TSX: PAY, OTCQX: PYFRF),a leading international Earned Wage Access (“EWA”) company powering instant access to earnings and digital banking solutions for workforces, today announced the formation of a Strategic Advisory Board to guide the company’s rapid international expansion opportunities. This newly established board will play a crucial role in navigating the complexities of expanding Payfare’s EWA platform into new geographies, ensuring that both prospective and existing customers can achieve global scale efficiently and effectively. 

The first appointment to the Strategic Advisory Board is Alex Ceballos, a seasoned strategy, corporate development, and operating executive. Alex brings a wealth of experience from his 16-year tenure as Vice President, Worldwide Corporate Development at Amazon. In this role, he served as the internal strategic advisor for Amazon Consumer Operations, responsible for strategic investments and acquisitions across the US, Europe, India, and the Middle East. He will assist Payfare with the review of growth initiatives and strategic acquisition opportunities. 

Among Mr. Ceballos’ key accomplishments is the orchestration of Amazon’s acquisition of Kiva Systems (now Amazon Robotics). This acquisition transformed Amazon’s logistics operations worldwide, enabling the company to achieve Prime customer deliveries at massive scale. His track record of acquisitions and investments includes notable companies such as Zoox, Rivian, Aurora Technologies, Beta Technologies, and Souq.com. In addition to his achievements at Amazon, Alex launched the Amazon Industrial Innovation Fund, a $1 billion corporate venture fund aimed at accelerating the ecosystem in the industrial automation and robotics space. Most recently, he served as the Chief Corporate Development Officer at NuBank (one of the world’s largest digital banking platforms serving over 100 million customers), and currently holds the position of President at Wyze Labs, a consumer products company revolutionizing home automation with cutting-edge AI-powered cameras and sensors for smarter, safer living. 

“We are thrilled to welcome Alex Ceballos to our Strategic Advisory Board,” said Marco Margiotta, CEO and Founding Partner of Payfare. “His extensive experience in global strategic development and his track record of success in leading transformational initiatives will be invaluable as we embark on our journey of international expansion.”

In addition, Payfare is also expanding its business development, operations and engineering teams to support its anticipated growth, new client programs and global expansion plans.  

About Payfare (TSX:PAY, OTCQX: PYFRF)

Payfare is a leading, international Earned Wage Access (“EWA”) company powering instant access to earnings through an award-winning digital banking platform for today’s workforce. Payfare partners with leading e-commerce marketplaces, payroll platforms, and employers to provide financial security and inclusion for all workers. 

For further information please visit www.payfare.com or contact:

Cihan Tuncay, Head of Investor Relations and Corporate Deve