Payfare Launches Pronto Providing Earned Wage Access to Canadians

Pronto by PayfareTM helps employers support their workforce with real time access to earnings 

Toronto, Ontario – November 19, 2024 – Payfare Inc. (TSX: PAY, OTCQX: PYFRF),a leading international Earned Wage Access (“EWA”) company powering instant access to earnings and digital banking solutions for workforces, is proud to announce the launch of its new EWA product, Pronto by PayfareTM. Pronto provides Canadian workers with on-demand access to their earned wages, providing them with financial flexibility to manage income and expenses.

Click here to learn more about how to access Pronto

Pronto, built on Payfare’s award winning payout platform, allows employees to access a portion of their wages as they earn, rather than waiting for traditional pay cycles. This ensures that employees can manage unexpected expenses, reduce financial stress and have greater control over their financial well-being. 

There are over 10 million hourly-paid employees in Canada1 that make up a significant portion of Canada’s labour force, especially in industries reliant on shift work or part-time employment. These sectors face challenges in recruiting and retaining skilled workers, where almost half of businesses report difficulties with staff retention2. This underscores the importance of solutions like EWA to support financial flexibility for workers, while helping employers improve workforce stability.

Pronto can have significant benefits for employers, including enhanced employee retention, productivity and overall job satisfaction. Offering modern financial solutions like EWA can be a competitive advantage for employers looking to attract talent in today’s tight labour market. Employers across Canada can now integrate Pronto seamlessly into their payroll process. 

“We are thrilled to bring our Earned Wage Access product to market,” said Marco Margiotta, Payfare CEO and Founding Partner. “EWA empowers employees by giving them greater control over their personal finances, while enabling employers to foster a more satisfied and productive workforce. We believe Pronto will set a new standard in workplace financial wellness across Canada.”

1 Statistics Canada. Table 14-10-0222-01  Employment, average hourly and weekly earnings (including overtime), and average weekly hours for the industrial aggregate excluding unclassified businesses, monthly, seasonally adjusted, updated August 2024.

2 Statistics Canada. Analysis on labour challenges in Canada, second quarter of 2023.

About Payfare  (TSX:PAY, OTCQX: PYFRF)

Payfare is a leading, international Earned Wage Access 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 Development

1 (888) 850-2713

[email protected]