Payfare Provides Q4 2022 Revenue Guidance

Toronto, Ontario – January 10, 2023 – Payfare Inc. (“Payfare”or the “Company”) (TSX: PAY), a leading fintech powering instant payout and digital banking solutions for the gig workforce, today announced Q4 2022 revenue guidance of $39 million, which represents growth of 125% over Q4 2021 and 9% over Q3 2022. On a full year basis this equates to revenue of approximately $133 million in 2022, up 205% year over year, and is at the upper end of Payfare’s previously issued 2022 revenue guidance of $125 to $135 million.  

Payfare also announced that it had over 1,050,000 active users1 as of December 31, 2022, an increase of approximately 129,000 users or 14% from September 30, 2022. The Company continues to experience significant active user growth driven by coordinated marketing programs with its gig platform partners including Uber, Lyft, and DoorDash to support their workforces by providing instant or near instant access to earnings, zero-monthly fee neobanking capabilities and robust cash back rewards programs on everyday purchases. 

“We are pleased to once again achieve strong revenue growth in Q4 2022 to close off an exceptional year for our business,” said Marco Margiotta, CEO and Founding Partner of Payfare. “With the challenging macroeconomic backdrop, we are seeing more people pursue gig work, which is a very positive tailwind for Payfare’s user growth and highlights the counter cyclical nature of our business. Payfare’s significant user base has even more room to grow with both new and existing gig platform partnerships. We are excited to share new user monetization opportunities, product enhancements, and our outlook for 2023 when we report Q4 2022 financial results.” 

Payfare expects to report Q4 2022 financial results on March 22, 2023 after market close. 

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About Payfare (TSX:PAY)

Payfare is a global financial technology company powering digital banking and instant payment solutions for today’s gig workforce. Payfare partners with leading platforms and marketplaces, such as Uber, Lyft and DoorDash, to provide financial health for their workforce. 

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

Cihan Tuncay, Head of Investor Relations and Corporate Development

1 (888) 850-2713