Toronto, Ontario – April 28, 2022 – Payfare Inc. (“Payfare” or the “Company”) (TSX: PAY), a leading fintech powering instant payout and digital banking solutions for the gig workforce, today announced that it has raised its 2022 revenue guidance to $115 million – $125 million, an increase of 26% from the mid-point of its previously issued guidance of $90 million – $100 million that was provided on March 23, 2022. The Company is also updating its Q1 2022 revenue guidance to $24.5 million – $25.0 million from $21 million – $23 million that was also previously issued.
The updated revenue guidance reflects the continued adoption of the Payfare solution by our gig platform partners as well as the positive impact from the recently announced cash-back campaigns on fuel purchases with each of Lyft and DoorDash. The Company ended Q1 2022 with over 690,000 active users1 which represents an increase of more than 35% over Q4 2021. Payfare has experienced record levels of active user growth since the campaigns were launched in late March of 2022.
“At Payfare, we continue to take pride in our ability to provide innovative solutions to our partners. With the challenges some of our clients are facing with high gas prices on their business, they have turned to Payfare to assist with alleviating the pressures their gig drivers are facing with an enhanced rewards program that is both timely and impactful. I am very proud of how quickly our team has been able to respond by providing creative solutions and ensuring that our platform handles the increased volume of onboarding new cardholders and the transaction volu