Payfare Reaches Record Milestone to End 2021

Toronto, Ontario – January 19, 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 ended 2021 with over half a million active users1, which represents an increase of more than 40% over Q3 2021 and 830% over Q4 2020. The sizable active user growth for Q4 was highlighted by December 2021 ending users being up 21% over November levels.

The recent trajectory with existing partnerships and revenue streams will position Payfare extremely well to continue its exponential growth into 2022. The Company expects to share further updates on new products and services in the coming weeks, focused on further extending financial empowerment for workers across the entire gig economy.

“Reaching over half a million active users is an incredible milestone to achieve and a fantastic way to finish off a transformational year. We are pleased to see yet another significant quarterly increase in our active user base in the fourth quarter of 2021, which is one of the main catalysts for revenue growth,” said Marco Margiotta, CEO and Founding Partner of Payfare.

The Company looks forward to sharing its audited financial results for the fourth quarter and fiscal year ended December 31, 2021, which are expected to be released after market close on Wednesday, March 23, 2022.

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
[email protected]

1Non IFRS Measures

This press release contains references to “active user” which is not a measure prescribed by International Financial Reporting Standards (IFRS).This measure is provided as additional information to complement IFRS measures by providing a further understanding of our results of operations from management’s perspective, to provide investors and security analysts with supplemental measures to evaluate the financial performance of the Company and highlight trends in our core business that may not otherwise be apparent when relying solely on IFRS financial measures. Management also uses non-IFRS measures to facilitate operating performance comparisons from period to period, prepare annual operating budgets and strategic business plans and to evaluate and price potential acquisitions. Accordingly, non-IFRS measures should not be considered in isolation or as a substitute for analysis of our finan