FOR WORKERS

FOR BUSINESSES

Payfare Releases 2020 Financial Results and Provides Business Update on 2021 Developments

Toronto, Ontario, April 1, 2021 – Payfare Inc. (“Payfare” or the “Company”) (TSX:PAY) a financial technology company powering digital banking and instant payout solutions for the global gig economy announced updates to its business operations following filing of its Year End 2020 Audited Financial Statements (“Statements”) and Management Discussion and Analysis (“MD&A”) for the year ending December 31, 2020. A comprehensive discussion of Payfare’s financial position and results of operations are provided in the MD&A for the year ending December 31, 2020 filed on SEDAR and can be found at www.sedar.com.

2020 Financial Highlights: 

  • Revenue increased 113% to $13,449,513 for the year compared to revenue of $6,309,642 for 2019.   The 2020 revenue growth over 2019 was mainly attributable to the continued rollout of the Lyft Direct program to Lyft drivers and the launch of the DasherDirect program to DoorDash drivers in Q4 2020.


2021 Business Updates:

  • On March 19, 2021, the Company successfully completed its upsized initial public offering (IPO) that was significantly oversubscribed.  The Company issued 10,900,000 common shares (on a post-consolidation basis) at $6.00 per share. The Company began trading its shares on Toronto Stock Exchange under the symbol “PAY”.
  • Payfare increased its active user count by 54% from the end of December 2020 to the end of February 2021.  With the expanded reopening of businesses across the United States Payfare anticipates the demand for rideshare services to continue to increase, along with higher consumer spending.
  • Payfare increased its gross dollar value loads (GDV) by 53% from the end of December 2020 to the end of February 2021.  Payfare’s amount of funds added to cardholders’ Payfare accounts, or GDV loads has a direct correlation to revenue.
  • Further to the announcement made December 14, 2020 regarding the launch of the DoorDash DasherDirect program, the Company expanded to a full nationwide rollout in March 2021 and anticipates continued demand and new signups in the coming months.
  • On March 22, 2021, the Company used a portion of the proceeds from the IPO to repay all its outstanding debt