TORONTO, January 19, 2022--(BUSINESS WIRE)--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.
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 financial information reported under IFRS. Such measures do not have any standardized meaning prescribed by IFRS and, therefore, may not be comparable to similar measures presented by other corporations. The non-IFRS financial measures are not subject to standard industry definition and our definitions and method of calculation may differ from other issuers and therefore may not be comparable to similar measures presented by other issuers.
The Company determines "active user" as the number of users to our services based on active users. Active users represent users who have loaded earnings on their card in the period. Additional information on this measure may be found under the heading "Non IFRS Measures" in the MD&A for the quarter ending September 30, 2021 which is available under Payfare’s profile on SEDAR at www.sedar.com and is incorporated by reference to this press release.
This press release may contain forward-looking information within the meaning of applicable securities legislation, which reflects Payfare’s current expectations regarding future events as of the date hereof. Such forward-looking information may include but are not limited to statements regarding the Company’s growth trajectory, the continued trend in active user increase, revenue growth expectations in 2022, and new products and services. Forward-looking information is based on a number of assumptions and is subject to a number of risks and uncertainties, many of which are beyond Payfare’s control, that could cause actual results and events to differ materially from those that are disclosed in or implied by such forward-looking information. Such risks include the factors discussed under the "Risk Factors" section in Payfare’s final prospectus dated March 15, 2021 which is available under Payfare’s profile on SEDAR at www.sedar.com. Other factors that could cause actual results or events to differ materially include a decline in the growth of workers joining the various partner gig platforms that Payfare supports, the economic viability of Payfare’s new products, the impacts and restrictions caused by the COVID-19 pandemic become prolonged, and industry competitors who may have superior technology or are quicker to take advantage of the market opportunity. Accordingly, readers should not place undue reliance on forward-looking information. Payfare does not undertake any obligation to update such forward-looking information, whether as a result of new information, future events or otherwise, except as expressly required by applicable law.
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Cihan Tuncay, Head of Investor Relations and Corporate Development
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