Payfare Announces Fourth Quarter 2023 Active User Growth

News provided by

Feb 15, 2024, 07:00 ET

Investor Conference Call Scheduled to Discuss Upcoming Fourth Quarter and Full Year 2023 Financial Results

TORONTO, Feb. 15, 2024 /PRNewswire/ - Payfare Inc. ("Payfare" or the "Company") (TSX: PAY) (OTCQX: PYFRF), a leading fintech powering instant payout and digital banking solutions for the gig workforce, today announced it had over 1,400,000 active users¹ as at December 31, 2023, an increase of approximately 16% compared to active users as at September 30, 2023, and 33% compared to active users as at December 31, 2022.

"We achieved our best ever quarterly active user growth in the fourth quarter of 2023" said Marco Margiotta, CEO and Founding Partner of Payfare. "We look forward to announcing our financial results for the fourth quarter and sharing our growth outlook for the year ahead."

Payfare will be hosting a conference call on Thursday, March 21, 2024, at 6:30 P.M. ET to discuss the Company's fourth quarter and full year ended 2023 financial results. The complete financial results are expected to be released after market close on the same day. A short presentation in connection with the conference call will be made available ahead of time on the Company's website at https://corp.payfare.com/investors/. Management will also host a live question and answer session on the conference call with analysts.

To access the conference call, please dial (289) 514-5100 or 1 (800) 717-1738. Please call the conference telephone number 10-15 minutes prior to the start time so that you are in the queue for an operator to assist in registering and patching you through.

An archived recording of the conference call will be available until April 21, 2024. To listen to the recording, call (416) 764-8692 or 1 (877) 674-7070 and enter passcode 10007.

About Payfare (TSX:PAY, OTCQX: PYFRF)

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 and Supplementary Financial Measures

This press release contains references to "active users" which is not a measure prescribed by International Financial Reporting Standards (IFRS). This supplementary financial 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 and supplementary financial 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 and supplementary financial 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 and supplementary 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 the number of users to its 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 "Definitions – IFRS, Additional GAAP and Non-GAAP Measures" in the Interim MD&A for the three and nine months ended September 30, 2023 and 2022 which is available under Payfare's profile on SEDAR at www.sedarplus.ca and is incorporated by reference to this press release.

SOURCE Payfare