Payfare Inc. | Source: Global Fintech Series
Market Herald logo

Subscribe

Be the first with the news that moves the market
  • Payfare (PAY) has achieved one million active users
  • This represents QOQ growth of approximately 79,318 active users and YOY growth of 488,228 active users
  • Building scale will increase the company’s near-term cash flow and allow Payfare to deploy new monetization opportunities
  • Payfare is a financial technology company offering mobile banking, instant payment, and loyalty-reward solutions
  • Payfare Inc. (PAY) opened trading at C$4.45

Payfare (PAY) announced a milestone with the achievement of one million active users.

This represents QOQ growth of approximately 79,318 active users and YOY growth of 488,228 active users.

Active user growth is driven by coordinated marketing programs with its gig platform partners, providing access to earnings, zero-monthly fee neo-banking capabilities and cash-back rewards programs on everyday purchases.

Building scale with both existing and new partnerships will continue to increase the company’s near-term cash flow and allow Payfare to deploy new monetization opportunities beyond its core card and digital banking product.

 Marco Margiotta, CEO and Founding Partner of Payfare, commented on the news.

“We are incredibly proud to announce to the market that we have surpassed the one million active user threshold, an achievement not met by many. With a sizable and growing active user base through existing partnerships that have much further room to grow, top-rated service offerings, and a scalable approach to address the entire gig-economy market via the Paid App, we are very well positioned to significantly expand this active user base while generating meaningful cash flows even before any new product initiatives that will benefit from this significant growth.”

Payfare is a financial technology company that partners with leading platforms and marketplaces, such as Uber, Lyft and DoorDash, to provide financial health for their workforce.

Payfare Inc. (PAY) opened trading at C$4.45.


More From The Market Herald

" @ the Bell: Markets tumble amid rate worries

Canada’s main stock index was weighed down on Monday by commodity-linked and financial stocks. The telecom and utilities sectors posted some gains.
Dolly Varden Silver Corporation - President & CEO, Shawn Khunkhun.

" Dolly Varden Silver (TSXV:DV) reports highest-grade silver assay found so far on the Kitsault Valley Property

Dolly Varden Silver Corporation (DV) discovered the highest-grade silver assay found so far on the Kitsault Valley Property.

" Black Tusk Resources (CSE:TUSK) acquiring PegaLith Project

Black Tusk Resources (TUSK) has signed a $361,000 share purchase agreement to acquire 1396427 BC Ltd.

" Deep South Resources (TSXV:DSM) closes oversubscribed non-brokered private placement

Deep-South Resources (DSM) has closed the final tranche of an oversubscribed, non-brokered private placement for gross proceeds of $490,000.