Payfare raises 2022 revenue guidance ahead of first quarter financial results

TORONTO, April 28, 2022 /PRNewswire/ – Payfare Inc. (“Payfare“or the”Company“) (TSX: PAY), a leading fintech powering instant payment and digital banking solutions for the on-demand workforce, announced today that it has raised its revenue forecast for 2022 to $115 million$125 millionan increase of 26% from the midpoint of its previously published forecast of $90 million$100 million which was provided on March 232022. The Company is also updating its revenue guidance for the first quarter of 2022 to $24.5 million$25.0 million from $21 million$23 million which was also issued previously.

The updated revenue forecast reflects the continued adoption of the Payfare solution by our concert platform partners as well as the positive impact of recently announced cash back campaigns on fuel purchases with each of Lyft and DoorDash. The company ended the first quarter of 2022 with more than 690,000 active users1 which represents an increase of more than 35% compared to the fourth quarter of 2021. Payfare has seen record levels of active user growth since the campaigns launched in late March 2022.

“At Payfare, we continue to pride ourselves on our ability to provide innovative solutions to our partners. With the challenges some of our customers are facing with high gas prices for their business, they turned to Payfare to help them ease the pressures of their job. drivers face an enhanced rewards program that is both timely and impactful. I am very proud of the speed with which our team was able to respond by providing creative solutions and ensuring our platform handles the increased volume of new cardholder onboarding and subsequent transaction volumes,” said Marco Margiotta, CEO and founding partner of Payfare. “The introduction of these campaigns has driven active user adoption and volume spend, two catalysts for revenue growth, and we are therefore updating our guidance for the remainder of the year to reflect these developments and the positive impact they will have on the company’s growth plans.”

The Company looks forward to releasing its financial results for the quarter ending March 31, 2022expected to be released after market close Wednesday, May 11, 2022.

About Payfare (TSX: PAY)
Payfare is a global financial technology company powering digital banking and instant payment solutions for today’s workforce. Payfare partners with leading platforms and marketplaces, such as Uber, Lyft, and DoorDash, to ensure the financial health of their staff.

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 supplemental financial measure is provided as supplemental information to supplement the IFRS measures by providing a better understanding of our results of operations from a management perspective, in order to provide investors and securities analysts with additional measures to assess the Company’s financial performance and highlight trends in our key businesses that may not otherwise be apparent based solely on IFRS financial measures. Management also uses non-IFRS and supplemental financial measures to facilitate period-to-period operating performance comparisons, prepare annual operating budgets and strategic business plans, and evaluate and price potential purchases. Accordingly, the non-IFRS and supplemental financial measures should not be considered in isolation or as a substitute for analyzing our financial information reported in accordance with IFRS. These measures do not have any standardized meaning prescribed by IFRS and, therefore, may not be comparable to similar measures presented by other companies. Non-IFRS and supplemental financial measures are not subject to industry standard definition and our definitions and methods of calculation may differ from those of other issuers and therefore may not be comparable to similar measures presented by other issuers. other issuers.

The Company determines the number of users of its services based on active users. “Active users” represent users who have loaded earnings onto their card during the period. Additional information on this measure can be found under the heading “Definitions – IFRS, Supplemental GAAP Measures and Non-GAAP Measures” in the MD&A for the year ended December 31, 2021 which is available under Payfare’s profile on SEDAR at www.sedar.com and is incorporated by reference into this press release.

Forward-looking information

This press release contains forward-looking information within the meaning of applicable securities laws, which reflects Payfare’s current expectations regarding future events as of the date hereof. Such forward-looking information may include, but is not limited to, statements regarding updated guidance information for 2022, increased active user count and spending volume as catalysts for revenue growth, update of the company’s growth plans for the year and the expected release of quarterly financial reports. results on May 11, 2022. 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, which could cause actual results and events to differ materially from those are disclosed or implied by such information. forward-looking information. These risks include the factors discussed in the “Risk Factors” section of Payfare’s MD&A for the year ended December 31, 2021. Other factors that could cause actual results or events to differ materially include Payfare’s inability to launch its new programs or platforms planned for 2022 on a timely basis, enhanced cashback purchase of fuel are discontinued earlier than expected by the respective concert platform customers or do not have the intended impact that the company has planned or intended, the economic viability of existing cash back campaigns, the Payfare’s inability to handle increased volume of new cardholder enrollments, active users or transactions, the impact of inflation on Payfare’s revenue model, the imposition of new restrictions related to the COVID-19 pandemic, Payfare’s ability to fund and support new programs and platforms, and a general decline in credit markets or the gig economy in North America. Accordingly, readers should not place undue reliance on forward-looking information. The purpose of the advice contained in this press release is only to update advice previously provided and not to predict or project future results. Readers are cautioned that these tips are not appropriate for other purposes. Payfare undertakes no 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.

SOURCE Payment