Payfare Announces Third Quarter 2022 Active User Growth

Investor Conference Call Scheduled to Discuss Upcoming Third Quarter 2022 Financial Results

TORONTO, Oct. 19, 2022 /CNW/ - Payfare Inc. ("Payfare" or the "Company") (TSX: PAY), a leading fintech powering instant payout and digital banking solutions for the gig workforce, today announced it had over 920,000 active users¹ as of September 30, 2022, an increase of approximately 155% compared to active users as at September 30, 2021.

"We continue to break new records of activity levels, despite the impact of seasonality on food delivery orders in the Summer months," said Marco Margiotta, CEO and Founding Partner of Payfare. "We look forward to announcing our financial results for the third quarter and sharing more on recent program enhancements to support the financial growth of our cardholders."

Payfare will be hosting a conference call on Thursday, November 10, 2022, at 8:30 a.m. ET to discuss the Company's financial results for the third quarter of 2022. The complete financial results are expected to be released after market close on Wednesday, November 9, 2022. 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 [phone] or 1-888-886-7786. 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 December 10, 2022. To listen to the recording, call [phone] or 1-877-674-7070 and enter passcode 019715.

About Payfare

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.

¹ Non-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 MD&A for the three and six months ended June 30, 2022 and 2021 which is available under Payfare's profile on SEDAR at www.sedar.com and is incorporated by reference to this press release.

SOURCE Payfare

please visit www.payfare.com or contact: Cihan Tuncay, Head of Investor Relations and Corporate Development, 1 [phone], [email protected]