Payfare Appoints Hugo Chan to its Board of Directors

TORONTO, Aug. 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 that it has appointed Mr. Hugo Chan of Kingsferry Capital to its board of directors to serve as an independent director until the next annual meeting of shareholders.

With more than a decade of investment management, capital markets, and mergers & acquisitions experience, Mr. Hugo Chan is currently Co-Founder, Chairman & Chief Investment Officer of Kingsferry Capital Management Group Limited ("Kingsferry"), an investment manager of portfolio funds with global mandates to invest in undervalued securities with strong potential for fair value realization and long-term growth. As of the date hereof, Kingsferry, through its managed funds and affiliates hold in aggregate 5,623,300 Class A Common Shares of the Company, representing approximately 11.9% of the total issued and outstanding Shares of the Company as of June 30, 2022. Prior to founding Kingsferry, Mr. Chan worked in private equity with The Carlyle Group from 2014 to 2016, and held various investment banking positions with the Bank of America Merrill Lynch from 2011 to 2014. He holds a Bachelor of Science in Business Administration and Bachelor of Science in Accounting from the University of Southern California.

"I'd like to extend a warm welcome to Hugo who will be a great addition to the Board with his varied experiences and relevant industry skillset," said Marco Margiotta, CEO and Chair of the Board. "Hugo and Kingsferry have been an early investor and big supporter in Payfare and we look forward to his contributions, perspective, and the expertise he can bring to the Board."

"I am very excited to be joining the Payfare Board and I look forward to contributing to the continued growth and long term success of this Company which has done so much in the last year and half since I have known them," added Hugo Chan. "Kingsferry would like to express its confidence in the high quality management team at Payfare, who continue to execute on key operational and financial milestones for the business."

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.

SOURCE Payfare

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