- 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.