Welcome to our dedicated page for Payfare news (Ticker: PYFRF), a resource for investors and traders seeking the latest updates and insights on Payfare stock.
Payfare Inc. (PYFRF) generated frequent news coverage as a financial technology company focused on Earned Wage Access ("EWA") and digital banking solutions for workforces. The company described itself as a leading, international EWA provider that powered instant access to earnings through an award‑winning digital banking platform, partnering with leading e‑commerce marketplaces, payroll platforms, and employers.
This news feed aggregates historical announcements and updates related to Payfare’s operations, partnerships, financial results, and corporate transactions. Readers can find press releases detailing quarterly financial performance, including revenue trends, net income, and non‑IFRS measures such as active users, Total Gross Dollar Value (Total GDV), Adjusted EBITDA, free cash flow, and adjusted net income, as reported by the company.
Company news also covers program launches and enhancements with major platforms. Examples include announcements about the Lyft Direct debit card and banking app, which Payfare powered for drivers on the Lyft platform, and the Uber Pro Card program in Canada, described as offering free instant payouts after trips or deliveries and enhanced loyalty features. Releases discuss features such as free instant access to earnings, cashback rewards, savings tools, and other benefits for cardholders.
Another key category of news involves strategic developments and corporate actions. Payfare issued releases on the non‑renewal of its core services agreement related to DoorDash’s DasherDirect card program, the initiation of a strategic review process to explore options such as partnerships, investments, or a potential sale or merger, and the formation of a Strategic Advisory Board to guide international expansion. The most significant corporate news item is the completion of the acquisition of Payfare by an affiliate of Fiserv, Inc. under a plan of arrangement, along with the planned delisting of its shares from the Toronto Stock Exchange and withdrawal from OTCQX trading.
For investors and researchers, this page serves as an organized archive of Payfare’s historical news releases under the PYFRF symbol, providing context on how the company positioned itself in the Earned Wage Access and workforce digital banking space and the events that led to its acquisition.
Payfare announced the completion of its 2023 annual filings, including audited financial statements, management's discussion and analysis, and annual information form. These filings follow the receipt of a SOC 1 auditor's report from a key vendor on June 30, 2024. The company's independent auditors have issued a clean opinion. There are no changes to the financial figures compared to the unaudited results disclosed on April 25, 2024. Payfare expects the Ontario Securities Commission to revoke the current cease trade order on its securities after reviewing the filings. The documents are available on SEDAR+.
Payfare Inc. announced its Q1 2024 financial results, including net income of $5.1 million and adjusted net income per share of $0.15. The company reported record revenue of $51.9 million, a 23% increase year-over-year, with a total of 1,423,502 active users. Gross profit increased by 36% to $12.8 million, while net income grew by 296% to $5.1 million. Adjusted EBITDA increased by 98% to $6.0 million, and free cash flow was $5.8 million. Payfare also launched the Uber Pro Card program, a new embedded finance product, and signed a commercial agreement with ADP to offer Earned Wage Access in Canada.
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