Payfare Inc. (T:PAY)
Business Focus: Transaction & Payment Services
| Sector: Industrials | Industry: Business Support Services |
| Company Contact | |
| Address: | 40 University Avenue, Suite 551 TORONTO ON M5J 1T1 |
| Tel: | N/A |
| Website: | https://www.payfare.com |
| IR: | See website |
| Key People | ||
| Marco Margiotta Chairman of the Board, Chief Executive Officer, Co-Founder | Ryan Deslippe Co-Founder, Chief Revenue Officer | Charles Park Chief Financial Officer, Corporate Secretary |
| Kamran Haidari Chief Technology Officer and Data Officer | Su Chun Chief Compliance Officer, Chief Strategy Officer | Braulio Lam Chief Product Officer |
| Mark Lau Chief Legal Officer | Cihan Tuncay Head of Investor Relations and Corporate Development | |
| Business Overview |
| Payfare Inc. is a Canada-based global financial technology company providing digital banking and instant payment solutions for the gig workforce. The Company partners with platforms and marketplaces, such as Uber, Lyft and DoorDash, to provide financial health for their workforce. The Company operates in two principal geographical areas: Canada and United States. It provides services to gig workers and businesses. It provides 1099 and contract workers with instant access to their earnings and a digital banking service. The Company offers a full application programming interface suite and a turn-key private label solution. It provides multiple worker payout options, like on-demand or automatically each day or after each task, shift or sale. It provides services to various workforces, such as trades and construction, hospitality, rideshare, healthcare, home services, creators, trucking and freelance. Its subsidiaries include Payfare International Inc. and Payfare Mexico Inc. S.A. de C.V. |
| Financial Overview |
| For the nine months ended 30 September 2023, Payfare Inc revenues increased 47% to C$136M. Net income totaled C$8.2M vs. loss of C$5.8M. Revenues reflect Digital Banking Solutions segment increase from C$24.9M to C$93.7M. Net Income reflects Digital Banking Solutions segment income totaling C$5.8M vs. loss of C$2.8M. Basic Earnings per Share excluding Extraordinary Items increased from -C$0.12 to C$0.17. |
| Employees: | 78 as of Dec 31, 2022 |
| Reporting Currency: | Canadian Dollars |
| Enterprise value: | $246.37M as of Sep 30, 2023 |
| Annual revenue (TTM): | $171.58M as of Sep 30, 2023 |
| EBITDA (TTM): | $13.66M as of Sep 30, 2023 |
| Net annual income (TTM): | $11.12M as of Sep 30, 2023 |
| Free cash flow (TTM): | $13.71M as of Sep 30, 2023 |
| Net Debt Last Fiscal Year: | N/A |
| Shares outstanding: | 47,947,073 as of Mar 7, 2024 |
| TTM: Trailing Twelve Months EBITDA: Earnings Before Interest, Taxes, Depreciation, & Amortization | |
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