The Toronto-based fintech for gig economy workers reported a roughly $21.4-million net loss for 2021, down from about $26.3 million the previous year. Shares rose about 11 per cent early Thursday, before falling back down to $6.38—up about 1.6 per cent. (The Logic)
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The Toronto-based fintech for gig economy workers reported a roughly $21.4-million net loss for 2021, down from about $26.3 million the previous year. Shares rose about 11 per cent early Thursday, before falling back down to $6.38—up about 1.6 per cent. (The Logic)
Talking point: Payfare’s revenue jumped from nearly $13.5 million in 2020 to about $43.8 million last year. The increase was mostly driven by its national expansion of its DoorDash program that started in the fourth quarter of 2020, as well as growth in its Lyft program. Payfare also said the Toronto Stock Exchange has approved its plan to buy back five per cent of its issued and outstanding shares over the course of 12 months. Payfare went public in March 2021, completing a $75.2-million IPO, which includes an over-allotment option. It used some of the proceeds to repay debt and planned to also fund its expansion.
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