The Toronto-based fintech closed its initial public offering of 10.9 million Class A common shares at $6 a share on the Toronto Stock Exchange. (The Logic)
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The Toronto-based fintech closed its initial public offering of 10.9 million Class A common shares at $6 a share on the Toronto Stock Exchange. (The Logic)
Talking point: The company’s stock started trading under the symbol PAY. The underwriters may exercise an over-allotment option within 30 days that could result in additional gross proceeds of up to $9.81 million. It plans to use the funds to repay all its short-term debt, and finance growth and expansion plans that may include future acquisitions. Payfare provides digital banking services for gig workers, and hopes to capitalize on the expansion of the gig economy during the pandemic. It is one of a number of tech companies to file to go public recently, including Saskatoon’s Vendasta Technologies and Montreal’s Dialogue.
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