The Toronto-based fintech for gig economy workers posted a $2.9-million net loss for 2022, down from $21.4 million the year prior and $26.3 million in 2020. Shares of Payfare closed up more than 11 per cent to $6.15 Thursday on the Toronto Stock Exchange. (The Logic)
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The Toronto-based fintech for gig economy workers posted a $2.9-million net loss for 2022, down from $21.4 million the year prior and $26.3 million in 2020. Shares of Payfare closed up more than 11 per cent to $6.15 Thursday on the Toronto Stock Exchange. (The Logic)
Talking point: Revenue jumped from $43.8 million in 2021 to nearly $130 million last year. The company said the increase partly came from U.S. user growth driven by a new cash-back program for Lyft drivers and a DoorDash rewards partnership via the Payfare-powered DasherDirect app. The firm is working towards expanding internationally with existing partners and serving new businesses, which could include truckers and mom-and-pop shops, as my colleague Aleksandra reported in 2021. It also plans to launch new credit products for users this year. The TSX approved Payfare’s share buyback program last year, following its March 2021 IPO.
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