Payfare will use the net proceeds from the Offering to repay its short term debt in full, finance growth and expansion initiatives including potential future acquisitions, and for general corporate purposes which includes investments in new services and technologies that expand, complement or are otherwise related to the Payfare’s current business.

The Common Shares will commence trading today on the Toronto Stock Exchange under the symbol “PAY”.

The Offering was made through a syndicate of underwriters (collectively, the “Underwriters”) led by Stifel GMP and which included Scotia Capital, Canaccord Genuity and Raymond James. Gowling WLG (Canada) LLP acted as legal counsel to Payfare, and Minden Gross LLP acted as legal counsel to the Underwriters.

Payfare has granted to the Underwriters an over-allotment option (the “Over-Allotment Option”), exercisable in whole or in part for a period of 30 days following the closing of the Offering, to purchase up to an additional 1,635,000 Common Shares at the Offering Price for additional gross proceeds of up to $9,810,000 to Payfare, if the Over-Allotment Option is exercised in full.

The Common Shares have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) or any U.S. state securities law and may not be offered or sold in the United States except in compliance with the registration requirements of the U.S. Securities Act and applicable U.S. state securities laws or pursuant to an exemption therefrom.

“Gig workers are a valued and growing part of our economy, and Payfare is proud to help drive their financial security and inclusion” said Marco Margiotta, CEO of Payfare. “We deliver on this by partnering with leading on-demand gig platforms to power free digital banking and instant payouts to their workforce. With our proprietary technology, and continued platform and revenue growth, we are well positioned to lead the industry, while providing value to our shareholders as a public company.”