Mr. Marco Margiotta reports

PAYFARE ANNOUNCES STRONG FIRST QUARTER 2023 FINANCIAL RESULTS

Payfare Inc. today filed its financial statements and management's discussion and analysis (MD&A) for the quarter ending March 31, 2023. A comprehensive discussion of Payfare's financial position and results of operations are provided in the MD&A, which is filed on SEDAR under Payfare's profile.

Q1 2023 highlights:

• Increased revenue to a record $42.3-million for the three months ended March 31, 2023, representing an $18.3-million (76-per-cent) increase compared with the same period in 2022. Payfare remains on track to meet its full-year 2023 revenue guidance of $185-million to $195-million;
• Ended Q1 2023 with 1,127,460 active users, up 431,098 (62 per cent) compared with active user count as at the end of Q1 2022 and up 73,588 (7 per cent) compared with active user count as at Q4 2022;
• Total gross dollar value (GDV) in Q1 2023 was $2.7-billion, an increase of $1.2-billion (86 per cent) over Q1 2022 and $300-million (11 per cent) over Q4 2022;
• Net income of $1.3-million for the three months ended March 31, 2023, up $4-million (148 per cent), compared with the same period in 2022;
• Adjusted net income of $3.5-million, or seven cents per share, for the three months ended March 31, 2023, representing growth of $4.2-million, or nine cents per share, over the prior-year period;
• Free cash flow of $4.1-million for the three months ended March 31, 2023, which equates to growth of $3.5-million (561 per cent) over the prior-year period;
• Adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) of $3-million for the three months ended March 31, 2023, reflecting a $3.9-million (453-per-cent) increase compared with the same period in 2022. Payfare remains on track to achieve its full-year 2023 adjusted EBITDA guidance of $21-million to $24-million;
• Introduced Avibra's suite of free and low-cost health and wellness protection and perks access to all DoorDash active cardholders;
• Launched a new cashback rewards program partnering with Upside to provide personalized price promotion offers at fuel stations, restaurants, convenience and grocery stores to DoorDash Dasher Direct cardholders;
• Subsequent to the quarter-end, Payfare expanded its partnership with NCR Corp. to deliver self-service financial tools for U.S. cardholders by providing access to Allpoint+ cash accepting ATMs (automated teller machines), enabling cash deposits in addition to cash withdrawals, and NCR Pay360, an API (application programming interface) solution that allows cardholders to access cash via Payfare's digital banking apps.

"We are pleased to once again demonstrate strong free cash flow generation and earnings profitability in the first quarter of 2023," said Marco Margiotta, chief executive officer and founding partner of Payfare. "We remain extremely optimistic on the underlying fundamentals of our core business model, which we expect to supplement with new partnerships and product shelf enhancements over the balance of the year."

Conference call

Management will host a conference call on Thursday, May 11, 2023, at 11:30 a.m. ET, to discuss these results. A short presentation in connection with the conference call will be made available on the company's website. Management will also host a live question-and-answer session on the conference call with analysts.

To access the conference call, please dial 416-764-8658 or 1-888-886-7786. Please call the conference telephone number 10 to 15 minutes prior to the start time so that you are in the queue for an operator to assist in registering and patching you through.

An archived recording of the conference call will be available until June 11, 2023. To listen to the recording, call 416-764-8692 or 1-877-674-7070 and enter passcode 202402 followed by the pound key.

About Payfare Inc.

Payfare is a global financial technology company powering digital banking and instant payment solutions for today's gig work force. Payfare partners with leading platforms and marketplaces, such as Uber, Lyft and DoorDash, to provide financial health for their work force.

We seek Safe Harbor.