Mr. Marco Margiotta reports

PAYFARE COMMENTS ON RECENT SHARE PRICE VOLATILITY

Payfare Inc. has commented that it is not aware of any material events impacting operations that have occurred to drive elevated share price volatility in the month of September. Management is taking this opportunity to highlight the financial and operational milestones achieved to date in 2023.

Financial highlights for the six months ended June 30, 2023:

• Increased revenue to a record $88.8-million, representing a $32.2-million (plus 57 per cent) increase compared with the same period in 2022;
• Ended Q2 2023 with 1,188,325 active users, up by 304,074 active users (plus 34 per cent) versus the prior-year period;
• Total gross dollar value was $5.5-billion, an increase of $2.1-billion (plus 63 per cent) over the first half of 2022;
• Net income of $3.4-million, or seven cents per share, up $8.4-million (plus 168 per cent) compared with the same period in 2022;
• Adjusted net income of $8.1-million, or 17 cents per share, representing growth of $8.4-million compared with the prior-year period;
• Adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) of $7.8-million, reflecting an $8.4-million increase compared with the same period in 2022;
• Free cash flow of $4.7-million, which equates to growth of $8.6-million (plus 221 per cent) over the prior-year period;
• Ended Q2 2023 with a cash balance of $52-million and no debt.

Year-to-date 2023 operational highlights:

• In its Q2 2023 financial results, Payfare announced that it was successfully selected in two request for proposal (RFP) processes to launch new private label and embedded finance programs for globally recognized strategic partners on its platform;
• Launched a new cashback reward program partnering with Upside to provide personalized price promotion offers at fuel stations, restaurants, convenience stores and grocery stores to Dasher Direct cardholders;
• Introduced Avibra's suite of free and low-cost health and wellness protection and perks access to Dasher Direct cardholders;
• Expanded the 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 through Payfare's digital banking apps;
• As of July 28, 2023, Payfare's common shares qualified for trading in the United States on the OTCQX Best Market, having been upgraded from the OTC Pink Market; the shares trade under the symbol PYFRF and will facilitate trading by interested Payfare investors in the United States.

"While the recent share price volatility is disappointing, it does not impact Payfare's ability to execute on its growth initiatives," said Marco Margiotta, chief executive officer and founding partner of Payfare. "Our business generates positive net earnings and free cash flow, which eliminates the need for external financing to fund our robust pipeline of organic growth opportunities."

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 forces.

We seek Safe Harbor.