Payfare looks to build off record financial numbers including gross profit
September 13, 2023 at 01:56 pm EDT
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Payfare CEO Marco Margiotta joined Steve Darling from Proactive to discuss the company's recent financial performance and its role in powering digital banking and instant payment solutions for the gig workforce.
Margiotta highlighted the company's impressive financial results, with revenue reaching a record $46.5 million in the second quarter. This represents a substantial 43% increase compared to the same period in 2022. He also noted that Payfare is on track to meet its full-year 2023 revenue guidance, which ranges from $185 million to $195 million.
Payfare's success is driven by its partnerships with leading platforms and marketplaces like Uber, Lyft, and DoorDash, where the company provides financial services to support the financial health of gig workers.
Margiotta emphasized Payfare's commitment to delivering innovative financial solutions for this growing sector of the workforce. The company's ability to achieve record revenue growth reflects the increasing demand for financial services tailored to the gig economy, positioning Payfare as a key player in this space.
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Copyright (c) 2023 TheNewswire - All rights reserved., source Press Releases
Payfare Inc. is a Canada-based global financial technology company providing digital banking and instant payment solutions for the gig workforce. The Company partners with platforms and marketplaces, such as Uber, Lyft and DoorDash, to provide financial health for their workforce. The Company operates in two principal geographical areas: Canada and United States. It provides services to gig workers and businesses. It provides 1099 and contract workers with instant access to their earnings and a digital banking service. The Company offers a full application programming interface suite and a turn-key private label solution. It provides multiple worker payout options, like on-demand or automatically each day or after each task, shift or sale. It provides services to various workforces, such as trades and construction, hospitality, rideshare, healthcare, home services, creators, trucking and freelance. Its subsidiaries include Payfare International Inc. and Payfare Mexico Inc. S.A. de C.V.