Digital Payments Fintech News

Payfare Announces Significant Milestone of One Million Active Users

Payfare Announces Significant Milestone of One Million Active Users

Payfare Inc., a leading fintech powering instant payout and digital banking solutions for the gig workforce, announced a significant milestone with the achievement of one million active users. This represents growth of approximately 79,318 active users (+9%) over September 30, 2022 and 488,228 active users (+95%) over December 31, 2021. Payfare’s active user additions in the first 68 days of Q4 2022 have already more than doubled the growth achieved in the entire prior quarter. The Company continues to experience elevated active user growth driven by coordinated marketing programs with its gig platform partners to support their workforces by providing instant or near instant access to earnings, zero-monthly fee neobanking capabilities and robust cash back rewards programs on everyday purchases.

Latest Fintech News: BMO and Extend Bring Virtual Card Distribution and Better Spend Management Capabilities to North American Commercial Clients

This is a monumental milestone for the Company as building scale with both existing and new partnerships will continue to drive the near-term cash flow generation profile and allow Payfare to develop and deploy new monetization opportunities well beyond its core card and digital banking product.

“We are incredibly proud to announce to the market that we have surpassed the one million active user threshold, an achievement not met by many” said Marco Margiotta, CEO and Founding Partner of Payfare. “With a sizable and growing active user base through existing partnerships that have much further room to grow, top rated service offerings, and a scalable approach to address the entire gig-economy market via the Paid App, we are very well positioned to significantly expand this active user base while generating meaningful cash flows even before any new product initiatives that will benefit from this significant growth.”

Latest Fintech News: SION Raises $3.2 Million in Seed Funding Led by TIA Ventures

About Payfare 

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

Latest Fintech News: SageView Advisory Group Closes Acquisition of $415 Million Women-Led Lakeview Wealth Management

[To share your insights with us, please write to sghosh@martechseries.com]

Related posts

Stockify Goes Fully Digital, Offers Mutual Funds and Dematerialization of Shares

PR Newswire

Leap Announces $3.2 Million Private Sale, Co-Led by Blockchain-Focused Investment Firms CoinFund and Pantera Capital

Fintech News Desk

Elevate To Be Acquired By Park Cities Asset Management

Fintech News Desk
1