Payfare, the global financial technology company powering digital banking and instant payout solutions for today’s gig workforce, has successfully completed an initial public offering (IPO) for C$65.4 Million.
The IPO of consisting of 10,900,000 Class A common shares at a price of $6 per common share. Payfare will be trading on the Toronto Stock Exchange under the symbol “PAY.”
“Gig workers are a valued and growing part of our economy, and Payfare is proud to help drive their financial security and inclusion” Marco Margiotta, CEO of Payfare said in a news release. “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.”
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.
