Image source: Shutterstock.com

Highlights

  • Payfare’s active users count stood at 1,211,275 at the end of the third quarter of 2023.
  • The company’s sale grew by around 35.2% to CAD 47.2 million, versus CAD 34.9 million in pcp.
  • PAY is expecting its revenue to be in a range of CAD 185 million and CAD 195 million for FY 2023.

Global fintech company Payfare Inc (TSX: PAY) specialises in providing instant payment, mobile banking, and loyalty-reward solutions. It hosts a tech-based financial platform that allows financial inclusion and empowerment for next-gen workers worldwide. Through this platform, customers get a mobile bank account along with a debit card and many cashback rewards. Payfare platform is being utilised by many brands across the globe, such as Uber, Lyft, and DoorDash.

At the end of the third quarter of the year 2023, active users count of the company stood at 1,211,275, approximately 32% higher than the number of active users at the end of Q3 2022.

The company’s sales grew by around 35.2% to CAD 47.2 million, versus CAD 34.9 million in the previous corresponding period. The massive jump in sales can be attributed to the surge in active users count and gross dollar value load growth (GDV) across programs. Also, it could be a result of new cashback rewards programs launched by the gig-platform clients.

Consequently, PAY is expecting its revenue to be in a range of CAD 185 million and CAD 195 million for FY 2023.

Payfare secured an income of CAD 3.5 million from operations in Q3 2023, because of higher revenue. As a result, the company clocked positive income before taxes of CAD 4.8 million, as compared to CAD 0.8 million in Q3 2022. This was mainly due to higher finance income and foreign exchange gain.

Overall, PAY’s net income stood at CAD 4.8 million in the reporting period, against the net loss of CAD 0.8 million in pcp.

 

 

Top 10 Shareholders:

Kingsferry Capital Mgmt. Group and Janus Henderson Investors stand out as the company's two largest shareholders, owning roughly 9.28% and 6.87% of the company shares, respectively. The top 10 shareholders hold 32.44% stake in total.

Stock Price Performance

The stock has surged approximately 29.85% in the last one month and 29.34% in the past three months. Notably, the stock was spotted trading higher than the average of the 52-week high and low (CAD 7.44 and CAD 4.09, respectively), at the time of writing the article.

 

Note 1: Past performance is not a reliable indicator of future performance.

Note 2: The reference date for all price data, currency, technical indicators, support, and resistance levels is January 16, 2023. The reference data in this report has been partly sourced from EODHD/Others.