Toronto gig- work fintech payfare files for IPO

Payfare operates in Canada, US and Mexico, providing financial service platforms for gig workers.

Payfare, a Toronto based fintech that provides services for gig workers and has partnerships with Uber, Lyft, and Doordash, has filed for an initial public offering on the Toronto stock exchange, hoping to capitalize on the expansion of the gig economy during the Covid-19 Pandemic.

The company with investors including Bluesky digital assets and Rocket one Capital, has not yet disclosed how much money it is looking to raise also the offering.

“The global Covid-19 Pandemic created a surge in an on demand products and services, demonstrating the essential nature of the gig economy,” the letter reads from the the companies co- founders.

Founded in 2015, Payfare operates in Canada ,the US and Mexico, providing financial service platform for gig workers. It aims to solve this workers unique financial challenges namely the problem of delayed earnings, payments and immediate cash expenses, according to its prospectuses. Many gig workers wait a week or longer for payments from the platforms to which they contract their services, however they face daily expenses for gas and other overhead. They may also not able to open the traditional Bank accounts, or an access earning faster through a third party payment processor that changes a fee, the prospectus says.

It will expand its products and services to create new revenue streams and is exploring areas including micro credit, international remittance, health and insurance benefits, and credit building tools.

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