Payfare Inc (TSX: PAY) has completed its initial public offering this morning, raising gross proceeds of $65.4 million in the process. The company is focused on powering digital banking and instant payout solutions for the gig workforce that exists today.
The firms initial public offering saw common shares of the issuer sold at a price of $6.00 per common share. Proceeds from the financing are to be used to repay short term debt, finance the firms growth and expansion initiatives which is said to include potential acquisitions, and for general corporate purposes.
An over-allotment option has also been granted in connection with the financing, which enables for additional gross proceeds of up to $9.8 million. The option is valid for a period of 30 days post-closing.
Payfare currently classifies itself as a global financial technology company that is providing gig platforms with financial services. Such services include digital bank accounts and debit cards that enable gig workers to get their earnings paid out instantly. Such partners of the firm include DoorDash, Uber and UberEats, and Lyft.
Payfare is set to begin trading under the symbol “PAY” on the TSX this morning.
Information for this briefing was found via Sedar, and the companies mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
