Payfare is a global financial technology company that provides gig workers AKA workers who enter into short-term contracts with firms or individuals to complete specific and often one-off tasks, with instant access to their earnings and a full-featured digital banking experience. This allows them to succeed financially rather than have to depend on the traditional banking system, payday loans, overdraft and credit cards.
Payfare focuses on the gig economy, meaning the company is opting for a niche play. Essentially , Payfare is a fintech company and provides online work services platforms and digital bank accounts. Independent contractors can gain almost instant access to earnings with this system and cash-back rewards. The platform provides financial security and inclusion to next-generation workers around the globe. They offer flexible integration by offering a full API that can adapt to different business needs, and give more independence and control to contractors with more versatile payment solutions . There have also been some favourable trends in this industry due to rona, with an important shift in the last year to mass adoption of digital banking, payments and financial services which works well in Payfare’s favor
The company already has high value clients such as Lyft, and started establishing strategic partnerships with Doordash and Uber. The most recent one with Marqeta (NASDAQ: MQ), a global modern card issuing platform. The partnership will combine Payfare’s full-service digital banking apps and modern user interface, with Marqeta’s card issuing and payment processing capabilities. This is the perfect time to do so as workers around the world are considering contract work in increasing numbers, making people more and more attracted by the faster pay, flexibility and control that comes with the gig economy.
Payfare has important recurring revenues which make the business highly scalable. They also have a proven management team with CEO Marco Margiotta, who recently got accepted into the Forbes Technology Council, an invitation-only community for world-class CIOs, CTOs, and technology executives. This gives this fintech a lot of credibility. The opportunity is immense with this particular niche, and the fact that they have the first mover advantage just makes it better.
