Bullboard - Stock Discussion Forum Payfare Inc T.PAY

Alternate Symbol(s): PYFRF

Payfare Inc. is a Canada-based international Earned Wage Access company powering instant access to earnings through a digital banking platform for the workforce. It partners with e-commerce marketplaces, payroll platforms and employers to provide financial security and inclusion for all workers. It partners with platforms and marketplaces, such as Uber, Lyft and DoorDash. It provides services... see more

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Payfare Inc > Mathieu Martin - Stocks and Stones - The Bad

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Post by Possibleidiot01 on Oct 02, 2024 9:21am

Mathieu Martin - Stocks and Stones - The Bad

The Ugly

Payfare (TSX: PAY), an international earned wage access (EWA) platform, announced that DoorDash, its largest customer, would not renew its agreement beyond the current term in early 2025. While not disclosed, I've seen estimates that DoorDash represented 60% to 80% of Payfare's revenues. The stock was taken to the woodshed, losing 75% of its value the next day. It now trades at the cash value on its balance sheet (essentially assigning zero value to the operating business). Payfare announced a strategic review process to enhance shareholder value a few days later.

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Comment by malx1 on Oct 02, 2024 2:46pm

If Snore Dash replaced PF, then guess what happens to rest of customers... POOOOF! Recession is NOW.

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Comment by sorrenson on Oct 03, 2024 2:18pm

There is a good chance that whoever scooped Doordash will be aiming to scoop UBER and LYFT. 3 now 2 customers and no moat is simply no basis for a company.

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