Payfare, the Toronto-based fintech behind instant banking access for gig workers, is launching a strategic review after losing its biggest client, DoorDash. The review, conducted with financial and legal advisors, will explore everything from partnerships to potential mergers to keep the company on track.
DoorDash’s exit hits Payfare’s revenues hard, but the company insists its foundation and funding are solid, with over $100 million in cash. Despite the review, Payfare is committed to supporting gig workers with fast access to earnings and remains focused on its business strategy. No timeline for the review’s completion has been set.
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