Payfare has launched a new product.
The earned wage access company, which powers digital banking solutions for workforces, this week announced Pronto by Payfare.
There more than 10 million employees in Canada paid by the hour, a significant portion of Canada’s labour force.
Pronto offers these Canadian workers with on-demand access to their earned wages, according to a statement from Payfare, providing them with financial flexibility to manage income and expenses.
Built on Payfare’s payout platform, Pronto allows employees to access a portion of their wages as they earn, rather than waiting for traditional pay cycles.
Pronto’s “significant benefits for employers” include enhanced employee retention, increased worker productivity, and overall job satisfaction, according to Marco Margiotta, chief executive officer of Payfare.
“We are thrilled to bring our Earned Wage Access product to market,” said Margiotta.
“EWA empowers employees by giving them greater control over their personal finances, while enabling employers to foster a more satisfied and productive workforce,” the CEO stated. “We believe Pronto will set a new standard in workplace financial wellness across Canada.”
After achieving profitability last year, Payfare recently initiated a strategic review following the loss of its biggest customer.
Despite the strategic review, the company emphasizes that the “foundation, funding, and execution of Payfare’s ongoing programs remain secure with a robust pipeline of potential new opportunities in the gig economy and EWA space.”
During the process, Payfare “remains focused on executing its current business strategy and will continue to provide industry-leading financial solutions for its clients and cardholders,” with Pronto functioning as proof of that statement.
There is no deadline for the completion of the strategic review, Payfare’s leadership team noted.
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