About Payfare
Payfare is a Technology company based in Toronto (Canada) founded in 2014 by Ryan Deslippe and Keith McKenzie, and was acquired by Fiserv in December 2024. Online financial benefits platform for on-demand pay. It operates in the Technology and Financial Services sectors. Payfare has raised $50 thousand across 1 funding round from investors including Fiserv and Bluesky Digital Assets. Its website payfare.com draws about 42 thousand monthly visits. Its focus areas include FinTech, Payments, Business Payments and Mass Payouts. Its competitors include ZayZoon, Instant and Marmot Benefits; 2 of its 3 listed competitors have raised funding.
Company details
Payfare was founded in 2014 in Toronto, Canada, as a fintech platform in the gig economy sector. An online service is operated to enable paycheck cashouts on demand, primarily for cab drivers. A reloadable prepaid card is offered alongside a mobile application compatible with Android and iOS devices, supporting financial access for users in the on-demand workforce.
- Headquarters Toronto, Canada
- Founders Ryan Deslippe, Keith McKenzie
- Stage Acquired
- SectorsTechnologyFinancial Services
- Email••••••••
- Phone•••• ••••
- Website payfare.com
- Social LinkedIn X Facebook
- Acquired by Fiserv (Dec 2024)
Funding Insights of Payfare
Payfare has successfully raised a total of $50K through 1 strategic funding round. The most recent funding activity was a Seed round of $50 thousand completed in December 2017. This substantial capital infusion reflects strong investor confidence in the company's business model, growth potential, and market opportunities. The funding enables strategic expansion, product development, market penetration, and operational scaling to drive long-term value creation and competitive advantage.
- Total Funding $50,000
- Total Rounds 1
- Last Round Seed — $50,000
- First Round $50,000
(Dec 2017)
- Investors Count 1
All 1 funding rounds of Payfare with amounts and investors; the two latest post-money valuations are shown, the rest are part of the premium plan.
| Date | Amount | Transaction Name | Valuation | Lead Investors | Investors |
|---|---|---|---|---|---|
| Dec 2017 | $50,000 | Seed | – | Bluesky Digital Assets | – |
2 investors in total: 2 institutional.
Investors in Payfare
Payfare has secured backing from 2 investors, including institutional investors. Prominent investors backing the company include Fiserv and Bluesky Digital Assets.
| Investor | Description | Founded Year | Domain | Location |
|---|---|---|---|---|
Cryptocurrencies are mined via AI-driven GPU rigs and ASICs. | 2006 | blueskydigitalassets.com | Toronto, Canada | |
Diversified financial solutions for business processing and management are provided. | 1984 | fiserv.com | United States |
Investor details for Payfare
The complete investor list, round-by-round participation and investor portfolios require an active premium plan.
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People of Payfare
35 people are tracked at Payfare (12 in leadership, 23 in team).
| Name | Role | Group |
|---|---|---|
Ryan Deslippe | Co-Founder | Leadership |
Keith McKenzie | Co-Founder | Leadership |
Sergei Babinets | Director of Finance | Leadership |
Dani Azike | Director, Payments Products | Leadership |
Sandy Goswami | Vice President of Finance & HR | Leadership |
Prince Harshan | Vp, Product | Leadership |
Nikola Jankovic | Director Of Engineering | Leadership |
Sahil Gera | Chief Product Officer | Leadership |
Marco Margiotta, CPA, CGA, ACCA (UK) | Chief Executive Officer, Founding Partner | Leadership |
Atika N. | Director Of Financial Planning And Analysis | Leadership |
Adina Mateiescu | Director Of Compliance | Leadership |
Faizan Mohd | Director Of Product, Enterprise Fintech Apps | Leadership |
Rezvan Shokrani | Senior Software Developer | Team |
Katherine A. | Senior Compliance Manager | Team |
Ryan Dharry | Data Engineering Manager | Team |
Naga M | Devops Engineer | Team |
Ke Xu | Stuff Product Designer | Team |
Archana Chatterjee | Quality Engineering Lead | Team |
Sandesh Sawant | Quality Engineering Manager | Team |
Nish Bhuchar | Senior Android Engineer | Team |
15 more people are available in the full profile.
Complete people profiles for Payfare
Full employee and board profiles, team structure, tenure and professional contact details require an active premium plan.
- Full employee list
- Team structure
- Board tenure
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Verified entity values are shown only after access is granted.
Timeline of Payfare
4 dated milestones of Payfare across 10 years, from founding to its latest funding, stage changes and deals.
- Founded Payfare is founded.
- Funding First funding round of $50K.
- IPO Lists on the stock exchange (IPO).
- Exit Acquired by Fiserv.
Competitors of Payfare
Payfare has 3 listed competitors in our database, 2 of them funded. They include ZayZoon, Instant and Marmot Benefits.
| Company Name | Domain | Founded | HQ Location | Total funding | Employees | Description |
|---|---|---|---|---|---|---|
| zayzoon.com | 2014 | Calgary, Canada | $80.5M | Provider of an online financial benefits platform for on-demand pay | ||
| instant.co | 2015 | Vancouver, Canada | $40.33M | On-demand payment solutions are offered for businesses and individuals. | ||
| marmotbenefits.com | 2019 | Calgary, Canada | On-demand payment solutions are facilitated via an online platform. |
Detailed competitors of Payfare
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Web traffic of Payfare
The website of Payfare (payfare.com) receives about 42.5K visits a month.
- Monthly visits42.5K
▲ 53.9% vs previous month
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Related news about Payfare
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Frequently Asked Questions about Payfare
Payfare was founded in 2014 and raised its 1st funding round 3 years after it was founded.
Payfare is headquartered in Toronto, Canada. It is registered at Toronto, Ontario, Canada.
Payfare is a funded company, having raised a total of $50K across 1 funding round to date. The company's 1st funding round was a Seed of $50K, raised on Dec 2017.
Payfare was founded in 2014 in Toronto, Canada, as a fintech platform in the gig economy sector. An online service is operated to enable paycheck cashouts on demand, primarily for cab drivers. A reloadable prepaid card is offered alongside a mobile application compatible with Android and iOS devices, supporting financial access for users in the on-demand workforce.
Payfare's top competitors include ZayZoon, Instant and Marmot Benefits.
Payfare has 2 investors. Key investors include Fiserv, and Bluesky Digital Assets.
Yes. Payfare was acquired by Fiserv in December 2024.