Payfare poised for next stage of growth with new senior management team
TORONTO, Nov. 22, 2018 /CNW/ - Payfare, a financial technology-operations company that provides instant pay, every day to businesses and their workers in the gig-economy is attracting seasoned Bay and Wall Street executives with the addition of former RBC executive Chris Seip as Chair and CEO, Charles Park, formerly with PwC, as CFO and former IBM executive Brian Miller as COO and CTO.
Chris Seip, who was Chief Operating Officer and Head of Investor and Treasury Market Services at RBC from 2012 to 2016, joined Payfare as CEO in September. At RBC, Chris oversaw the global management of deposit-taking, liquidity management and short-term funding as well as foreign exchange, securities lending and asset management. He was responsible for a $50 billion USD liquidity portfolio, $40 billion USD of liability issuance and $100 billion USD of intraday liquidity.
Charles Park is a Chartered Accountant, Certified Internal Auditor and Certified Public Accountant. He's held several finance leadership positions at growth-oriented technology, financial services and telecom companies. Brian Miller has more than 20 years experience as a technology leader. He has held executive positions in private and public companies spanning financial services, healthcare and logistics, including IBM.
"The emerging gig-economy can't thrive with traditional payment cycles. Almost half of households in North America can't manage an unexpected expense of $400. Payfare is disrupting payment cycles and empowering workers with same day earnings creating affordable and effective working capital solutions for better cash flow to cope with every day and unexpected expenses," says Chris Seip. "With our senior management team in place, Payfare is committed to delivering financial inclusion to gig workers globally so they're no longer beholden to pay cycles, credit cards or steep payday lending rates."
Businesses enrolled with Payfare provide their workers with a mobile banking application paired with a Mastercard. With the Payfare solution, individuals can perform all of the transactions offered through a traditional bank account for a fraction of the cost, including: cashing out their earnings up to five times daily; viewing their card balance, transaction and earnings history; transferring money; paying bills; and depositing cheques. Payfare also provides them with free road side assistance and a loyalty program.
Payfare has secured contractual partnerships with three of the largest ride share companies in the world. Payfare's proven, in-market, scalable solution is backed by major investment firms and financial institutions around the world and has strong partnerships with Mastercard, issuers, processors, card manufactures and other providers in the instant pay, fintech value chain. Payfare is preparing for a go-pubic transaction in late 2018 or Q1 2019.
Founded in 2016, Payfare is a financial technology operations company driving financial inclusion and empowerment to millions of next generation workers by providing a virtually free mobile bank account with instant access to earnings. Specifically designed for ride-hail and instant delivery drivers, Payfare has already signed with three of the largest ride-share companies in the world. Visit payfare.com for more information.
For further information: Media Contact: Katherine Clark, Beacon Strategic Communications, 416-453-3288, [email protected]