Hey there,
It's been a while since I looked at Payfare and it looks like they've come a long way. The company is another fintech, which has a very specific niche, they target freelancers and gig workers. It looks like they finally started to become profitable and they've consistently growth revenue and EBITDA year over year. As of their more recent quarter, they remain on track to achieve 43% revenue growth.
Active users continue to trend upwards and it entered into positive territory in FCF for the first time. It has a strong cash position so it won't need to issue shares anytime soon and it claims that all growth objectives are fully funded by FCF. In Fact, it issued an NCIB with intentions to buyback shares. It also has no debt - a key feature in this market.
To be honest. I kinda of like it. Valuations are not sky high (as they were before) and in fact, are quite reasonable especially now that the company is profitable. The only issue is that it is still a small company and really focused on a small niche of the market which may limit its new customer growth in the future. That said, it appears to have executed well since its IPO a few years ago which is when i first looked at it.
Mat