Payfare Forms Strategic Advisory Board and Announces Appointment of Alex Ceballos

Rhea-AI Summary

Payfare Inc. (TSX: PAY, OTCQX: PYFRF), a leading international Earned Wage Access (EWA) company, has announced the formation of a Strategic Advisory Board to guide its rapid international expansion. The company has appointed Alex Ceballos as the first member of this board. Ceballos, a seasoned executive with 16 years of experience as Vice President of Worldwide Corporate Development at Amazon, brings valuable expertise in strategic investments and acquisitions.

Ceballos' notable achievements include orchestrating Amazon's acquisition of Kiva Systems (now Amazon Robotics) and launching the Amazon Industrial Innovation Fund. He will assist Payfare in reviewing growth initiatives and strategic acquisition opportunities. Additionally, Payfare is expanding its business development, operations, and engineering teams to support anticipated growth, new client programs, and global expansion plans.

Positive

• Formation of a Strategic Advisory Board to guide international expansion
• Appointment of Alex Ceballos, former Amazon VP, to the Strategic Advisory Board
• Expansion of business development, operations, and engineering teams to support growth

Negative

• None.

TORONTO, July 16, 2024 /PRNewswire/ - Payfare Inc. ("Payfare" or the "Company") (TSX: PAY) (OTCQX: PYFRF), a leading international Earned Wage Access ("EWA") company powering instant access to earnings and digital banking solutions for workforces, today announced the formation of a Strategic Advisory Board to guide the company's rapid international expansion opportunities. This newly established board will play a crucial role in navigating the complexities of expanding Payfare's EWA platform into new geographies, ensuring that both prospective and existing customers can achieve global scale efficiently and effectively.

The first appointment to the Strategic Advisory Board is Alex Ceballos, a seasoned strategy, corporate development, and operating executive. Alex brings a wealth of experience from his 16-year tenure as Vice President, Worldwide Corporate Development at Amazon. In this role, he served as the internal strategic advisor for Amazon Consumer Operations, responsible for strategic investments and acquisitions across the US, Europe, India, and the Middle East. He will assist Payfare with the review of growth initiatives and strategic acquisition opportunities.

Among Mr. Ceballos' key accomplishments is the orchestration of Amazon's acquisition of Kiva Systems (now Amazon Robotics). This acquisition transformed Amazon's logistics operations worldwide, enabling the company to achieve Prime customer deliveries at massive scale. His track record of acquisitions and investments includes notable companies such as Zoox, Rivian, Aurora Technologies, Beta Technologies, and Souq.com. In addition to his achievements at Amazon, Alex launched the Amazon Industrial Innovation Fund, a $1 billion corporate venture fund aimed at accelerating the ecosystem in the industrial automation and robotics space. Most recently, he served as the Chief Corporate Development Officer at NuBank (one of the world's largest digital banking platforms serving over 100 million customers), and currently holds the position of President at Wyze Labs, a consumer products company revolutionizing home automation with cutting-edge AI-powered cameras and sensors for smarter, safer living.

"We are thrilled to welcome Alex Ceballos to our Strategic Advisory Board," said Marco Margiotta, CEO and Founding Partner of Payfare. "His extensive experience in global strategic development and his track record of success in leading transformational initiatives will be invaluable as we embark on our journey of international expansion."

In addition, Payfare is also expanding its business development, operations and engineering teams to support its anticipated growth, new client programs and global expansion plans. 

About Payfare (TSX:PAY, OTCQX: PYFRF)

Payfare is a leading, international Earned Wage Access ("EWA") company powering instant access to earnings through an award-winning digital banking platform for today's workforce. Payfare partners with leading e-commerce marketplaces, payroll platforms, and employers to provide financial security and inclusion for all workers.

Cautionary Statement Regarding Forward Looking Information

Information and statements contained in this news release that are not historical facts are "forward-looking information" within the meaning of applicable securities legislation that involve risks and uncertainties relating, but not limited, to Payfare's current expectations, intentions, plans, and beliefs. Forward-looking information can often be identified by forward-looking words such as "anticipate", "believe", "expect", "goal", "plan", "target", "intend", "estimate", "could", "should", "may" and "will" or the negative of these terms or similar words suggesting future outcomes, or other expectations, beliefs, plans, objectives, assumptions, intentions or statements about future events or performance. Examples of forward-looking information in this news release include, without limitation: executing on international expansion opportunities, expanding Payfare's EWA platform into new geographies, and achieving global scale efficiently and effectively for customers. These forward-looking statements are based, in part, on assumptions and factors that may change or prove to be incorrect, thus causing actual results, performance or achievements to be materially different from those expressed or implied by forward-looking information.

Security holders, potential security holders and other prospective investors should be aware that these statements are subject to known and unknown risks, uncertainties and other factors that could cause actual results to differ materially from those suggested by the forward-looking statements. Such risks include the factors discussed from time to time in Payfare's filings with the Canadian Securities Authorities, copies of which can be found under Payfare's profile on the SEDAR+ website at www.sedarplus.ca. Security holders, potential security holders and other prospective investors are cautioned not to place undue reliance on forward-looking information. By its nature, forward-looking information involves numerous assumptions, inherent risks and uncertainties, both general and specific, that contribute to the possibility that the predictions, forecasts, projections and various future events will not occur. Payfare undertakes no obligation to update publicly or otherwise revise any forward-looking information whether as a result of new information, future events or other such factors which affect this information, except as required by law.

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SOURCE Payfare Inc.

FAQ

Who has Payfare (PYFRF) appointed to its new Strategic Advisory Board?

Payfare has appointed Alex Ceballos, a former Vice President of Worldwide Corporate Development at Amazon, as the first member of its newly formed Strategic Advisory Board.

What is the purpose of Payfare's (PYFRF) new Strategic Advisory Board?

The Strategic Advisory Board is formed to guide Payfare's rapid international expansion opportunities and navigate the complexities of expanding its EWA platform into new geographies.

What experience does Alex Ceballos bring to Payfare (PYFRF)?

Alex Ceballos brings 16 years of experience as VP of Worldwide Corporate Development at Amazon, expertise in strategic investments and acquisitions, and a track record of successful initiatives including the acquisition of Kiva Systems and launching the Amazon Industrial Innovation Fund.

How is Payfare (PYFRF) preparing for its anticipated growth and expansion?

Payfare is expanding its business development, operations, and engineering teams to support anticipated growth, new client programs, and global expansion plans.